I can’t help but wonder if there would even be billionaires in the world if people weren’t allowed to buy politicians, squash competition, and set up monopolies. So I may agree that billionaires shouldn’t be a thing, but because a true free market would organically prevent it.
Would you support a 70% one-time wealth tax on all liquid assets over $1 billion, if - In exchange, no one earning less than $60,000 a year would pay income taxes for a one year period?
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Isn’t squashing the competition part of having a free market?
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Not when they do it with expensive lawsuits and regulations. You’re supposed to squash your competition with a superior product or service.
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No one keeps liquid assets of $1 billion. That's not how money works.
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And liquid assets turn into illiquid assets very quickly if you try to sell $700 million of them. Personally, I would like to stand back and watch the devastation, but the damage to the economy as a whole would make any nation tied to the $ unlivable.
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Gov seizing money or assets in this fashion would be unconstitutional. (US Constitution 1st, 4th, 5th, 8th Amendments just off the top of my head.) Top 50% of Americans pay over 97% of all
#taxes. Bottom 50% of Americans pay zero to 2.25% of all taxes.https://www.netadvisor.org/2012/02/09/fact-check-who-really-pays-most-of-u-s-taxes/#.UM3R1qywWio …Thanks. Twitter will use this to make your timeline better. UndoUndo
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That’s govt confiscation of private property.
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If all taxes are "confiscation of private property" then does is really matter if you take the burden off the ones making less and put it on the ones making more?
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Nah, the top like 20% already pay nearly 80% of all income taxes in the United States
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Taxation is theft!
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Why would you say no to this
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Because I don't have the right to take someone's money, even if and especially just because they're rich. Neither should the gov't.
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Somehow I fear the B would get changed to a M.
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Taxation is theft, change my mind.
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It would never hold to "one time".
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There are a lot of future billionaires who now earn $65k voting in this poll.
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I'll never be a billionaire, but I don't think it's just to use violence to separate someone from 70% of their wealth. Billionaires keep their money in their companies. Selling 70% stake of their business has impacts on boards, company management, 401ks, and stock markets.
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