consider the following: We forcefully seize the means of production and get rid off all parasites
For a community named lefty memes you sure do get a lot of people adding ““nuance”” to taxing billionaires.
Almost makes you wish the .ml circuit was here to dunk em.
Almost.
As of this point every wealth tax that has been implemented ends up getting abandoned because if how inefficient they are. It’s like rent control, it sounds great on paper bu historically never works out like it was planned.
Only $4.6 Billion for Musk? I’m sure he’d appreciate that, since he paid $11Billion in 2021.
https://www.cnn.com/2022/02/10/investing/elon-musk-tesla-zero-tax-bill/index.html
How would this be implemented? I don’t think the market would appreciate if all billionaires were suddenly forced to sell off billions worth of their shares. Don’t get me wrong, I’d love to fight back against these tyrants, but not if it crashes the economy and makes the lives of workers worse.
I hate the stock market as much as the next guy. Glorified gambling.
But, the stock market is tied directly to the economy
What do you think most people’s retirement accounts are tied to?
According to a quick Google, 61% of adults in US own stock. Which means more than half the population has an interest in the stock market not crashing.
Yes the 1% probably owns the majority of stocks. Quick Google says 54% of all stocks.
US Dollar is a fiat currency. It’s only backed by the faith of the people behind it.
It can absolutely crash and while the 1% will suffer, we will all suffer at least a little bit.
The stock prices wouldn’t be affected except in the short term. The fundamentals of the companies wouldn’t change and so the price would recover quickly. Any dip is due to a temporary imbalance of buyers and sellers.
These stock sales would likely be spread over longer durations so as not to crash the price which would also be bad for the billionaires because they would have to sell more stock to cover the tax.
