General Discussion
In reply to the discussion: Do you think billionaires ever feel like this? [View all]Moostache
(10,958 posts)BILLIONAIRE = 1,000 time Millionaire
MILLIONAIRE = more money than 95% of the population will ever see in a given calendar or tax year.
To amass a fortune of more than 1,000X the feasible lifetime cap of annual income for the VAST majority of the population is already indicative of a serious character flaw - terminal GREED. I do not believe BILLIONAIRES should EXIST, let alone have feelings about their anti-social procivilities and anti-humanitarian tendencies.
I am of the opinion that our tax code needs to return to the days when the middle class was truly built - Truman, Eisenhower, Kennedy and Johnson administrations. The top progressive bracket should be sliding UP annually so that after $100 M in aggregate wealth (net worth), individuals are taxed on a sliding scale for every dollar OVER $100M in assets/net worth. By the time you hit $999M, you effective taxe rate becomes 100% of every dollar OVER the $1B limit - in effect, a maximum wage for the billionaires. I am sure that some of the billionaire class are not 100% scum, but to amass that kind of "wealth", one cannot work hard enough, nor provide enough actual, real value to "earn" that much money. It is only via exploitation of labor and extraction of wealth via stocks and options or leverage that such wealth is acrued.
Do I think they feel badly for the homeless? NO... they can barely be bothered to cut the gap in wealth between themselves and the actual physical people who either make their product, drive their service or provide market value (which they then extract and deposit in their own ledgers as 'profits').
It is time for 90% marginal rates, and a sliding wealth tax above that.
It is time to address the fact that everyone is losing in 2025, and only the 0.01% are "winning" which is actually little more than collecting the money stolen from everyone for them by their paid bagmen in Congress and Washington in general.
Do they care? No, not much, not little, not a bit, not even a little bit.