there are no good billionaire. the whole concept of billionaire is utterly antisocial
It's also anti democratic. Giving a few people that much power, is 100% against democratic principles.
It is however perfectly in line with an oligarchy dictatorship.
This tax is stupid IMO, it shouldn't be one time, but 1% every year.
I'll take the 5% though, better than nothing.
Once upon a time this guy would have paid 94% in federal taxes. The math would have literally worked against him ... he could pay workers more and give them benefits to lose his money or just lost the money in taxes.
This style tax scale is what got one guy elected FOUR TIMES as President of the US.
Yup, the first so much of his earnings would have been lower rates, after the amount surpasses thresholds, the rate increases on that part, reaching 90 some percent on obscene amounts.
They don't take wages now though, they get like stock options, then borrow against their stock holdings, borrowing more to pay off the old, never realizing a gain to pay taxes. As per Propublica's reporting.
it's almost like their should be capital interest tax and loan resurgence limits, that require a federal application and limits on how it can be used (like home and auto loans are)
I have heard a few people talk sanely about the tax and the more I hear the more ridiculous this one time “fee” sounds.
I heard a far better proposal about closing the tax loopholes they use. Wealthy folks are borrowing tax free against unrealized capital gains. They pay little to no tax on it.
It’s not sexy but it’s a way better solution because not only does it tax the people who need to be taxed, it also begins to help people push back against capital being more powerful than labour.
It’s also far less costly to implement. You borrow against unrealized capital gains to live as if it were income - boom income tax.
Better once than not at all. It doesn't preclude better solutions in the future.
That's probably the only real valid reason to go against it.
Not because it is unfair. But because there's no teeth to it by making it non-recurring.
Dude is worth a quarter of a trillion
He can afford to spend 12.5bn on stopping this before he's losing money
Frankly I'd be campaigning on this if I was an advocating politician of the bill. "He is willing to burn this money rather than pay a fair share into public finances to benefit everyone"
"The $45m he spent to fight this would've allowed us to renovate this school. The $12b he'd owe would let us renovate 100 schools. Or get X thousand of the homeless off the streets. Or fixed 10 million potholes."
Make his name responsible for those things not happening.
He has already left the state to avoid the tax according to the article. So he’ll pay nothing even if it passes. I suspect he’s funding the measure simply because he doesn’t want this to start some sort of nationwide precedent.
The fact that he can afford to do that is the best possible case in favor of that tax.
Pay $45m. Trying to not be taxed....
45 milly to not pay 12 billy seems reasonable.
Imagine how ridiculous the taxes have to be for $45M to be preferable
Edit: Was more of a comment on the inconceivable amount of money these fucks must be getting paid for 45 mil to be a drop in the bucket. Please don't mistake my disgust for their tax amount as a justification for their actions. Imagine how much good that money could do. Instead it sits in the pockets of the top 0.01% while the only money they pay is to other corrupt fucks who keep them from paying more. The whole idea would be laughable for its logic if it wasn't so damn cruel in action.
*~~ridiculous~~ proportionate
When you have an unfathomable amount of money, your taxes look pretty wild whatever they are.
Ridiculous? I consider it my civic duty to pay tax. I’m happy paying tax. I just with that those with the broadest shoulders would pay the same % as I do.
Does anybody need to be worth $247B? Is a fucking sickness is what it is. I literally can’t fathom it. I’m 42 give me £500k right now and I quit work and just go enjoy what’s left of my life.
tbf, it's staple of the grifter kickback scheme. money is bullshit, in the higher circles you basically just move your $ pile around inbetween a group of trusted like-minded individuals to minimize tax burden.
They'd rather pay to manipulate the tax code than pay taxes.
If they could pay an accountant $50k to avoid $20k in taxes that's a win for them
smells like somebody doesn't want to pay his fair share
And his fair share must be more than $45M or he'd just pay the fucking tax...
His spending 45 million is the equivalent of someone with a net worth of 500,000 spending 75 dollars. It's nothing to him.
Most billionaires are so anti-tax they would spend their entire fortune to keep from paying taxes.
Because it's not about the money as much as it is the principle of having to follow the same rules as everyone else.
My aunt and uncle bought a Tesla a few years back. Partially for the electric vehicle; partially for the fact that in California up until last summer, if you were driving an EV, you could use the carpool lane even if you were by yourself.
I remember my cousin just complaining complaining complaining that she'd have to use the other lanes like "everyone else" when she went to school, and that she'd have to wake up twenty minutes earlier to compensate for the traffic.
The fact that he's both willing and able to do this, is the one single biggest argument in favour of abolishing billionaires.
A jackass with more money than they can enjoy in life, spending it on making the lives of others more miserable. Classy.
Imagine being so rich that, not only could you drop $45M without even thinking about it, and not only could you just move to a new $42M house without thinking about it, but you would still be worth $235 BILLION after losing 12 billion dollars... and being angry!
Financial obesity is 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 billionaires should be euthanised through taxation.
Clearly has the money. If he doesn't like it maybe he should move to texas like the other greedy chuds who hate the state they live in.
Damn his wig looks bad.
These people own the government. You can't beat them with politics. They're not going to be brought to heel until they are made to be actively afraid of the working class.
Sad thing is that 45M is probably just chump change to him
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