Mamdani, the presumptive Democratic nominee to be the next mayor of New York and a self-identified democratic socialist, said Sunday billionaires contribute to inequality.
This can be done peacefully. Just enact a law that taxes everything above like 999 million (or a fewer amount, to be debated on), and if you don’t comply, that’s tax evasion and you go to jail. Complelete peaceful (other than the tax-person we’d have to send to arrest the rich for non-complance), comply and everyone is happy.
Voila, no more billionaires, and that wealth redistributed will let everyone become a millionaire. Everyone is happy, maybe the 1% cries that they now have a few less yachts and mansions, but like, they can still enjoy that one house, same as everyone else would also have.
But could this really be done? As far as I’ve understood, billionaires typically don’t have a billion liquidized and ready for spending. Rather, their value is distributed in ownership of several companies. How would the 100% taxes on ownership in companies be applied?
Don’t get me wrong, I would love to see it work, but I feel like it’s a lot more complicated than stated. And if a good way of applying those taxes would be introduced, I’m sure the billionaires would either find new ways to make the money untouchable or personally move to a country with looser tax laws.
Before the oligarchs say this is “violence”.
This can be done peacefully. Just enact a law that taxes everything above like 999 million (or a fewer amount, to be debated on), and if you don’t comply, that’s tax evasion and you go to jail. Complelete peaceful (other than the tax-person we’d have to send to arrest the rich for non-complance), comply and everyone is happy.
Voila, no more billionaires, and that wealth redistributed will let everyone become a millionaire. Everyone is happy, maybe the 1% cries that they now have a few less yachts and mansions, but like, they can still enjoy that one house, same as everyone else would also have.
But could this really be done? As far as I’ve understood, billionaires typically don’t have a billion liquidized and ready for spending. Rather, their value is distributed in ownership of several companies. How would the 100% taxes on ownership in companies be applied?
Don’t get me wrong, I would love to see it work, but I feel like it’s a lot more complicated than stated. And if a good way of applying those taxes would be introduced, I’m sure the billionaires would either find new ways to make the money untouchable or personally move to a country with looser tax laws.
That’s what conservatives always claim. Most of them won’t move and even if they do, good riddance. Simply tax their wealth beforehand.