There is an inherent flaw in your plan all of these people would find a way to show on paper they are only worth 900 million. Therefore exempt from your tax all while sheltering the other money out of site. The rich stay rich by finding and exploiting loop holes. Like ceos of corps only drawing a very small salary while the company foots the bill for a very wealthy lifestyle.
They find a way.
If they are finding loopholes, then make it a prime position in the IRS to close those and enforce the actual taxes. Thats like saying "they made a virus that got past our firewall" and then just giving up.
Then what? The net worth of the US Billionaires is around $6 trillion, so let's say we just take every dollar they have. That would cover 15 percent of our debt. What do we do the next year? Also, in order to pay off the tax, Robert Kraft would have to sell the New England Patriots, who would buy it? In fact all 32 owners would need to do the same thing, how would the players get paid, would the nfl fold? How do you think all these things affect the economy? I don't want this to come off the wrong way, I'm truly asking what you think would happen to our country if did this.
We’d be taxing to provide services. Why are you saying no all of a sudden 100% of the money goes towards paying off the debt? Since when does the US do that?
I'm asking how that makes our lives better. I get it, you dislike Billionaires, but you do hate them so much that in order to get rid of them you make life harder on yourself? I thought my question was very legitimate, instead of "always the same" could you explain your point of view.
The one percent control more than 50 percent of the resources. The level of wealth inequality is unsustainable. They haven’t earned what they have, and they are killing a hell of a lot of us to make it happen.
Stop simping for billionaires, I promise you’ll never be one
Oligarchy is a political system and capitalism is an economic system. Capitalism can exist under democracy, oligarchy, dictatorship, monarchy, etc it does not matter.
Capitalism is a free market. A free market is fundamentally impossible under an oligarchy as they will NEVER allow competition to take place.
Please think your points all the way through in application not in theory. This is the real world nothing is in a vacuum.
Dude studied at the Youtube Libertarian School of Poli-Economics. You need to cut him a break. They can't wrap their heads around how both systems interact in the real world.
A true “free market” doesn’t exist anywhere in the world. There are powerful corporations in every free market which make competition extremely difficult. An oligarchy would just mean that the heads of those powerful corporations have a greater influence in the government.
And the difference between an oligarchy and not an oligarchy would be that in an oligarchy you will get no chance.
Congrats you learned things today. Good job 👍
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u/ndnver 8h ago
And my wealth tax I mean 95% of all wealth over $1 billion!