From threatening cage matches to backing RFK Jr., billionaires prove too much money detaches a person from reality

  • xMadwood
    link
    fedilink
    English
    arrow-up
    36
    arrow-down
    1
    ·
    1 year ago

    It’s not as simple as raising taxes when they use creative accounting to live “at a loss” and pay for everything with loans while most of their holdings remain untaxable.

    • Th4tGuyII@kbin.social
      link
      fedilink
      arrow-up
      16
      ·
      1 year ago

      It’s quite annoying that it is so plain to see how wealthy these people are, yet they’re able to make themselves dirt poor on paper.

      If only there was a way to force them to liquidate, rather than living on loans perpetually backed by their stock assets.

    • ask@kbin.social
      link
      fedilink
      arrow-up
      11
      ·
      edit-2
      1 year ago

      “Raise taxes” clearly also includes things like ending the 15% long term capital gains rate so they have to pay real income tax like the rest of us and fixing other things like that

      It just means make them pay more by unspecified means

    • givesomefucks@lemmy.world
      link
      fedilink
      English
      arrow-up
      11
      ·
      1 year ago

      pay for everything with loans while most of their holdings remain untaxable.

      Those loans are drying up…

      But just because that exists doesn’t mean we can’t stop it.

      Just write a law that cumulative loans over $x get charged a tax due when the loan is made. Have the bank treat it like “sales tax” and process it themselves before making the payment.

    • oDDmON@lemmy.fmhy.ml
      link
      fedilink
      English
      arrow-up
      5
      ·
      1 year ago

      Look no further than Hollywood studios for a primer in creative accounting, they’ve kept tens millions for themselves over decades.