Warren Tax Plan: Net Worth in Focus

Malee · February 25, 2019, 6:56am

Black_Swan:

Schopenhauer:

Greenman72:

How do you collect the tax? If I’m worth $10b, then my 3% tax is $300m. I would imagine that most of the super-wealthy don’t have that kind of cash available–not even for a one-time tax. And that’s going to be an ongoing requirement. I’ve got to come up with $300m every single year–assuming my wealth stays the same. The only way to come up with the cash to pay the tax is to start selling assets–which will be costly and ultimately destructive in nature.

Can you explain this? I’m curious how impacting a billionaires’ paper wealth destroys utiliity.

The company that exists isn’t really impacted and the multiplier effect dictates that gov’t spending leads to more GDP growth.

Yes, this. The company still is unaffected (shares are still out there), but you’re doing things like patching the massive Trump deficit, funding infrastructure (major positive utility) and creating better opportunities for disadvantaged workforce. There is this cover your ears and scream “lalalala” capitalism argument going on right now that ignores that our economic structure has grown eerily similar to the 1920’s one of unconstrained capitalism and inequality on many metrics that birthed the great depression. From there we had crazy high marginal tax rates and anti-trust corporate busting that ushered in a new era of growth for the US (that coincided with the time when America was great) and middle class expansion, but then in the last 30 years you have these mid-lower class rubes that basically lobby for 1% rights under the lie that it’s their income at stake and lack any accurate historical perspective of growth, economic structure and tax rates.

^^ What he said. Plus, don’t forget the senseless wars that come when the plutocracy needs ways to distract the masses.

Malee · February 25, 2019, 7:11am

Steve Schwarzman of Blackstone salary last year was $786M, and he’s worth $13 billion. He’s an advisor to Trump, and his main input, according to DJT himself, was that the carried interest rules should not be changed…it would be terrible for America. In a nutshell, that’s why we need comprehensive tax reform, including estate taxes and top marginal tax rates. There is just no limit to some people’s greed.

GorillaNerd · February 25, 2019, 2:07pm

if we will tax the rich excessively, i think we should give them certain privileges!

hpracing007 · February 25, 2019, 2:16pm

Like what

Greenman72 · February 25, 2019, 3:05pm

^ For every $10,000 of taxes paid, you get one more vote at the ballot box.

Shouldn’t those who finance more of the government have more say? (Serious question.)

GorillaNerd · February 25, 2019, 3:14pm

lol nah. they shoudlnt be able to have too much votes. theyd vote for no taxes.

anyways i think they should bea ble to speed. drive in the carpool lane. ability to cut lines. illegal drugs become legal for them. prostitution becomes legal for them too. get acceptance letters at the top public schools automatically. cops are suppose to bow to them. something of that nature.

Malee · February 26, 2019, 7:08am

If you’re rich, every day is full of awesome privileges. That’s why we all want to be rich.

Malee · February 26, 2019, 7:11am

Hasn’t this already happened? Do you think you get as much representation in the government as Sheldon Adelson, Mike Bloomberg or Tom Steyer? The vote is irrelevant.