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American Billionaires are $280 Billion dollars richer since COVID 19 started!

 
Don Draper from Nantucket
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04/23/2020 04:46 PM

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American Billionaires are $280 Billion dollars richer since COVID 19 started!
[link to www.fastcompany.com (secure)]


Though the coronavirus itself may not discriminate in terms of who can be infected, the COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class’s total wealth increased about 10%—or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion.

The initial stock market crash may have dented some net worths at first—for instance, that of Jeff Bezos, which dropped down to a mere $105 billion on March 12. But his riches have rebounded: As of April 15, his net worth has increased by $25 billion. Eric Yuan, founder and CEO of Zoom, was one of the few to see an increase in net worth even as the markets crashed, and he’s now up $2.58 billion.

These “pandemic profiteers,” as a new report from the Institute for Policy Studies, a progressive think tank, calls them, is just one piece of the wealth inequality puzzle in America. In the background is the fact that since 1980, the taxes paid by billionaires, measured as a percentage of their wealth, dropped 79%.
SILVER BITCHEZZZZZZ



Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face!
Jake

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04/23/2020 04:49 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
this needs to be pinned, and that number will double

when the market goes back up.
Don Draper from Nantucket  (OP)

User ID: 57553864
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04/23/2020 04:50 PM

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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
this needs to be pinned, and that number will double

when the market goes back up.
 Quoting: Jake


Yessir and today 26 million now unemployed! This aint gonna be pretty!
SILVER BITCHEZZZZZZ



Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face!
Jake

User ID: 77849624
United States
04/23/2020 04:51 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
this needs to be pinned, and that number will double

when the market goes back up.
 Quoting: Jake


Yessir and today 26 million now unemployed! This aint gonna be pretty!
 Quoting: Don Draper from Nantucket


They were buying shorts now they will go long.
Anonymous Coward
User ID: 78826180
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04/23/2020 04:51 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
don't ever let a crisis go to waste

the rich getting richer and poor poorer

what's new in USA

btw

even if they earned 280 trillions and you got all the proof for it, nothing would ever change, people are too brainwashed to see the actual truth unfolding infront of their eyes

couple of generations ago, Washington DC would be burning
Jake

User ID: 77849624
United States
04/23/2020 04:53 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
don't ever let a crisis go to waste

the rich getting richer and poor poorer

what's new in USA

btw

even if they earned 280 trillions and you got all the proof for it, nothing would ever change, people are too brainwashed to see the actual truth unfolding infront of their eyes

couple of generations ago, Washington DC would be burning
 Quoting: Anonymous Coward 78826180


Globalism is the problem... Everybody thinks Im against taxing the rich... not true, but if you tax them. they simply leave the country.

I don't know what the answer is, but we havent found it yet
Don Draper from Nantucket  (OP)

User ID: 57553864
United States
04/23/2020 04:56 PM

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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
don't ever let a crisis go to waste

the rich getting richer and poor poorer

what's new in USA

btw

even if they earned 280 trillions and you got all the proof for it, nothing would ever change, people are too brainwashed to see the actual truth unfolding infront of their eyes

couple of generations ago, Washington DC would be burning
 Quoting: Anonymous Coward 78826180


I know right! I'm still trying to figure out what all they put in the water besides the flouride!
SILVER BITCHEZZZZZZ



Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face!
Anonymous Coward
User ID: 78826180
United States
04/23/2020 05:02 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
don't ever let a crisis go to waste

the rich getting richer and poor poorer

what's new in USA

btw

even if they earned 280 trillions and you got all the proof for it, nothing would ever change, people are too brainwashed to see the actual truth unfolding infront of their eyes

couple of generations ago, Washington DC would be burning
 Quoting: Anonymous Coward 78826180


Globalism is the problem... Everybody thinks Im against taxing the rich... not true, but if you tax them. they simply leave the country.

I don't know what the answer is, but we havent found it yet
 Quoting: Jake


i really appriciate your honesty jake, i'm also not that "smart" to say what would the real consequences be if USA would tax the richest people

guess they'd simply leave same way all those celebrities who threatened they would if Trump got elected in 2016 cruise

What’s wrong with wealth taxes?
There are many objections to taxes that target the rich. Read this comprehensive debunking by law professors Lily Batchelder and David Kamin.

Most fundamentally, some people say, taxes on wealth would destroy capitalism, or at least slow the growth rate. A wealth tax would reduce incentives for entrepreneurs and thus kill innovation and technological progress, they argue. It would punish success.

Higher taxes would be unfair, they say. We’ll always have poor people, so why buck human nature?

Furthermore, some critics say imposing a wealth tax would be futile, because the rich have the means to escape any tax, by moving their assets abroad, hiding them, or employing innovative lawyers, accountants and lobbyists to create and take advantage of loopholes.

Let’s examine each of these issues.

• Would a wealth tax destroy capitalism?

No. Capitalism been quite successful under many tax regimes. Wealth inequality was much lower in the U.S. in the 1950s and 1960s when the rich were taxed heavier, yet capitalism prospered even as workers received a greater share of a growing pie.

Extreme wealth seems to flourish when competition breaks down. Rent-seeking behavior leads to an inefficient economy.

While the rich are buying art, purchasing fifth and sixth mansions, forcing corporations to hand over more of their profits and keeping the equivalent of the annual federal budget under their mattresses, many needs are unmet. It brings to mind Abraham Lincoln’s exasperation at his idle general: “If General McClellan isn’t going to use his army, I’d like to borrow it for a time.”

Perhaps we the people could employ some of that spare cash that’s lying around, because the rich certainly won’t miss it.

• Would it destroy innovation and the drive to excel?

Money is a great motivator, but not the only one. Most successful people want more than money: They want to be the best, they want to build something, they want to solve a problem, they want to be their own boss, they want to be famous.

They want to achieve, and money is only one way of keeping score.

A wealth tax wouldn’t reduce any of those other motivations; in fact, it might encourage the notoriously slothful offspring of millionaires to attempt to do something with their lives.

• Would a wealth tax punish success?

You’d rather tax failure? Good luck! More seriously, taxes are not punishment, but the cost of living in a civil society.

• Would they offend the natural order?

There’s nothing natural about concentrated wealth. The economic system was made by humans, not by God, nature or an invisible hand. Money and political power shape the structure of the economy, determining which property rights are respected and which are trampled.

• Are taxes on the rich unfair?

The poor are constantly being reminded that life isn’t supposed to be fair. Get over it.

• Would a tax on wealth be double taxation? Once as income and later as wealth?

Double taxation is common enough already. I’m taxed three times on my income (federal and state income taxes plus FICA for Social Security), and then again on my purchases, and once more on my property, so this argument is a red herring. Furthermore, much of the wealth of the extremely rich is never taxed, not even once. The wealthy delay realizing their capital gains to avoid paying a tax, and then pass on their property to charity or their heirs, all without ever seeing the tax collector.

• Wouldn’t the wealthy be able to lobby Congress to write lots of loopholes into a wealth tax so it would be easy to evade paying?

Bingo! Of course they could, which proves the wisdom of taxing large fortunes. Billionaires and multi-millionaires have scads of political power and can often bend the law to their desires, which is hardly democratic. Money begets power, which is a good enough reason to put some limits on how much any one person or family can acquire.

taken from [link to www.marketwatch.com (secure)]

60% of USA wealth is inherited means people who nevere worked a single day are controlling everybody's lives

top 1% in America have more money than bottom 50%


that just has to stop one way or another
Jake

User ID: 77849624
United States
04/23/2020 05:48 PM
Report Abusive Post
Report Copyright Violation
Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
don't ever let a crisis go to waste

the rich getting richer and poor poorer

what's new in USA

btw

even if they earned 280 trillions and you got all the proof for it, nothing would ever change, people are too brainwashed to see the actual truth unfolding infront of their eyes

couple of generations ago, Washington DC would be burning
 Quoting: Anonymous Coward 78826180


Globalism is the problem... Everybody thinks Im against taxing the rich... not true, but if you tax them. they simply leave the country.

I don't know what the answer is, but we havent found it yet
 Quoting: Jake


i really appriciate your honesty jake, i'm also not that "smart" to say what would the real consequences be if USA would tax the richest people

guess they'd simply leave same way all those celebrities who threatened they would if Trump got elected in 2016 cruise

What’s wrong with wealth taxes?
There are many objections to taxes that target the rich. Read this comprehensive debunking by law professors Lily Batchelder and David Kamin.

Most fundamentally, some people say, taxes on wealth would destroy capitalism, or at least slow the growth rate. A wealth tax would reduce incentives for entrepreneurs and thus kill innovation and technological progress, they argue. It would punish success.

Higher taxes would be unfair, they say. We’ll always have poor people, so why buck human nature?

Furthermore, some critics say imposing a wealth tax would be futile, because the rich have the means to escape any tax, by moving their assets abroad, hiding them, or employing innovative lawyers, accountants and lobbyists to create and take advantage of loopholes.

Let’s examine each of these issues.

• Would a wealth tax destroy capitalism?

No. Capitalism been quite successful under many tax regimes. Wealth inequality was much lower in the U.S. in the 1950s and 1960s when the rich were taxed heavier, yet capitalism prospered even as workers received a greater share of a growing pie.

Extreme wealth seems to flourish when competition breaks down. Rent-seeking behavior leads to an inefficient economy.

While the rich are buying art, purchasing fifth and sixth mansions, forcing corporations to hand over more of their profits and keeping the equivalent of the annual federal budget under their mattresses, many needs are unmet. It brings to mind Abraham Lincoln’s exasperation at his idle general: “If General McClellan isn’t going to use his army, I’d like to borrow it for a time.”

Perhaps we the people could employ some of that spare cash that’s lying around, because the rich certainly won’t miss it.

• Would it destroy innovation and the drive to excel?

Money is a great motivator, but not the only one. Most successful people want more than money: They want to be the best, they want to build something, they want to solve a problem, they want to be their own boss, they want to be famous.

They want to achieve, and money is only one way of keeping score.

A wealth tax wouldn’t reduce any of those other motivations; in fact, it might encourage the notoriously slothful offspring of millionaires to attempt to do something with their lives.

• Would a wealth tax punish success?

You’d rather tax failure? Good luck! More seriously, taxes are not punishment, but the cost of living in a civil society.

• Would they offend the natural order?

There’s nothing natural about concentrated wealth. The economic system was made by humans, not by God, nature or an invisible hand. Money and political power shape the structure of the economy, determining which property rights are respected and which are trampled.

• Are taxes on the rich unfair?

The poor are constantly being reminded that life isn’t supposed to be fair. Get over it.

• Would a tax on wealth be double taxation? Once as income and later as wealth?

Double taxation is common enough already. I’m taxed three times on my income (federal and state income taxes plus FICA for Social Security), and then again on my purchases, and once more on my property, so this argument is a red herring. Furthermore, much of the wealth of the extremely rich is never taxed, not even once. The wealthy delay realizing their capital gains to avoid paying a tax, and then pass on their property to charity or their heirs, all without ever seeing the tax collector.

• Wouldn’t the wealthy be able to lobby Congress to write lots of loopholes into a wealth tax so it would be easy to evade paying?

Bingo! Of course they could, which proves the wisdom of taxing large fortunes. Billionaires and multi-millionaires have scads of political power and can often bend the law to their desires, which is hardly democratic. Money begets power, which is a good enough reason to put some limits on how much any one person or family can acquire.

taken from [link to www.marketwatch.com (secure)]

60% of USA wealth is inherited means people who nevere worked a single day are controlling everybody's lives

top 1% in America have more money than bottom 50%


that just has to stop one way or another
 Quoting: Anonymous Coward 78826180


First you have to fix the laws regarding them leaving the

country and shipping shit back in.

Then you can raise the taxes.. The border Adjustment tax was a perfect Idea.
Anonymous Coward
User ID: 75530075
United States
04/23/2020 06:32 PM
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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
[link to www.youtube.com (secure)]

Don Draper from Nantucket  (OP)

User ID: 57553864
United States
04/23/2020 09:28 PM

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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
bUMp
SILVER BITCHEZZZZZZ



Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face!
Don Draper from Nantucket  (OP)

User ID: 57553864
United States
04/24/2020 09:44 AM

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Re: American Billionaires are $280 Billion dollars richer since COVID 19 started!
 Quoting: Anonymous Coward 75530075


Thnx for the link!
SILVER BITCHEZZZZZZ



Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face!





GLP