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I'm not against people having money, but to have a thousand times more than most people can make in their entire lifetime is just taking it too far. There should be a cap after which you pay 90% tax or something
Problem is billionaires don't make "income" and it's quite difficult to even know what they own, let alone how to tax something like unrealized gains on stock holdings that they are using as leverage to get loans
At some point, somebody convinced people that unrealized gains were not actually income because you don't know for sure that you'd make that money, and I think that was a bad idea. Maybe unrealized gains aren't 1:1 the same thing as income, but the calculations of an income equivalent aren't going to be complicated.
Somehow property taxes are okay, though, even though we haven't realized the gains!
This exactly. At some threshold of worth, you should get taxed an amount based on your worth that will be big enough to force you to realize some gains in order to pay it.
The issue with realizing the gains is that you have to relinquish control of your company bit by bit. However, you could have the company (which you likely control) give out dividends, or you could use the stock as collateral for a loan. Or just pay yourself a bigger salary.
This is a good question: is it okay for you as a person to control a company that has grown that large? Maybe nudging people to give up control of entities that large is a good side effect.
Give up control to whom? Some megacorp with infinite money would just buy a majority stake (often referred to as a hostile takeover) and wind up owning everything to an even larger extent than today.
The employees who actually create the wealth. That’s to whom control should go
Sure, but that's not what's going to happen as a side effect of taxing unrealized gains, like what was discussed in this thread until now. A gradual transfer of ownership to the workers would have to be nudged in some other way.
In competitive industries (read: tech) this does happen to some extent in the form of stock being part of the compensation, but that's not going to happen organically for every employment situation.
Try being rich you fucking idiot
It's a joke y'all, damn. Just pull up on your boots or whatever it is these rich people did to turn on the money
Fucking peasant, has even tried buying some money?
Lol this guy gets it