With wealth inequality and billionaire control over American society growing ever more obscene, it’s well past time to implement a maximum wage limit.
My limited understanding is that once you’re super wealthy your actual income doesn’t matter. They take loans against their wealth to pay for whatever they want.
We need to tax both capital gains at a rate higher than labor and tax loans as income if they use stock as collateral.
Yes but this is an article aimed at a casual audience of wage-laborers, who undestand wealth as the thing you get for a job.
And the details of the demand don’t really matter that much, because at this point it’s clear that even a milquetoast request like this will still prompt the US oligarchy to have the secret police fire on protesters. Imo if anything you want the demands to initially be as mild as possible, makes them look more unreasonable. Once people are onboard you can push for more important goals.
I think we need to decide, if unrealized gains are real gains. How you can loan using unrealized gains as collateral if from tax purposes it’s not real money.
If you can loan money using unrealized gains a collateral you should be taxed. I am not saying you tax unrealized gains, but taxing when get money “from” it.
But loan is considered a loss and you even get a tax break.
Also need to limit tax write-offs to really business needs, like rich people can get a huge car like a Mercedes G class on their business and write-off the cost for instance. The rich have a lot of loopholes. Incentives should be limited to people and companies making a X sum. If your company makes billions, I don’t think you need a tax incentive.
I propose we tax owning stock like property
What we need is a wealth tax. If you don’t want wealth to be hoarded, then you tax it. The rich and their stooges online will parrot that “wealth taxes don’t work” precisely because it is the only tax that does work and that is why they oppose it.
Maximum wage laws don’t make sense because the ultra rich get their wealth from investments, not wages.
At some point, we decided that people who work and make $100K a year get taxed 50% more than people who make the same money from investment. Income is income. Get rid of capital gains special status.
And this loophole of borrowing money against stock value is income, and should be taxed as such. If we did this, everyone’s income taxes would be much lower, national debts would be in reduction.
But the Wall street dicks consider taxing on investments “getting taxed twice”, and hedge fund managers still pay NO income taxes, only CGT.
Nailed it.
What we need is a securities tax: a tax on every stock, bond, and other financial instruments in their portfolio. No need to liquidate it; the shares are simply transferred to the IRS annually. They’ll liquidate those shares slowly over time.
Natural persons are exempted on the first $10 million of their portfolio. No exemptions for artificial persons.
I’m in favour of maximum ratios of total compensation. Stock values, dividends, salary are all added together to get a total compensation value.
Start it at something like 50-1, then gradually lower it as the actual workforce is allowed to control an increased share of the company.
There is still incentive for growth; the growth is simply distributed more equitably.
They already play a shell game with wages, so they don’t pay income taxes. Most of the really rich and successful people have their incomes derived from capital gains and then use the talking point that it’s already money that was taxed through their business so it shouldn’t be taxed further.
TAX CAPITAL GAINS.
We do tax capital gains. It’s just at a lower rate than regular income and the first $50k or so is 0%. Some states tax capital gains as regular income.
They do a shell game by using their losses to offset their gains.
This would be something anyone could do but most people don’t have the ability to let stocks sit for over a year before taking the capitol loss strategically.
The system is built for the wealthy to have less risk.
Tax debt over say $1 million as income
90% tax rate over 1million a year including capital gains. No cap on social security
Why the fuq someone needs 1 mil year? 500 is enough
Just trying to be reasonable
Everyone makes $1/hour.
But everything only costs $1.
1 hour of labor = any 1 thing.
Work three hours, buy house, sports car and superyacht.
Which everyone works to make because a single grain of rice is $1.
Why don’t you buy me? ;)
(Disclaimer: I am NOT worth $1)
Bro we’re gonna starve.
They’ll use those laws on regular folk while they ignore them or use loopholes
“It’s maximum wage. I don’t receive any wage, I receive a dividend”
“It’s maximum wage. I don’t receive any wage, I receive rent”
Maximum profit laws.
Also capital gains tax should be based on total net worth. So if fElon sells some stock, his capital gains tax is based on his obscene net worth.
Or tax funds borrowed at ultra-low rates against unrealized capital gains as collateral. If you can spend it, it’s income.
That makes no sense. Then what happens when the market crashes, tax rebates?
Just eliminate this loop hole of borrowing against stock values tax free. It just encourages hording and increasing wealth with no taxation.
I predict we’re going to see our first trillionaire by the end of the decade. It’s beyond obscene. If you “earn” (lol) more than 5 million dollars a year, you should have that part taxed at 100%
Musk is currently trying to negotiate a pay package from Tesla, which, if approved would pay him roughly a trillion dollars over the next decade. It’s into the “not really comprehensible by humans” range.
Why the fuck does this ugly cunt need more money?? It’s just a small dick competition at this point.
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.
What you meant to say is we need a wealth tax.
That won’t solve the borrow, die, repeat. It’s a great idea and should definitely have been implemented yesterday to modify the incentives of middle management but we REALLY need to start taxing people on a “personal GDP” after a certain level.
Space Kare pays proportionally 1\10 of the taxes I pay without having a “wage”.
“Oh, you want to buy twitter for 50b, here’s your M&A property tax of 25%”
Yes. If congress really had their shit together, they could implement something at the IRS where each really wealthy person is audited and taxed on their personal GDP. Auditors could present their findings of wealth and a committee could tax the value at an appropriate level.
We need maximum wealth, maximum power and maximum influence laws, enforcement and strict punishments for corruption.
This article is TERRORISM (according to Trump’s Republican Administration!)! If you would like to NOT be Terrorists please SHOOT UP A CHURCH IN A MAGA HAT instead!
