A one-time 5% wealth tax would bring Silicon Valley’s billionaires’ wealth back to where it was just 31 days ago, on September 7.
When it was “just” 178% higher than on January 1, 2023.
They’d rather let 3 million people lose their health insurance than let that happen.
Graph here: https://cabillionairetracker.org/
Rather than paying their fair share of taxes, Sergey Brin, Pether Thiel, and Patrick Collison prefer to spend tens of millions to manipulate the vote.
Stupefying levels of greed and lack of civil-mindedness.
$45 million in a week: California’s wealthy aren’t holding back to try to stop ‘billionaire tax’
All credits to Gabriel Zucman
They freak out about this because their wealth is in holdings and isn’t liquid. They leverage debt and play these games to avoid paying their share the freeloading welfare queens that they are
This is probably more painful than “it’s just 5%.” And I love that for them
It also sets a precedent - why not an annual 5% tax? why not 50%?
That’s why they’re afraid of it. It’s not just the liquidity, because 5% they can easily liquidate without affecting any of their hedged-leveraged debt coverage.
yeah, I think it’s more about power than money
Money is more about power than money once you’re over ten mil
totally
Financial obesity is neurotoxic, an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.
Corporations are the only ‘persons’ which should be subjected to capital punishment, but trillionaires should be forced to transition into billionaires, and billionaires should be euthanised through taxation.
In our next lives we should all strive to make sure THAT NO ONE HUMAN HOLDS THE WEALTH OF NATIONS.
I misread it as 31 years ago. But when I saw 31 days I was like… And of course they are opposed to it!
Even a 2% ANNUAL wealth tax would not take anything away from them, it would just make their wealth grow SLIGHTLY SLOWER.
I would rather have 1000 millionaires than 1 billionaire
They remember (or have schools that teach) the 90+% wealth tax back when accountants hadn’t hidden it all. You know, in the 1950s and before ‘boomer golden age’, which, along with strong unions, made the middle class happen. and what shall never again happen if the parasite class can help it.
That wasn’t a wealth tax though? That was an income tax and only on the top bracket. Very, very different things.
Sure, simpler times back when accountants hadn’t hidden it all
And before the laws hadn’t been changed to make it so easy to hide it all
So we can hit them with 5% every month
Just hit all billionaires, worldwide, with 100% tax of all wealth over a billion dollars every year. A billion dollars is really an inconceivable amount of money for one person to have. Far more than one person could ever legitimately earn in a lifetime.
Letting them retain one billion dollars is probably far more charity than they deserve, but what can I say? I’m just a softie.
