When we talk about "taxing rich people" there's folks who think we're talking about Aunt Edna who has the second summer home. The astronomical levels of "rich" that now exist are almost unfathomable to people. It's the stuff of vast empirical dynasties. We're talking about taxing emperors.
The most successful psy-op in politics has been convincing the well-off that they’re the Rich, and their interests are conjoined. Our brains can’t comprehend the gulf between a net worth of a couple million versus a billion plus.
lesigh. these comments are full of people who are angry that Aunt Edna dares be the highest crab in the bucket.
meanwhile 80% of the homes in this city are owned by one of two people.
They live in a different reality, which is why so many of them don't seem to give a shit about poverty or climate change; they will live in clean multi-trillion dollar geodesic bubbles while the rest of us burn or drown.
They’re Dukes except they think we won’t notice if they don’t insist on the title. Anyway all aristocracies suck and it should be the mission of popular government to (at minimum) severely bring the aristocratic class to heel if it doesn’t crush them outright.
recalling how when John McCain was at some finance conference they asked him "what's 'rich'" and when he said "$5 million" the whole crowd laughed in his face
Back at the last election some bozo was ranting on about how Elizabeth Warren's a millionaire and Bloomberg's a billionaire and they're all the same! So I made him two charts to show the ever-so-slight difference in scale.
One billion is so far removed from human comprehension that it might as well be infinity.
These billionaires have near infinite money off the work of our taxes and infrastructure and people lose their minds when we talk about reclaiming some of those profits for healthcare and bike lanes.
Insane
I'm perplexed at why I pay more than my coworker and her spouse that together make 3 times what my husband and I make. Plus, they have a Florida Ocean front home and two houses along with 30 acres.
Recently a hedgefund manager billionaire temporarily lost 99% of his "wealth" thanks to a glitch in the system. He was still a billionaire.
Meanwhile another bill tries to overthrow the US union laws because he doesnt like them.
In Norway, the politicians have workers preoccupied with picking conflicts over executive salaries and bonuses, while the investors feast on dividends after tax cuts, layoffs, masking margins, and collecting government bailouts over deregulatory induced mistakes, regardless of operating result
Besides which, we *do* tax Aunt Edna's wealth, if she pays property tax on that second home. It just doesn't seem the same, because of the orders of magnitude difference in the levels of wealth.
My brother who has three houses and two condos that make him money. His home he lives in that he had a mortgage that was through his in-laws-not a bank-and then inherited the same amount of money that I did and my sister. I am a teacher and divorced and my sister had cancer and died. Life is so fair
Canada recently increased capital gains tax inclusion rate to 66% - not the tax rate, just the inclusion rate of what GETS taxed - and people flipped out about it affecting them. And it just isn't! It affects hardly anyone!
Amen to that. We need to start treating ultra-large concentrations of capital as the threats to democracy they are - reduce them, harness them, regulate the hell out of them, whatever need to be done.
Individual wealth cap at something like $20M is the only sane policy. Individual fortunes cause constant damage to everyone else and we must, as humanity, end their existence.
I agree but I’ve also had people on social media claim the upper middle class urban professionals (who are 100% salary workers) are “rich”. So I honestly don’t know which sense people are using.
I don’t think the word “rich” is meaningful. “Taxing billionaires” or “taxing oligarchs” is clearer.
I understand the anger against millionaires in general and often share it too but also some people really struggle to fathom the wealth difference between even multi-millionaires and billionaires sometimes. Like, we're talking about completely different levels of power.
My levels of "rich" are:
1. Always flies first class
2. Never flies commercial
3. Owns a fleet of private jets
There are way more members of level 3 than we need. (We need none.)
Remember living in London and reading how princes and the like from the UAE and Saudi would visit, bringing their favourite supercar with them... literally park them somewhere on the way to some affair or other, and then be like oh yeah I flew home, I forgot my car, oh well.
Insane.
I met a family once who were unfathomably rich (mid to high centimillionaires if not billionaires) because they had started an airline for horses.
That gave me some sort of idea of how much money there is at the upper echelon.
honestly at some point we have to ask if "taxing" them is even an option at this point. how do we pass legislation to do that even if they can just pay off greedy politicians and then get away with it?
That is correct. I don't care about the woman who owns a home for herself and keeps one for her kid. I wanna tax the person who has a dozen AirBnBs and the person who has three dozen rental properties. The person who has ridiculous sums of wealth to buy up expensive houses like their cheap candy.
You say this, but a few years ago one of the parties here in Italy ran a “tax the rich” campaign complete with pictures of yachts and such — and then it emerged that the threshold for their proposed new tax was 50k? Meanwhile actual rich people laughed all the way to their offshore tax havens.
Back in ~1990, NJ raised taxes on "The Rich", and my friend Al The Communist was very annoyed to find that that included him.
"I'm a state worker, you can look up my pay. But I'm single, so $35K/year makes me 'rich'. Arrgh, I can't be 'rich', I'm a Socialist Worker!"
I say heavily tax anything over $100 million and people will say "but no one NEEDS $50 million!" but like, who cares? >$100 mil is gets us plenty, is a nice round number and obviously enough that few will hesitate over it.
I work for a credit union and there are 30 people in this country who have more money than all of our balances combined
They could literally buy out entire banks
The 0.1% are rich in the kind of way that normal people can’t comprehend because normal people have normal cares and the ultra-rich are worried their child’s shoes don’t match the paint job of their third European winter home.
According to USDA, 12% of Americans are at a level of poverty they can't afford food and would literally starve without supplemental aid.
I think we can justify taxing the absurdly rich a bit more...
One of Reagan's most successful scams was "simplifying" tax brackets so that Aunt Edna and Elon Musk both have the same tax bracket. We could just go back to the old brackets, adjusting for inflation.
I will never fucking understand buying a supercar for anything off the track and car meets.
That isn't a personal transport, its a fucking toy. These things are like taking a power wheels that can do 200mph onto the interstate, its stupid as fuck. Keep em on the track!
I think the solution is being super presize. "Anybody who has more than 20 million and above. Anybody whose job is "landlord".". Boom. It would become a lot easier to avoid miscommunication.
Most people think yachts are for the rich.
The rich are really into Super, Mega, and Gigayachts.
I'd describe the differences but I just keep seeing the arks from 2012.
Any tax plan that is going to provide enough money to fund any significant social programs is absolutely going to hit Aunt Edna too, and it *should*.
There are simply not enough emperors and their wealth is not vast enough on its own. You're going to have to tax "normal" people too.
My brother makes a good 6 fig income (starts w a 2 at least). He KNOWS he's not who is being referred to when they talk about rich ppl & he makes more than most. (also has 3 kids & a SAHM wife he supports).
It's the exponential nature of money that blows people's minds. You can make $50K, and many people are making a decade of your life in a year at $500K. But there are people making a hundred years of your life at $5M, or a thousand years at $50M. And some people make way more than that!
Yeah, personally, I feel like you *shouldn't* be legally allowed to be so wealthy you can hire an entire company to bring an entire car lot to your weekend at Cabo.
But what do I know, I can't even afford my biannual medication that keeps me from losing the ability to walk.
I remember seeing Elizabeth Warren on the campaign trail and someone got a bit heated and said there's no way that those people are so rich you could get enough to pay for her programs. And she nicely said, "you have no idea how many there are or how rich these people are"
Yeah, small business tyrants really don't get they're the flack jacket for people who could buy and sell them by the bucket & who they can never dream of coming close to being. It's not about the local person who owns a gas station, it's about the CEO who runs the petroleum company branding it.
“A million dollars” when I was a kid in the 80s is roughly equivalent to 3 million today. So even outside the staggering difference between million/billion, millionaire means so much less now. But the language hasn’t really changed to account for it.
Today I found out I need to replace the condenser in my shit box rebuilt Chevy spark. I need to wait until I have the money so it's gonna be a hot summer.
In the best example I can come up with of staggeringly poor targeting, Facebook once showed me an ad for a yacht transport company. You know, for the change of seasons when you're moving your yachts between the Caribbean and the Med?
And I thought "there are people without yachts in both places?"
We need a chainsaw tax. They'll think it's about how many chainsaws they own (answer: more than they realize) but actually when it's over they'll feel like they got attacked with a chainsaw (and yet somehow still be outrageously wealthy by any sane measure).