Post AVmeSNUPeSPfSLokLo by feld@bikeshed.party
 (DIR) More posts by feld@bikeshed.party
 (DIR) Post #AVmdyC3na4PPJzyZbk by dcjohnson@mastodon.cloud
       2023-05-18T13:34:02Z
       
       0 likes, 1 repeats
       
       Large numbers of people don't understand what a billionaire is.If you, like most of us, ONLY make $1 million a year, it would take you 1,000 years to make $1 billion.Or, if REALLY lie most of us, you make $50,000 a year, it would take you 20,000 years.TWENTY THOUSAND YEARS!If you tax someone who makes a billion a year at a 90% top rate,  they would "only" take home $100 million a year.#billionaires #taxes
       
 (DIR) Post #AVmdyDAvR3hgmOJmM4 by thestrangelet@fosstodon.org
       2023-05-18T15:18:03Z
       
       1 likes, 1 repeats
       
       @dcjohnson First and foremost, billionaires shouldn't exist, but not because they take home a billion plus a year liquid. None of them do. Their wealth is not liquid, it's tied up in assets. Billionaires shouldn't exist because their asset wealth and influence make them too powerful politically (especially in the US,) and give them obscene levels of access to loans. This unregulated power allows them to continue to grift off the working classes, and ensures the wealth gap only increases.
       
 (DIR) Post #AVmeSNUPeSPfSLokLo by feld@bikeshed.party
       2023-05-18T15:36:56.570381Z
       
       0 likes, 0 repeats
       
       But where exactly are you taxing them? Because billionaires aren't making their "income" in a way that can be captured with payroll taxes.Most of them are getting their money from massive loans against their assets/investments, or they're doing equity disbursements from their companies to avoid payroll taxes which is what basically everyone who has an LLC/S-Corp does.I haven't seen anyone propose a workable solution to this.
       
 (DIR) Post #AVoVpCzEMB9IGrxoeG by callionica@mastodon.social
       2023-05-19T06:15:02Z
       
       0 likes, 0 repeats
       
       @feld @dcjohnson Taxation on the realisation of a gain. When do gains get realised? Using asset value for a loan realises the gain. “Unsecured” loans more than $X are money laundering/tax evasion. Is it workable? No idea.
       
 (DIR) Post #AVoVpDmVOyZ2jh1AS8 by feld@bikeshed.party
       2023-05-19T13:09:07.805255Z
       
       0 likes, 0 repeats
       
       > Using asset value for a loan realises the gain.No it doesn't. The gain is only realized when you sell the asset.
       
 (DIR) Post #AVoWZdj9Gfw6Wha7mq by SlicerDicer@bikeshed.party
       2023-05-19T13:18:26.368119Z
       
       0 likes, 0 repeats
       
       @feld Unless you lever against it and it eats shit. Then you still have the cash right?
       
 (DIR) Post #AVoZw2MudGa7BRYJVo by feld@bikeshed.party
       2023-05-19T13:55:44.803885Z
       
       0 likes, 0 repeats
       
       #BillionaireLifeHack