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Thread: What Will Leftists Do When There Are No Billionaires Left To Tax?

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    What Will Leftists Do When There Are No Billionaires Left To Tax?

    I know leftists LOVE licking billionaire boot and DEMAND they pay for everyone else's shortcomings while simultaneously claiming they hate billionaires.

    But, what happens when the billionaires get taxed every year and their wealth keeps dipping down until they barely have any money anymore?

    What's "Genius Bernie's" plan after that?

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    Quote Originally Posted by Half-Life View Post
    I know leftists LOVE licking billionaire boot and DEMAND they pay for everyone else's shortcomings while simultaneously claiming they hate billionaires.

    But, what happens when the billionaires get taxed every year and their wealth keeps dipping down until they barely have any money anymore?

    What's "Genius Bernie's" plan after that?
    I appreciate how you framed your post in the form of questions. It more honestly shows us all that you are clueless and looking for answers about these topics.


    A. You don't seem to understand how income tax works. Taxing income even at the highest historical rates in the US can't drop a person's wealth to "barely any money." Back when the top income tax rate was 91%, the effective tax rate was 45%. People who fell into that tax bracket (making more than 3.4 million dollars dollars a year in 1955) and ending up with "barely any money" after paying 45% of it in taxes must have been idiots. An after tax income of 1.87 million dollars is huge especially back in 1955.

    B. Nobody has suggested that middle class taxes be dropped to zero. So even if your impossible scenario plays out and billionares are impoverished down to middle class, taxes will still be paid.

    C. There is a reason you don't see billionares popping up in lawless war zones and states of chaos. Taxes don't destroy billionares. Taxes sustain and enable the strong governments that protect billionares. Our society's rules and regulations offer protections to property and wealth and stability that any potential billionare takes advantage of to make and keep their money. It isn't unreasonable to ask the people who benefit most from the structure of our society to contribute more to sustaining it.

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    Income and wealth are not the same. Income is earned while wealth is owned. Taxing income cannot reduce wealth but only slow the rate of growth of income.

    As long as billionaires manage their wealth to earn a return exceeding the wealth tax rate, their wealth will grow, not decline, over time.

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    Quote Originally Posted by Half-Life View Post
    I know leftists LOVE licking billionaire boot and DEMAND they pay for everyone else's shortcomings while simultaneously claiming they hate billionaires.

    But, what happens when the billionaires get taxed every year and their wealth keeps dipping down until they barely have any money anymore?

    What's "Genius Bernie's" plan after that?
    They go for the millionaires?
    Eventually, maybe they would do what they're doing over here? (a wealth tax that mostly hits the upper middle class and upper class so far, but is now beginning to hit the middle class at large).
    My point is that there is far more that can be done with the goal of redistribution, without anything like a full-blown Marxist revolution. So, even what you suggest were to happen, they're not going to run out of ideas. Now hitting the upper middle class and distributing to the poor might be less popular in the US presently, but then, today there are billionaires, and if there weren't any due to the policies you suggest, there would be plenty of millionaires, etc.

    Generally, often all you need is that the percentage of the population hit by a wealth tax be much lower than the percentage that gets benefits or apparent benefits from it (plus probably some clever exceptions, depending on the case), and then the tax would have a good chance of being popular. It can even be popular among some of those hit by it, if they're left-wingers.

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    What if all the world's sheep suddenly became carnivorous? What if the Pope converted to Presbyterianism?

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    Quote Originally Posted by laughing dog View Post
    Income and wealth are not the same. Income is earned while wealth is owned. Taxing income cannot reduce wealth but only slow the rate of growth of income.

    As long as billionaires manage their wealth to earn a return exceeding the wealth tax rate, their wealth will grow, not decline, over time.
    Mark Cuban mentioned this problem. He said that on paper he is worth 4 billion, and under Warren's tax plan he would not be able to afford the first payment because he doesn't have that money in cash. Many leftists think billionaires can go to an ATM, pop in their card, and the balance on the screen says 4 billion dollars.

    That's not how this works.

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    Warren Buffett wants to pay more tax. He argues that people in his position are not paying their fair share.

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    Quote Originally Posted by Half-Life View Post
    Mark Cuban mentioned this problem. He said that on paper he is worth 4 billion, and under Warren's tax plan he would not be able to afford the first payment because he doesn't have that money in cash. Many leftists think billionaires can go to an ATM, pop in their card, and the balance on the screen says 4 billion dollars.

    That's not how this works.
    I double dog dare you to find and quote a "leftist" who thinks that is how "it works." You have a filthy track record for bullshitting.

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    Quote Originally Posted by DBT View Post
    Warren Buffett wants to pay more tax. He argues that people in his position are not paying their fair share.
    If you want to get technical, it's the bottom 99% that aren't paying their fair share.

    Look up the data and you will shockingly find that the top 1% pays 37% of all the overall taxes.

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    Quote Originally Posted by Half-Life View Post
    Quote Originally Posted by DBT View Post
    Warren Buffett wants to pay more tax. He argues that people in his position are not paying their fair share.
    If you want to get technical, it's the bottom 99% that aren't paying their fair share.

    Look up the data and you will shockingly find that the top 1% pays 37% of all the overall taxes.
    Never mind that the top 1% owns or controls most of the world's wealth and resources. Or that Buffett argues that he pays a smaller percentage of his income in tax than some of his employees.

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