US Billionaires Have Doubled Their Wealth Since 2017 Trump Tax Overhaul
Billionaires now control 1 out of every 25 dollars of American wealth.
What a disgusting shithole america has become.
Become? They call it the American dream because you gotta be asleep to believe it.
It's only going to get worse. Money buys elections and Putin, along with American oligarchs have a lot to spend on getting their desired results.
You mean AIPAC.
Yet it remains one of the happiest countries in the world. I'm not saying we don't have our problems, because we clearly do, but the idea that the country is a "shit hole" is just baseless nonsense.
Top 23 isnt what I would call "Happiest country in the world" Especially not for the worlds most powerful nation. So yeah, shit hole applies
Edit: For perspective, theres 190+- countries depending on whos counting, The most powerful Country on this planet doesnt even enter the top 10% of countries with the happiest citizens. At 190, the states is in the top 12%
More needs to be said about taxing the wealthy. 70% for every dollar over 10 million. Wealth tax for those hoarding wealth in stocks.
Fuck 70. It was 91 after WWII.
I read somewhere that that was literally only for a single person. But the fact that taxes were used to aggressively trying to curb wealth hoarding is something we need to look at today
You are way too generous.
Some own islands, land, mansions, art, bonds, cars, boats.
Not generous, but not thorough. Don’t ask me to write the bill!
The New Bad Deal.
Rich get richer and everyone gets fucked on their taxes while dealing with crazy high inflation.
Thanks GOP! YOU GUYS REALLY KNOW HOW TO GOVERN
Oh yeah, this is just a GOP problem. Like people don't get richer during Biden administration. Please stop using every problem in this system to get your rich genocide candidate elected instead of looking for actual problems.
Stop manipulating people into flip flopping voting for the other party every time this system hurts us more and more, if we don't get rid of both of them at the same time we only made one monster bigger.
And yet poor people keep voting for him, thinking that the used car salesman clown will make them rich
poor people temporarily impoverished
This is the problem. Americans think their side hustle will hit big any day and they’ll be billionaires, that’s why the laws should be pro-wealthy
It’s not like these billionaires are spending this money, so it’s just been invested for 7 years. What’s the old adage, Rule of 72? Given a 10% rate of return, they would be expected to double their money in…
…seven years.
While the tax policies certainly aren’t helping the majority of the population, let’s not pretend compound interest isn’t a thing.
It's not as if that makes it any better. Tax policy should be designed to actively combat the inequality increase created by compound interest, not go along with it.
But, due to their investments they do invest it in large quantities, often spread over a large stock portfolio.
And if we had a fraction of a penny financial transaction tax, we'd get a ridiculous amount of money from the investor class and almost no one else would be affected.
That's more than inflation I wonder where it's coming from.
Wealth is not cash or cash equivalents though. They aren’t investing all of their wealth
Most of the wealth of billionaires is invested, often in the same vehicles used by everyone else (stocks, real estate, etc).
Till we close the loop holes for these billionaire foundations buying elections (i.e. the Koch network) - billionaires will continue to tip the scales their way. Courts also need to be 10 year appointments, not life time.
More over we need to make it easier to remove both federal and state judges from their positions if necessary. As it stands now removing judge for any form of misbehavior is far too difficult.
Trump is such a shit stain
This is a problem of every popular candidate in both parties, even in a lot of third parties.
No, he is orders of magnitude worse.
Still waiting for that trickle down.
How trickle down really works
What we need is a controlling asset tax, 99.9% tax on the value of assets controlled beyond $100m
0.1% of a billion dollars is still 10m. Since we're on track to see our first trillionaires soon, I'd argue we need a 100% tax bracket as well. 0.1% of a trillion is 10 billion.
We need to change how stocks work. Separate investing in a company and buying control. That way we can tax unrealized capital gains. Put a 100M$ cap on personal wealth. Since the argument against it is always that people will lose control of companies if they're forced to sell stock. Either that or ban stock as a medium of anything other than investing in the company. No using it as collateral, no trading it, just straight back to the company for what it's worth.
How likely is it that the trump tax giveaway was all about FUNDING the Fascist takeover of America ? Because they wouldn't have had the money otherwise
But what for? Even with the toys of millionaires (yachts, villas), over a few 100 millions it's only a number.
They don’t just buy toys. They buy laws, politicians, service, deference, control, luxury, immunity…
When you have that much money everything is for sale and people will kiss your ass to sell it to you.
USA USA USA
Word begins with a C and ends with unt.
It's not just billionaires. If you put any amount of money into the S&P500 in Jan 1 2017, it would be worth more than twice as much today.
But is it really fair that a person with 50 million can turn that into 100 million, whereas most people can turn at most $5,000 into $10,000?
Earning $5,000 over 7 years is basically worthless.
The median 40 year old has retirement savings of $45K, not $5K. And the median 70 year old has savings of $200K. In both groups, doubling the amount is quite significant.
What does fairness have to do with it? Compound interest is just math.
One could trivially make an argument that we should redistribute the wealth among the population, but there is not a clear way how to do this effectively, or it would have been done already.
The hard part is taking on the appropriate amount of risk in order to actualize those gains; a bank won’t just give you a 10% interest rate, you have to work your ass of for it. An entrepreneur needs to assess the landscape and invest in what the market will want tomorrow, and most people guess suboptimally (3-6%), or end up losing money, whether in fact (negative returns) or relative to inflation (0-3%).
Even pointing to the S&P 500, as most people do, you still need to make the conscious decision to sell and take profits, FOMO be damned. Or alternatively, taking a perceived loss but actual profit (e.g., you didn’t sell right at the peak, but that’s usually okay). It’s not easy, and most people don’t have the time or stomach for it; these people are best served by long term, government-backed bonds, after which you will come out only slightly ahead of inflation.
Using the rule of 72, and a 3% bond rate, it would actually take you 24 years to double your money, not seven. And that, my friend, is why you and I are not billionaires.
Why hasn’t Biden done anything about the Tax Cuts and Jobs Act?
Dems had house majority when he started and he could have tried to push changes through like Trump did.
Congress is more in charge of taxes and budgets, not the president. However, it would seem Democrats in general want to use this for the upcoming elections (along with nearly everything they promised last election).
I hate how politicians always use these things to get their rich loving person in the office. Like they didn't get richer during Biden administration. Who really thinks that rich getting richer is a Trump or Republican problem is completely unaware of the political situation in the entire World right now. I wish Democrat politicians would stop using this platform to manipulate us into voting for some genocide rich idiot instead of thinking of real solutions. Democrat party will NEVER help us solve this problem in any slightly meaningful way.
Maybe if you give them a chance. They've had power with a significant majority for like 2 years in the last 20.
I see what they do when they are given a chance. They do the same tax cuts for the rich and fund genocides. It isn't just republicans that got us into this mess, they are working together for the same rich donators. Thinking they can be your allies is most dangerous thing you can do in politics.
