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I mean you could even take the bottom number and leave them with the top number and they could still live in unimaginable luxury forever. Or just take the lot because fuck em lol.
I couldn’t imagine spending $1 billion in my entire life, let alone 3-4.
Most of their billions is ownership in companies they grew into what they are today. It’s not like they have billions to spend, it’s that their ownership is worth billions according to the market.
True, but that ownership gives them access to very low interest loans that they then use as spending money and don’t have to pay taxes on it
So what? We should take away that ownership because they can leverage it? Also the same people suggesting we tax wealth like this want to also close those “loopholes” of low interest loans on shares.
Yes.
Yes to taking away wealth or the way to leverage it?
Taking away (extreme) wealth. There’s no reason one person should have that much. There’s countless better ways to use that money/wealth than for one persons extravagant lifestyle. And even if they don’t have an extravagant lifestyle, what are they gonna do with it? Doubt they will build infrastructure out of good will with it.
You all realize they don’t have that money laying around to pay the IRS right? They own companies, those companies are worth that much. To pay that you would have to liquidate those companies. So no more Amazon, Tesla, Space X, etc…
I highly recommend you to read the paper billionare argument. The market can stand the liquidation of most of those companies without making them go bankrupt, we don’t want them to stop existing, just to make them smaller and not a threat to democracy.
For the whole scale of wealth I also recommend going through wealth shown to scale
Why is it assumed that if the government has more money, then things will be better?
The government is filled with inefficiency that will just be made worse by throwing more money at the issue. Americans are not getting value out of their taxes.
Americans have record low confidence in congress and many officials in government (Supreme Court). Why would we give them more money when they, congress in particular, is responsible for setting the budget?
The reason for a tax isn’t to give the government money to spend, it already has the ability to spend infinite money for all intents and purposes. The taxation is there to destroy some part of that money to sort of balance the money supply after the fact.
This way of thinking about tax also makes very obvious that taxing income might make the least amount of sense and taxing wealt and transactions, probably is the more reasonable way to go.
The government in the us is obviously innefective but it’s not going to get better by withholding it’s spending money, in fact I’m fairly certain that for almost all government agencies in the US the requirements the law asks of them are largely impossible to hit on their current budget. Sure maybe the regulation could be easier and the oversight requirements less strict, but reducing the budget (except for military and police) wouldn’t help any of the problems that exist when interfacing with these government agencies today, it’d just make them worse
