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Billionaires made $3.9 trillion during pandemic - enough to pay for everyone's vaccines

Discussion in 'General Debates' started by Stevicus, Jan 27, 2021.

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  1. Yes

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  2. No

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  3. Undecided

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  1. Stevicus

    Stevicus Veteran Member
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    Billionaires made $3.9 trillion during the pandemic — enough to pay for everyone's vaccine

    Not that it's any great surprise, but it's good to look at the numbers just the same.

    So, the billionaires made out pretty well during the pandemic, although 200 to 500 million have fallen into poverty and could take more than a decade to recover.

    There is of course, an obvious and easy solution to the problem, as outlined in the article:

    Should there be a wealth tax? Thoughts?
     
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  2. Brickjectivity

    Brickjectivity Veteran Member
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    I think we should have a progressive spending tax not a wealth tax. When you spend, purchase something, maybe stock for example or land etc. Wealth is difficult to compute, is often untraceable, and its complexity is the reason why some people never pay taxes. Sales taxes and transfers and purchases are easier to tax and also more representative of wealth. As you spend more your tax rate could go up progressively, so I'm not talking about a flat tax. I'm talking about a progressive tax based on how much is spent.
     
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  3. Brickjectivity

    Brickjectivity Veteran Member
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    Also, don't we want to get away from a surveillance based government? I think we do. I think we want to move back towards cash or should want to.
     
  4. ADigitalArtist

    ADigitalArtist Well-Known Member
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    I would prefer we return to pre-Regan era taxes where the top marginal bracket was 70%. And if I'm dreaming I'd want a global wealth cap. And if I'm dreaming of ponies I'd want a 50% decrease in defense spending, heavy restrictions on private insurance with a NHS replacement and nationalized college education for everyone. All things I think we need to change US wealth hoarding and low economic mobility in lower class.
     
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  5. Twilight Hue

    Twilight Hue The gentle embrace of twilight has become my guide

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    I'm a proponent for shared wealth.

    I'd much prefer a tethered/scale based system where the top CEO pay is linked with the lowest pay scale.

    If the CEO makes more money, so do the workers that contributed to that success. Including bonuses and additional perks.

    No limits, no one gets left behind. A win win for everyone.
     
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  6. stvdv

    stvdv Veteran Member

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  7. KenS

    KenS Veteran Member
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    I think the progressive tax rate is a wealth tax.

    But, all in all, are you saying that the pandemic was a conspiracy by billionaires to get more wealth at the expense of closing down small businesses?
     
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  8. stvdv

    stvdv Veteran Member

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    Of course not. This is planned by God:D ... or do we call it coincidence on RF?;)
     
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  9. stvdv

    stvdv Veteran Member

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    IMO:

    1+1=2

    God is the best planner;)

    Billionaires never make a plan, or do they? ... no, when they make plans, their plans always fail

    These ca. 4 trillions were just all coincidence, that is what we believe, don't we?:D

    They planned it from the beginning calling it "the new normal"$$$:cool:
     
  10. Wandering Monk

    Wandering Monk Well-Known Member

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    Of course, those billionaires would be paying corporations for the vaccines, corporations in which they probably have stock and possibly be on the board of directors.
     
  11. Subduction Zone

    Subduction Zone Veteran Member

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    It isn't. It is a tax on what one earns. It is not a tax on possessions. We already have property tax. It does cost quite a bit to defend the wealth of the wealthy. Shouldn't they pay for the defense of their wealth?
     
  12. Subduction Zone

    Subduction Zone Veteran Member

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    I am surprised that there are that many billionaires and even more surprised that so many billionaires now find themselves in poverty:(
     
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  13. KenS

    KenS Veteran Member
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    I don't understand...

    Are you saying that people should be double taxed? So, you should be taxed again on how many clothes, furniture, TV, cars etc on what you have?
     
  14. Heyo

    Heyo Well-Known Member

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    There should not be a wealth tax. It is not fair to take wealth away from people who have earned it and it is too complicated to investigate which wealth is ill gained.
    There should be a progressive income tax with a formula that approaches 100% asymptotically. (I.e. you pay 100% taxes if you have infinite income.) This should include all income, especially income from not working, i.e. rent and stock.
    It would also be nice (but not practical in the near or mid future) if there was a 100% inheritance tax (and no, or very low, personal income tax). Paying taxes when you're dead is a thing most people should be in favour of. It should also be preferable by people who like merits and personal responsibility. Everyone starts at zero and only your skills and hard work determine your wealth (which you will keep 'till you bite the dust).
     
  15. Subduction Zone

    Subduction Zone Veteran Member

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    Please don't use loaded terms. It is an admission of being wrong.

    People should be taxed for the services that they use. Do you realize that it takes a government to protect wealth?
     
  16. Subduction Zone

    Subduction Zone Veteran Member

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    I disagree. There are already property taxes. The average person has to pay those. A wealth tax is only an extended property tax. Why should the lower classes have to pay a tax on their property and the wealth should be able to get away with not paying one on theirs?
     
  17. Twilight Hue

    Twilight Hue The gentle embrace of twilight has become my guide

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    No doubt, a tough life lay ahead being relegated "gawd" worse. . demoted to driving a common Mercedes or BMW from a classic chauffeured Bentley.
     
  18. KenS

    KenS Veteran Member
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    Please don't play with words... it shows that you have no argument.

    We are not talking about taxes for services we use -- that is a sales tax and billionaires pay more quantity in sales tax than the average person. And I'm sure you want the government to protect what you have. ;) You want to get back to what people are talking about? Or are you wanting a merry-go-round?
     
    #18 KenS, Jan 27, 2021
    Last edited: Jan 27, 2021
  19. sun rise

    sun rise "This is the Hour of God"
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    And it works. The company that instituted a decent pay rate for everyone found that the employees were indeed ready to help when the pandemic struck by taking voluntary pay cuts.

    Shared rewards and treating everyone as worthwhile is the way to go.
     
  20. Subduction Zone

    Subduction Zone Veteran Member

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    I am not playing with words. That is your sin. And yes, I pay for the government to protect what I have. I pay property tax, I pay income tax, I pay sales tax. You are trying to exclude the wealthy from paying taxes on their personal property.
     
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