ST Alpha - "With Bezos looking to be the first trillionaire, time to bring back the 90% tax rate. There is no valid reason for any individual to hold that much " (Reading a Post)

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With Bezos looking to be the first trillionaire, time to bring back the 90% tax rate. There is no valid reason for any individual to hold that much

Posted by TWuG May 15 '20, 09:56

wealth.

There is no appreciable difference in standard of living between having $1 billion and $1 trillion.

Responses:

Hardly any of his wealth would be taxed though because it's paper gains. You wouldn't get anything until he sells stock. -- nm - spamlet May 15, 10:18 7
- So what you’re saying is that the net worth flat tax is a better idea! -- nm - JackDawson May 15, 10:20 6
  - Wealth taxes are likely unconstitutional as an unapportioned direct tax. - spamlet May 15, 10:28 3
    - I was actually curious about your IM, in fact. -- nm - znufrii, silly old man May 15, 10:31 1
      - I’ve thought about it a bit since it gets raised every once in a while. I don’t know if I’ve seen anything like that on point though. - spamlet May 15, 10:40
    - Under the 90% tax no one counted unrealized gains as income, but I was being flippant about the flat tax point -- nm - JackDawson May 15, 10:29
  - If you want to crash stock prices, right? - Will Hunting May 15, 10:23 1
    - There's trillions of ways (no pun) to monetize stock wealth without selling stock. Stock loans, etc. -- nm - JackDawson May 15, 10:30
I was just thinking that he's seemingly trying everything to keep himself a billionaire. Got divorced, funding a space program that currently has no - JD May 15, 10:18
Rather than the "valid reason" perspective I prefer the "extreme wealth in the hands of the few is incredibly inefficient for economic growth" stance. -- (edited) - Max May 15, 10:15 4
- "Capitalism until I get mine, then Feudalism" -- nm - Reagen May 15, 11:00
- I would add that I think it's ultimately counterproductive for the rich as well. This level of wealth inequality is ultimately destabilizing. -- nm - pmb May 15, 10:30 1
  - I agree with you 100% though it's one of those "well climate change will screw someone else over not me" thing for some people (not the smarter or mor - JackDawson May 15, 10:33
- Perhaps the most persuasive reason for it (if only people understood it though) -- nm - JackDawson May 15, 10:16
I sometimes read stories about billionaires making each other feel bad about the size of their yachts/planes. - David May 15, 10:01 7
- Buffett still lives in a modest two story ranch house. -- nm - Reagen May 15, 10:54
- Though you'd never get 'that' type of rich as you'd give it all away along the way 8-) - JD May 15, 10:08 1
  - Yeah, vacations would be our one splurge. - David May 15, 10:10
- If I were a billionaire, I'd find a way to become a millionaire. -- nm - Beryllium May 15, 10:07 1
  - I love this perspective. -- nm - znufrii, silly old man May 15, 10:20
- I mean, millionaires do that. My sister just had a caravan of...100+ cars drive by for her bday? Enticed with gifts -- nm - JackDawson May 15, 10:02 1
  - But... why? - Reagen May 15, 10:55
duh -- nm - JackDawson May 15, 10:00
Though there is a difference in being able to fund Blue Origin. -- nm - JD May 15, 09:59

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With Bezos looking to be the first trillionaire, time to bring back the 90% tax rate. There is no valid reason for any individual to hold that much

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