But how would they be able to live on that?

F that. Shave then down to a few million, tops. There needs to be a wealth cap.

But it's not real money in their bank accounts! They can barely go by as is!

Go for it and then expand it. Being a billionaire should not be legal.

Your proposed billionaire tax would still leave them ahead. My proposed tax would leave them a head.

So how does this wealth tax work? Are stock holdings taxed? Stock quantity doesn’t magically go up unlike fiat currency which governments just print more of.

None of these numbers make any sense in terms of how capital actually works. Is the government meant to take the profit in stocks? Because these billionaires aren’t selling that much stock each year and aren’t earning that much from CEO paychecks.

Not to say CEO paychecks aren’t obscene…

And what do you do when they pack up and move themselves and their companies to tax havens?

The billionaire parasite class cannot pay their "fair share."

Even their very lives cannot make up for the disaster they and their ilk has perpetrated against the world.

Tac billionaires until billionaires don't exist.

The wealth tax seems to small. Everything above 999 million should be taxed 100%

I'm all for taxing the rich. But this image should explain that this would be an annual due, not a one-time thing. Don't pull your punches.

They have a psychological problem. They are mentally unsound and need to be locked up. They are destroying lives just so they can win the game of capitalism and hold all the fake money, all the fake power. They want to be demigods, worshiped by the “lessers” at how wonderful and great they are because they are winning the game of capitalism.

And they are succeeding.

I don't really understand what is being advocated for, here. Are we taking away their stock shares? Because 214.8 Bn is absolutely not the liquid assets of Elon Musk.

You can't buy a house or car with unrealized gains. Are we going to start taxing everybody's unrealized gains annually or what is the effective bracket?

Ya'll gotta be more specific and shit. Let's just tax realized gains, and any loan collaterals based on the stocks, at exceptionally high rates? Or maybe have a very high bracket to justify taking unrealized gain stocks. That feels like it would be way easier than some vague bullshit that could harm consumers more than billionaires.

Why is Bill Gates paying a smaller proportional share than the other two?

This graphic sucks because wealth tax isn’t a term that means they pay this much

For instance a tax where you hand over all wealth is still a wealth tax

To draw more confusion, their fair share is way more than what is illustrated here

It's not enough.

But how much would I have to pay when I become ultra-rich?

I always find it interesting is that the mentality or analogy used is cost of living when infact some billionaires/millionaires have stated they wouldn't have an issue paying more in taxes. The problem is they just don't have to and if they don't have to then they just shrug.

It's really an issue with the common person as well some people thoroughly believe they shouldn't have to because they worked long and hard for that money while others, those very rich people, argue that putting them in a higher tax bracket or adjusting the tax they pay on a higher percentage within that bracket is just, "unfair." Conservatism at it's finest. I am not really sure what it is with the right wing and people about complaining on paying taxes until it is brought up that, "hey we could make those who make a whole lot more pay a whole lot more cutting what you pay down some." Then they are up in arms. You either want someone to pay more so you pay less or you just don't want to pay taxes at all if those involved are "hard working rich people." But hey, instead let's complain about how people just don't want to work anymore or about how young folk just don't understand the good ole days and how you had to work overtime on jobs with poor safety and life quality issues that forced more work out of you for less. Yeah you are right don't understand that and how it was legal and why it should be happening now. Why would someone younger feel inclined to pay less and work more. It's called we aren't interested in making the same mistakes those same old folk now should have been up in arms about years ago. But then you are met with, "well those were just different times. " Oh, gotcha sooo we should fix it now?

Then there is also a complete misunderstanding of how taxes and the economy works in general. If you genuinely think Biden and one person in office has complete control over the economy I think you also need to consider getting a therapist because you know zero about the way the world functions.

Tax the rich higher. Elon doesn't give a shit about your hard work and your crop fields or corn dying because the world is getting hotter. So why in the absolute fuck should you give a damn as to whether he pays more money every year to help the rest of the world out. If you are the person who thinks it is silly to do so then please for the love of God leave the rest of us alone that want someone to pay more for you because in the end it should be done.

Friendly reminder that "The Giving Pledge" was an enormous tax dodge perpetuated by Wall Street con artists, and that these guys have effectively created a tax-free pipeline for all sorts of graft, cronyism, and corrupt business practices that the current US legal system condones.

Why take so little? I would recommend a 80% tax bracket above £1b.

It's barely even 3%! What happened?

Seems a little weird to put exact figures on a wealth tax that does not exist yet and would need to go through both houses of congress and reconciliation. Is this the amount owed on an annual basis?

They lobby and make the rules, so it'll never happen sadly.

any money over $1 billion should be taxed. You can't earn that in a life without exploiting people and you can't spend that in your life unless you're an idiot

mfw i can't buy a fifth gold plated private jet because i got taxed a billion dollars

People always argue that the rich would take their business elsewhere with a wealth tax and I don’t believe it.

The only way to fix billionaires is revolution.

I'd bet the military will get the lion's share of those taxes.

Why should we pay taxes at all if we can print money?

Scale the owed amounts the same as the retained amounts so we can see what a thin slice they are.

I think the bottom is supposed to say million not billion.

Edit: misread the chart. Top is what they’d pay. Not what they’re at.

Sounds good but please let us know how this would work.

I was thinking about the fact that it is nearly 2025, and we still drive gas powered vehicles. Electric vehicles have been viable since at least 2005, our government just refuses to force the issue— meanwhile, the world burns. Humanity, as a whole, absolutely deserves all the shit that is coming our way.

The ignorance in this post is incredible!

I'm surprised Bezos is down to that much. Good on that lady for divorcing him. If anyone deserves to be fucked in a divorce, it's him.

Also, Gates should owe more than that. The things he's giving "charitable donations" to are mostly very evil groups that want us all to eat bugs and live in coffins.

You're not wrong (in that they'd survive), it's that it does nothing. I'd be surprised if every penny Musk has can run the American government for a day. Which essentially means you just don't don't like their wealth level, which is fine, just say that instead of pretending otherwise.

Everyone that likes to parrot “tax billionaires gigantic sums of money” seem to miss the obvious counterpoint - if they get taxed too much, they’ll just leave and go to a country with a less gigantic tax burden. Which would be devastating for the US economy if they bring their companies with them. Can’t tax the rich if the rich aren’t here.

To be sure, the wealthy should be taxed more, but it has to be within a range where it won’t motivate them to get up and leave.