It's also not one or two billion, it's multiple hundreds of billion owned by one person. I don't think you can overstress the difference in scale between millions, hundred millions, billions, and hundred billions.
There used to be taxes assessed by total asset valuation that focused more on wealthy individuals because they don't earn as much from income it's mostly assets increasing in value like property or ownership shares, that was stopped when they introduced the income tax that mostly targets low and middle class people who almost exclusively earn by income.
Loopholes like offshore accounts used to dodge income taxes by higher earners should be illegal, but the whole system is backwards forcing the least prosperous to shoulder the largest tax burden instead of the wealthiest who benefit from society the most.
If that were to happen, my cream would rise to the top.
Alternatively just take their shit because billionaires shouldn't exist.
A millionaire tried doing this and gave up
I guess it only works for billionaires. Millionaires can't do it: https://www.snopes.com/news/2024/04/29/millionaire-made-himself-homeless/
This was tested...sort of. He didn't give away his money he just supposedly didn't make use of it essentially hitting the road as a fake homeless and making money by selling stuff he bought on facebook market.
The fellow was a millionaire not a billionaire and I think he went from nothing to ~50k in nearly a year. He called it off early because he was basically destroying his health.
And do what with it? Just, like, fund society and shit? how are we going to grow extra assholes doing that?
100% It will work.
A fundamental misunderstanding of capitalism.
It's actually just hungry hungry hippos. And hippos can eat smaller hippos
I say tax rates should be decided based on wealth shares.
Break it down like this, brackets set at the 20th, 40th, 60th, 80th, 95th, and 99th percentiles of household incomes.
People in the 20th 40th and 60th percentile brackets pay a tax rate equal to how much wealth is controlled by households in each of those brackets.
People in the 80 and 95 brackets pay twice the share they control.
People in the 99 bracket pay three times, and also can't hold public office for ten years after the last time they peak this bracket because, objectively, they are doing just fine for themselves and don't need to be going ahead of others who have actual problems a nation should be focused on addressing.
Also, with very few exceptions like a mortgage on a primary residence or a car loan for a primary vehicle, loans collateralized on capital assets are treated as income for tax purposes.
Division of labor would suggest the people that are best at hunting money, hunt the money for the tribe while the others do other stuff.
Same goes for a wealthy grifter. Take all his money away and he will steal more. Scum always rises to the top. No need to test that.
Everybody poor.
“I’m about to show you the white hot cream of an 8th grade boy”
They would. It's an interesting mindset to have. There's people who get into debt over stupid chit... like cars and jewelry. And there's people who get into debt by pulling loans and investing with said loans to then multiply their investments and intentionally stay in perpetual debt for their financial benefit. They don't feel the stress of owing money back to the banks, they're a godless (it is a sin within Abrahamic religions to not pay back your debts, essentially, you're stealing someone else's money) and immoral people.
