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re: CNN: The US would be better off with fewer billionaires
Posted on 2/25/20 at 8:55 am to Harry Caray
Posted on 2/25/20 at 8:55 am to Harry Caray
The problem with going all socialist and trying to eliminate billionaires is that humans don't create perfect socialism. You get this socialism that creates specific billionaires that control people far more than the billionaires we have created with our form of government.
1
Posted on 2/25/20 at 8:59 am to Dam Guide
Socialism is an ideology that cannot be attained. Period. That’s why it’s being pushed by so much stupidity (not ignorance).
Bernie is dangerous. Plain and simple.
Bernie is dangerous. Plain and simple.
Posted on 2/25/20 at 9:00 am to yatesdog38
quote:Who do you think pays most of the taxes that are used for programs for the people?
Billionaires created millions of jobs. Now they just hoarding assets. As long as they are making those assets work for the people I'm good. God wants us to be productive not hoard assets. Says so in the Bible.
Posted on 2/25/20 at 9:06 am to Smeg
We'll get the REAL trickle down economics if Bernie gets in.
This post was edited on 2/25/20 at 9:26 am
Posted on 2/25/20 at 9:07 am to GoHoGsGo06
quote:
I would ok with capping wealth at 15 billion dollars.
And what portion of sound economic theory helped you derive this number? Or is it just totally random?
CNN....if they said we had too many billionaires that indicates that there is a number they have in mind.
Did they suggest what the correct number of billionaires would be?
This post was edited on 2/25/20 at 9:15 am
Posted on 2/25/20 at 9:08 am to LCA131
Posted on 2/25/20 at 9:09 am to East Coast Band
quote:
My colleagues and I found that, in 1990, the total wealth of all US billionaires was $118 billion in today's dollars. Last year, we found, it grew to over $3 trillion.
Has the reach, size and scope of fedgov increased or decreased during that time? Perhaps there is a correlation between the two???
Posted on 2/25/20 at 9:14 am to East Coast Band
quote:
Bill Gates and Warren Buffett
They are either giving away their fortune to charity (Gates) or have pledged it (Buffet).
Posted on 2/25/20 at 9:16 am to GoHoGsGo06
quote:
I would ok with capping wealth at 15 billion dollars. Once you have this much, anything extra you make gets distributed to areas of need as voted on by the people (education, healthcare, defense).
I don’t know the numbers, but I would assume this would apply to <20 families.
So we can all vote to steal someone's shite because we've arbitrarily determined that they crossed a line?
Posted on 2/25/20 at 9:17 am to TT9
quote:
We'll get the REAL trickle down economics of Bernie gets in.
It's gonna trickle slower than Bernie at the urinal
Posted on 2/25/20 at 9:19 am to RedlandsTiger
quote:
They are either giving away their fortune to charity (Gates) or have pledged it (Buffet).
Giving pledge only means they will try and give away half.
Posted on 2/25/20 at 9:21 am to GoHoGsGo06
quote:
I would ok with capping wealth at 15 billion dollars. Once you have this much, anything extra you make gets distributed to areas of need as voted on by the people (education, healthcare, defense).
When the rest of you read this post, just remember, this guys vote counts the same as yours. Scary.
Posted on 2/25/20 at 9:22 am to upgrayedd
quote:
They think Jeff Bezos has a vault with $100 billion in gold in it
AAANNNNDDDDD, that if they pass a law that states he owes 75 percent of it to the federal government that he'll just hand it over.
Posted on 2/25/20 at 9:24 am to GoHoGsGo06
quote:
I would ok with capping wealth at 15 billion dollars. Once you have this much, anything extra you make gets distributed to areas of need as voted on by the people (education, healthcare, defense).
What is this frickery all about?
What makes you set the cutoff at that arbitrary number? Why not 12?
Remember, Bernie used to say millionaires were evil until he became one...
Posted on 2/25/20 at 9:25 am to mtntiger
Imagine having to sell your controlling stake in the company you founded just so you can pay the taxes on it.
Posted on 2/25/20 at 9:34 am to East Coast Band
These people fundamentally misunderstand money. Bezos does not have vaults of Scrooge McDuck gold. Or a bank account with $1B balance. He owns Amazon equity.
How do they propose to tax unrealized capital gains? It would rewrite the entire tax code and upend the New York stock exchange. Monkeying with economic systems they fail to understand is the perfect way to generate unintended consequences.
If they're angry about asset inflation, their fight should be with the Fed. If they're angry about unfair government influence, their fight should be with campaign finance legislation.
How do they propose to tax unrealized capital gains? It would rewrite the entire tax code and upend the New York stock exchange. Monkeying with economic systems they fail to understand is the perfect way to generate unintended consequences.
If they're angry about asset inflation, their fight should be with the Fed. If they're angry about unfair government influence, their fight should be with campaign finance legislation.
Posted on 2/25/20 at 9:44 am to timdallinger
I think Bernie is proposing a tax on all stock trades/transactions. That's sure to cause some pretty serious issues.
Posted on 2/25/20 at 9:48 am to East Coast Band
Yea, let's redistribute all wealth and kill all incentive. 
Posted on 2/25/20 at 10:23 am to The Mick
They don't pay taxes on idle assets. They can own a billion dollars worth of apple stock and not pay any taxes on it because it doesn't pay dividend. Then when they get old they can grant those assets into an irrevocable trust. They get a stepup in cost basis when that is done. There is no estate tax on the trust. Now the irrevocable part means someone else has full control. It is essentially a way to bypass estate taxes and then transfer wealth. Carry-on tho. This is what I mean by hoarding assets in an unproductive way.
This post was edited on 2/25/20 at 10:24 am
Posted on 2/25/20 at 10:27 am to yatesdog38
So if the estate tax was repealed or drastically reduced, those funds wouldn't be hoarded?
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