Wouldn’t the billionaires just create private LLC to hold their funds? And they are not income based taxes, this would have to be based on shares or assets, net worth.
Taxing billionaires can help, but we also need to see that they contribute to what laws and rules get made, using lobbyists and support from politicians they fund.
Please inform and educate me, for those that have thought more on this!
I can’t speak on the billionaires but wealthy people are already utilizing private LLCs to do exactly what you are talking about.
Yes, I agree.
Some have proposed closing loopholes, “extremists” on the republicans and democrat side.
I was asking for information on how and what exactly can be done, with any videos or articles talking on the subject, if y’all have seen or watched any.
I didn’t see a question in your original comment but I can answer a bit.
A lot has been said about the proposal to tax unrealized gains. One of the issues is that this is how the super wealthy are able to keep their taxes low. A not insignificant amount of their wealth is tied up in the stock market. This sits as an unrealized gain(or loss) but, because of the large amount of their holdings, they can take out loans using it as collateral at near 0% interest. This loan is tax free, and reduces their tax burden at the same time. Closing this loophole for them is a big one. Why do you think the majority of the compensation C Suite executives are given is in stocks? It’s for this very reason.
Now the backlash on the proposal to tax unrealized gains is fair when you look at what is considered unrealized gains. With inflation, house values are generally always going up. That increase IS an unrealized gain. And don’t be mistaken, the fact that we accept 2% as a general year-over-year inflation number means that inflation is an accepted financial policy of the United States.
That’s why the proposal to tax unrealized gains starts at an already high number. I think it was in the $400,000 range, but I am not certain.
Piggy backing off of this, a lot of the super wealthy bury their money into real estate. The idea of increasing real estate taxes on purchases based on the amount of home(s) you have has been circling around. I like the idea.
Closing the loopholes surrounding Private Foundations that they start up is another. Here’s an article that best articulates what’s wrong with these. https://www.propublica.org/article/how-private-nonprofits-ultrawealthy-tax-deductions-museums-foundation-art
Finally, we need an IRS that is funded and staffed appropriately, and to actually ENFORCE the tax code.
Just finished listening to August Nimtz on Upstream podcast. He explains why voting for the lesser evil will always push you further right.
So this sounds interesting, but depressing. Is it all just doom or does he propose realistic actionable solutions?
Thanks for the info!
Yes, voting for the status quo will not change anything.
We learned this from Justice Dems. and Bernie Sanders in 2016/2020, you can’t change the system from within, the system will change you.
I watch Richard Wolff, so will watch his interview with August Nimtz.
What Marxism Teaches Us About the Trump Moment & Capitalism in Crisis - August H. Nimtz Jr. [4:59 | Aug 2, 2021 | Democracy At Work]
https://www.youtube.com/watch?v=bIo4QSVifbY
Economic Update: Best Years of U.S. Lie in its Past [29:35 | Aug 2, 2021 |Democracy At Work]
August H. Nimtz, Ph.D., is a professor of political science …He specializes in Marxism
What a surprise that the guy who thinks violence is the only way to make political change thinks voting is useless
