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Honored Contributor
Posts: 14,237
Registered: ‎01-02-2011

Re: One Man Worth $211 Billion

 


@DiAnne wrote:

Didn't he give half of his money to Mackenzie in the divorce?  She has donated quite  a bit of it and has a new science teacher boyfriend according to the rumors.


Apparently the two have married, @DiAnne.  Another bald-headed man.  I hope they are happy.

Trusted Contributor
Posts: 1,987
Registered: ‎05-13-2021

Re: One Man Worth $211 Billion

[ Edited ]

As I said on the recent thread about Ama Prime, I won't give my money to a mega rich business owner who doesn't pay taxes, raises prices and lowers customer service, pays and treats his employees like krap, spies on his customers.  Also, wants to put everyone else out of business.  In the end, consumers and our communities will be the big losers.

Honored Contributor
Posts: 19,498
Registered: ‎03-13-2010

Re: One Man Worth $211 Billion

Call your congressman to complain.   The House writes the bills.....

♥Surface of the Sun♥
Trusted Contributor
Posts: 1,987
Registered: ‎05-13-2021

Re: One Man Worth $211 Billion

[ Edited ]

I'm complaining here and I'm complaining with my wallet.  He's not getting a dime from me for his rickety rocket ride with his brother.

Honored Contributor
Posts: 24,484
Registered: ‎03-09-2010

Re: One Man Worth $211 Billion

A lot of the really wealthy people's "wealth" only exists on paper. Back in October on a bad day for the stock market, Mark Zuckerberg, Bill Gates, Alice Walton and six of the ten wealthiest Americans lost a combined $14 billion in one day. Lines of armored trucks didn't show up at their houses hauling away pallets of cash. That $14 billion only existed on paper. (Well, computer memory these days.)

 

The whole "tax the rich" crowd largely ignores the fact that wealth is ethereal. Jeff Bezos is reportedly worth $210 billion. "Let's tax him at 50%!" Okay, so he has to pay $105 billion in cash. Does he have 105 billion one-dollar bills lying around? No. His cash on hand might be maybe five million dollars. (The poor guy!) How would he get the $105 billion he'd need? He'd have to sell some of his holdings. But if we're taxing all of the wealthy at 50%, all of them would have to sell some of their holdings, so who's buying those holdings and at what price?

 

Amazon stock is selling for about $3,700 as I type this. If Bezos put $105 billion of Amazon stock on the market to get the money to pay his taxes what would happen to that stock price? It would plummet. He'd have to sell about 28 million shares to raise the $105 billion at $3,700 per share. As the stock price falls the number of shares he'd have to sell would increase which would further drive down the price per share which would increase the number of shares he'd have to sell. With every other truly wealthy (at least on paper) person also selling their holdings, the price of all of the holdings would nosedive.

 

Pretty soon the wealth of the wealthiest people is less than what they owe in taxes and dropping like a rock. Their hundred-dollar mansion has no buyers even at one million dollars. Their fifty-million-dollar yacht can't attract a buyer at any price. All of that wealth they had is gone. 

 

Most of us have our "wealth" such as it is, in real-world goods and currency. The very wealthy mostly have wealth on paper. In the real world, when push comes to shove, the billionaires, if taxed at 50%, would be anything but billionaires. They couldn't pay the 50% tax as the only way they could pay it would be by selling their assets which while currently valued highly, would decrease in value drastically when everyone tried to sell at once. 

 

When you hear braindead politicians talk about paying for expensive programs by taxing the rich, understand that they'll never get the amount they assume they'll get by taxing the rich. Not because the rich are really good at hiding their wealth, which some are, but because so much of the wealth of the wealthiest Americans only exists on paper. When they need to cash it in, it's not there.

Fly!!! Eagles!!! Fly!!!
Respected Contributor
Posts: 3,081
Registered: ‎03-16-2010

Re: One Man Worth $211 Billion


@deepwaterdotter wrote:

A crafty tax attorney is worth his/her weight in gold.


If we all had a pile of gold we would all hire a crafty tax attorney.

 

The golden rule: He who has the gold makes the rules.

Respected Contributor
Posts: 3,081
Registered: ‎03-16-2010

Re: One Man Worth $211 Billion


@Desertdi wrote:

Call your congressman to complain.   The House writes the bills.....


Unless you make substantial contributions to your congress person, your call will be politely taken and that's as far as it will go.

Honored Contributor
Posts: 31,227
Registered: ‎05-10-2010

Re: One Man Worth $211 Billion

Why should he give away half his money if he chooses not to?  He earned it, it's his.  I'm sure he does give money but, for obvious reasons, anything he does philanthropically is confidential.  He's responsible for millions of jobs throughout the world.  Yes, he made a mind boggling fortune but so did the founders of Wal-Mart, IBM, Microsoft and many, many others.  Why didn't you name any of them?  

Honored Contributor
Posts: 31,227
Registered: ‎05-10-2010

Re: One Man Worth $211 Billion

  • He does.  Do you really think Bezos and all those other billionaires aren't paying their taxes????  That's ridiculous.  You misunderstand the whole tax debate.  The problem was created by our government and must be fixed by our government.  No one in the country can voluntarily pay more taxes...LOL.  It would just be refunded back to them.  Wealthy people pay what our tax code calls for.  But they have a wide range of write offs and loop holes at their disposal.  What we need is to close all of that and go with a percentage system for taxes to ensure fairness.  The government has refused to do that, both parties.  Neither party is interested in revising the tax code.
Esteemed Contributor
Posts: 6,120
Registered: ‎03-29-2019

Re: One Man Worth $211 Billion

You'll never be able to tax the rich to the poor house.

 

They are money making machines with their investments.

 

 

So, yup. Tax them to the hilt! They can literally afford it.

 

 

 

The Sky looks different when you have someone you love up there.