#WealthTax
Newly minted billionaires are increasingly not “self-made,” but inheriting money from mom and dad, creating American “wealth dynasties” and a society that more closely resembles traditional aristocracies.
https://www.vice.com/en/article/qjvnqb/the-kendall-roy-era-is-nigh-massive-wealth-transfer-to-create-nation-of-trust-fund-billionaires?at_medium=Social%20media&at_campaign=Mastodon
#billionaires #wealthtax #succession #kendallroy #TrustFund
@knittingknots2
Bezos need to be taxed, heavily
#TaxTheRich. #WealthTax
The Supreme Court case seeking to shut down wealth taxes before they even exist
https://www.vox.com/scotus/2023/11/27/23970859/supreme-court-wealth-tax-moore-united-states
#VoxNews #SupremeCourt #WealthTax #Moore #UnitedStates #SCOTUS #Politics #News
7) Unsurprisingly another clown has joined the mix. #DonaldTrumpJr ‘s shallowness, ignorance, narcissism and self-regard is only outstripped by the sorry twisted personage that is his father
Jr is the poster child for the implementation of a #wealthTax and the end to inherited wealth
We need to have a very steep #WealthTax to #AbolishBillionaires .
#Humanity cannot afford their subspecies.
Ridiculing them is not nearly enough. They must become extinct ASAP.
(4/n)
...( https://mastodon.social/@HistoPol/109972629386382918 ,) a #WealthTax for the #SuperRich (#AbolishBillionaires,)* and mass home-building projects to adapt to #ClimateChange that entails prolonged heat periods, #FlashFloods, #FlashDroughts, and a significant increase in #hurricanes, even in regions that had so far been safe.
Of course, we as a race cannot afford anymore #wars either, and the mass-polution and environmental destruction they entail (look @ the #Gaza strip.)
*
https://press.coop/@guardian/111447124429003870
@Npars01 @rbreich
These #Billionaires 👆 don't support Trump because of his nuanced policy proposals.
They support him because he offers tax cuts and crony capitalism.
Time for #CampaignFinanceReform and to #TaxTheRich with a #WealthTax
Just another reason to tax obscene wealth — it’s killing the rest of us:
Das ist ein Teil.
#AbolishBillionaires trifft es schon noch mehr:
https://mastodon.social/@HistoPol/110678350181326266
https://mastodon.social/@HistoPol/110718872359733690
Es gibt Beispiele für eine #Vermögenssteuer (#WealthTax):
#TaxTheRich: We want a European wealth tax to finance the social and climate transition and help countries hit by climate change
https://www.tax-the-rich.eu/
@Neil1808
The rich repeatedly claim that raising taxes will slow growth.
Let's try it out. On them.
#Capitalism #profits = #wagetheft #wealthtax
For every dollar a billionaire didn’t work for, there is a worker who worked for a dollar they didn’t get.
So, it would seem that in the time #ElonMusk has owned the site once called Twitter, its value has declined from the $44bn he paid for it to $19bn (as indicated by its employee stock plan).
So, one might (cheekily) conclude, if he is happy to lose these sort of amounts (on paper) through his #investment 'strategy', why would he be worried about a #wealthtax that would only take a fraction of this sort of loss...
... the prejudices of the rich!
"It’s time to make polluters pay. The Government of Canada should move ahead with the proposal to implement a windfall tax on the fossil fuel industry’s excess profits." https://environmentaldefence.ca/2023/10/26/statement-new-estimate-from-parliamentary-budget-office-shows-excess-profit-tax-on-fossil-fuels-would-bring-in-billions/
#cdnpoli #WealthTax #Profiteering #ClimateBreakdown #CorporateGreed #BigOil
A 2% Tax on Billionaires’ Wealth Could Generate $250 Billion a Year, EU Report Shows
#Billionaires #TaxTheRich #WealthyInequality
#WealthTax #GlobalInequality #TaxEvasion #GabrielZucman #TaxingBillionaires #EconomicEquality #SocialSustainability #TaxPolicy
https://the-14.com/a-2-tax-on-billionaires-wealth-could-generate-250-billion-a-year-eu-report-shows/
I would love it if a minimum wealth tax was discussed at G20!
#WealthTax #Tax #G20
https://www.bbc.co.uk/news/business-67191791
"Other industries which have contributed so much to #Canadian #inflation, and enjoyed unusually high profits as a result, include the petroleum industry and supermarkets and food processors. The government should consider those industries for additional corporate taxes." https://centreforfuturework.ca/2023/10/20/testimony-to-house-of-commons-finance-committee-pre-budget-hearings/
“Labour could go further on their plan to tackle fraud as well. About 5% of the tax owed each year isn’t being paid.
That adds up to at least £42 billion in missing tax.
It could be recouped if HMRC were properly resourced.”
“Wealthy people and wealthy companies will attempt to pay no taxes. That is their goal... That’s not a reason not to tax them though.” https://ricochet.media/en/3995/in-an-age-of-collapse-does-philanthropy-still-make-sense
#SocialJustice #Equality #Charity #Philanthropy #WealthTax #Canada
Charles Koch's audacious new $5 billion political scheme
https://popular.info/p/charles-kochs-5-billion-tax-loophole
Does Chris Luxon know 61% of #NZTwits polled are in favour of #NewZealand introducing a #WealthTax ? Because he's certainly screaming from the roof tops that te Pāti Māori, NZ Greens and, apparently, NZ Labpur will deliver this preferred #outcome for the majority of NZ voters. #NZPol
Half the country has nothing, compared to the other half
https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:135;series:Net%20worth;demographic:networth;population:1,3,5,7,9;units:levels
—
#inequality #wealth #poverty #distribution #economics #usa #fed #WealthTax #salt
@McNJules Yes, I pointed out the $2.5B National propose to take out of welfare over 4 years to help put more kids in poverty, crime and institutions when compared to the $7B NZ loses to tax fraud every year. That's $28B over 4 years that National or Act don't have a single policy to address other than cutting IRD staff to make it more difficult to catch tax fraudsters.
The general response was; mumble mumble yeah, but what can you do? #VoteGreen
As we head towards a #GeneralElection , here come the gov-funded think tanks to tell us "taxes are too high".
But growing wealth inequality shows that taxes aren't too high - they're piled onto the wrong people.
#TaxTheRich with a #WealthTax
BBC News - UK on track for record tax levels, IFS think tank says
https://www.bbc.co.uk/news/uk-politics-66945729
“Support the Five Demands to build a real alternative”
via Jeremy Corbyn & the Peace and Justice Project
“We need an alternative.
Our schools are crumbling, our NHS is on its knees, sewage is dumped in our rivers and refugees are scapegoated for an economic crisis that they didn’t create.
That’s why our Peace & Justice Project has brought together five demands to build a today and a tomorrow for the many, not the few.”
- A REAL PAYRISE FOR ALL
- DEMOCRATIC PUBLIC OWNERSHIP
- HOUSING FOR THE MANY
- TAX THE RICH TO SAVE THE NHS
- WELCOME REFUGEES AND A WORLD FREE FROM WAR
#Payrise #Nationalisation #PublicUtilities #TaxTheRich #WealthTax #RefugeesWelcome #NoToWar #Democracy #EndOligarchy #NoToFascism #ToriesOut #LabourSucks #RedTories #StopStarmer #Socialism
'Vote for us, and we won't do anything,' says LibDem leader Sir Edward Davey. 'Promise.'
@jackLondon i dont care where you choose to define as "the centre"
The #labour party currently wont commit to proper funding of #schools, the #NHS, or #FreeSchoolMeals
In order to avoid a #WealthTax or equalising tax on earned vs investment income
Place that wherever you like on the imaginary left-right spectrum -its still protecting the wealthy at the expense of children
I would add that those on the right, who seem so concerned about balancing the Federal budget, never seem to consider increasing the revenue side of the equation otherwise known as #taxes
The same people that passed #TaxCutsForBillionaires legislation in the #Trump administration are wringing their hands over the consequences. Easily solved, back out billionaire tax cuts first, institute a #WealthTax for those that have more than $50 million, then we can talk about spending
However its done (and there are quite a few options from reforming current instruments to a 'new' #wealthtax), it certainly looks like its time to deal with excessive wealth accumulation at the top of many societies - this sort of #inequality serves no-ones interests (not even the ultra wealthy, really, even if they cannot see that).
So have a look at @RichardJMurphy proposals for rejigging existing wealth-related #taxation... you'll see why if makes perfect sense
Get to work Serf.
Will the Supreme Court Weigh In on a Law Before It’s Even Passed?
The conservative legal movement wants the court to preemptively kill a major liberal policy idea
https://newrepublic.com/article/175652/will-supreme-court-weigh-law-its-even-passed
#TaxTheRich #RaiseCorporateTaxes #WealthTax #NoBillionaires #EndCapitalism
Good morning.
Before today starts why not take the chance to read @RichardJMurphy piece for @BylinesEast on why it makes more #political sense to increase #taxes on the incomes of the rich rather than try to introduce a #wealthtax.
Revising taxes on income requires pragmatic adjustments to #taxation which is far easier than trying to introduce a new form of wealth tax.
If you already follow Murphy this will be no surprise, but it you don't this is a necessary read!
https://eastangliabylines.co.uk/theres-plenty-of-money-its-just-that-the-very-rich-have-got-it-all/
@hosford42
Ford's Jim Farley has a point.
Teachers and firefighters should be paid more too!
#TaxTheRich #WealthTax
Watch: Billionaire CEO says unemployment 'has to jump' to put 'arrogant' workers in their place
---
Thank you for making the argument for a wealth tax for us.
#WealthTax
https://www.rawstory.com/tim-gurner-video/
Get to work serf, the oligarchs need more yachts.
#SavouringSerfdom #Serfing #Oligarchy #StandUp #Greedflation #EatTheRich #WealthTax #ProfiteeringTax
I don’t know that my idea is the best one, it’s just what I came up with. But it seems like a monthly bill aimed at people with higher incomes or wealth, that the central bank could adjust, has some potential. What’s your idea?
--
#wealth #WealthTax #taxes #CentralBank
@Npars01 @wndlb @_L1vY_ @DayneKnite @wendysiegelman
That's serious money that could be raised from these 31 families if we raised taxes where the wealth is piling up
@RichardJMurphy on why rather than thinking of (or planning on) a #wealthtax, a much easier progressive #tax solution would be to simply remove the higher band tax relief from #pension contributions... easy to legislate, the mechanism is already in place, and it would raise over £12bn in extra tax a year... and RM knows what he's talking about, he's a tax professional!
"London house prices have risen inexorably since 2010, by 31 per cent after inflation. The FTSE 100 is 58 per cent higher after dividends. Real average weekly pay is, meanwhile, no higher today than in July 2006. Those who live in Asset Britain have no idea what Austerity Britain is like."
Why Labour's refusal to apply a wealth tax is yet another tax con.
https://www.newstatesman.com/politics/economy/2023/08/britains-great-tax-con
As if to ram home the point of just how ToryMax™️ Labour is now:
At a time when income and wealth inequality is getting worse and worse in the UK, with millions of kids going hungry what does Labour promise?
To let the obscenely wealthy carry on shovelling even more cash into their bank accounts while doubling down on Tory austerity, crushing the poorest and trashing the economy for years to come.
You had enough of this #Labour crap yet?
And Labour's stepping back from Labour-like policies continues with #RachelReeves assurance to the Telegraph that she & #KeirStarmer are ruling out any #wealthtax if they win the #election
I know they need to neuter the right-wing press, but at some point they may realise that you can only take your core vote for granted for so long....
With a commitment to 'fiscal probity' & no wealth tax, what hope have Labour of reversing the effects of a decade to #Tory wrecking?
This does not bode well!
#FTSE 100 CEOs get half a million pound pay rise.
Surely that’s hideously inflationary and they should have their pay cut by 10% a year, just like the rest of us…?
Sick and tired of being ripped off while the fat cats just get fatter?
Then you’re going to have to break the habits of a lifetime and vote for what you want rather than holding your nose and wasting your vote on the least worst option.
#VoteGreen💚 to be the change you want to see.
https://highpaycentre.org/ftse-100-ceos-get-half-a-million-pound-pay-rise/
Finally, a state comes forward and introduces a much needed #WealthTax.
All of the #US and as many countries as possible are needed.
Modest wealth tax on richest 0.3% could raise more than £10bn for public services, says UK Trades Union Congress.
https://leftfootforward.org/2023/08/modest-wealth-tax-on-richest-0-3-could-raise-more-than-10bn-for-public-services-says-tuc/
#wealthtax #ukpolitics #wealth #publicservices
@peteralee @djr @ChrisMayLA6
The wealthy don't get that way through "income"
The 21st century requires a #WealthTax (amongst other ways to #TaxTheRich)
Worth noting that both #counciltax and #capitalgainstax have ended up being in part a #wealthtax on those of modest means while being designed not to affect the really wealthy at all significantly. Getting rid of inflation indexation on capital gains and then reducing the annual exemption has had that effect - anyone who makes the mistake of holding shares for more than a year or so can expect to be caught by #capitalgainstax even if all that has happened is general inflation!
@RichardJMurphy
Seems like a reasonable argument FOR additional taxes, rather than AGAINST a #WealthTax
In addition to raising funds, a Wealth Tax could reduce inequality ... Both in wealth and in power.
#TaxTheRich
Rightly the #TUC suggests a 'modest' and clearly focussed #wealthtax would give a significant fiscal boost to #publicservices... we need to (re?)establish fairness in #taxation in the UK as a way of rebuilding society both financially and morally....
The TUC have as yet not 'recommended' this change, but the very act of pointing out what it would entail ratchets up the pressure on the Labour Party to be thinking about such things!
#BanPrivateJets
But not because their emissions matter the most (fixing old, methane-leaking gas fields is probably the most efficient way to cut global emissions), but because they are a symbol of arrogant arseholism.
Some data:
Aviation accounts for around 2.5% of global CO₂ emissions, but 3.5% when we take non-CO₂ impacts on climate into account.
https://ourworldindata.org/co2-emissions-from-aviation
Commercial passenger aviation makes up 71% of the global proportion of total aviation fuel use, whereas commercial freight aviation accounts for 17%, military aviation 8%, and private aviation 4%. Even though private aviation makes up only a small portion of the total aviation fuel use, private aviation is the most energy-intense form of air travel (Gössling and Humpe, 2020).
https://www.sciencedirect.com/science/article/pii/S2590198222000380#:~:text=2.2.-,Private%20aviation,%2C%20and%20private%20aviation%204%25
...and military the most stupid...
Those who can afford to own a private jet make up just 0.0008% of the global population.
Tax them. Most global problems solved.
#TaxTheRich #PatrioticBillionaires #TaxMeNow #WealthTax #Erbschaftssteuer #Reichensteuer #Vermögenssteuer
Wealth inequality: is there a magic money tree hidden in plain sight for Labour? A one-off wealth tax would solve Labour’s fiscal responsibility dilemma | John Cole
#WealthTax #MagicMoneyTree #LabourParty https://yorkshirebylines.co.uk/business/economy/wealth-inequality-is-there-a-magic-money-tree-hidden-in-plain-sight-for-labour/
Intellectually, politically and equity-wise, Hipkins call to categorically rule out a wealth or capital gains tax for the duration of his political career is a monumental mis-step.
And it’s clear the decision is not supported by a number of his Cabinet colleagues.
@housepanther
If the proceeds of terrorism are going to become generational wealth for whites, and direct reparations are blocked, maybe that's an argument for a #WealthTax.
"Limiting demand of richest 20% saves seven times greenhouse gases required to meet needs of poorest 20%, researchers find"
Could this fly here in #NZpol land, where we can't even countenance a 1.5% #WealthTax on net wealth above $5 million (which would affect 0.5% of the population)? 🤷♂️ 🌏 🔥
"Of course, the focus of the right on #CultureWars is to divert attention from its neoliberal economic policies, which require #privatisation of #utilities, the expansion of private health and the abolition of the current #WealthTax.
#Spain – and its bold prime minister, Pedro Sánchez – are now the frontline in defence of progressive values, fighting rightwing attempts to drown out his economic agenda for better jobs and action on poverty."
https://www.theguardian.com/commentisfree/2023/jul/14/spain-election-europe-neo-fascism-vox-germany-finland
@KatM
That's nice.
But better he pay a #WealthTax and we have sensible housing policies that prevent Rosa Parks and everyone else from being homeless.
@DTJackson
With the 75th birthday of the #NHS, I have no problem with the BBC looking at its future.
But why isn't a properly funded NHS, backed by #WealthTax, a very prominent option?
If an indebted, war-weary Britain could afford to create the NHS, it can d*mn sure afford to fund it fully now
#SaveTheNHS
Starmer attends Murdoch's garden party on Thursday, and then we get this announcement today. No income tax rise for top earners. Ordinary taxpayers can continue to carry the greater share of the tax burden. Labour is dead.
A business model for bankrupting the oil companies – by @pluralistic
https://pluralistic.net/2023/06/06/thats-where-the-money-is/
#TaxTheRich #RaiseCorporateTaxes #WealthTax #NoBillionaires #EndCorporatePersonhood #AntitrustReform #MoneyOutOfPolitics #EndCorporateLobbying #OverturnCitizensUnited #VoteProgressive
It's #TaxDay. Unless of course you are rich, or a corporation. In that case you pay a lower effective tax rate than teachers, plumbers, food service workers, or you know, just about anyone with a normal job.
#EatTheRich
#WealthTax
As the number of ultra-rich #Norwegians relocating (manly to Switzerland) grows, due to a (relatively small) increase in Norway's #wealthtax, it seems that they do not agree that #tax is the price we pay for civilisation... rather they see it as something to be avoided if possible (even if this means moving abroad); shameful!
Despite the manifest defects of these models, we still let them imprison our politics. When #ElizabethWarren proposed a 2% #WealthTax on assets over $50m, she asserted that this would reduce billionaires' fortunes by $3.75T over 10 years, but the Penn Wharton model knocked $1T off it, and declared that the real impact of the policy would be a reduction in investment, depressing long-run growth.
32/
@rbreich
Now imagine his much could be raised if the rich paid ordinary tax rates on their real revenue sources - capital gains, inheritance and corporate perks.
Then close carried interest and other incentives
Then add a #WealthTax
Only THEN, will they be close to paying their fair share
"If Elon Musk can afford to lose $1.9 billion in a single day, he can afford a wealth tax."
@rbreich
Seems like a good time to talk about #WealthTax.
If billionaires can lose $2T in one year, how about another $1T a year to fund public services?
#TaxTheRich
Oxfam estimates that a 5% wealth tax on the world's multi-millionaires and billionaires could raise enough money to lift 2 billion people out of poverty. It's time for the rich to pay their fair share. #wealthtax #taxtherich (3/5)
Meanwhile, when there is mass unemployment, both groups benefit from lower wages and are happy to keep interest rates at zero, a rate that (in the absence of a #WealthTax) creates massive asset bubbles that drive up the value of houses, stocks and other things that rich people own lots more of than everyone else.
20/
@juddlegum
Can we talk about #WealthTax yet?
@rbreich how much money will ever be enough for these #billionaires?
While those that work their asses off to contribute to their immense wealth struggle to get by?
PAY YOUR FAIR SHARE! #ElonOverlord 🤬 and all the rest.
@rbreich I am skeptical that a #WealthTax will work in America (or anywhere really), as the wealthy would simply move their assets overseas.
It has been tried before & failed.
@rbreich
20% drop in the S&P500 from "the market" but we don't create a #WealthTax.
@GottaLaff
I'm sure a balanced budget could be easily achieved with a combination of:
- military spending cuts
- increased tax compliance efforts
- a #WealthTax , #IncreaseCapitalGainsRate and other means to #TaxTheRich
- #MintTheCoin
@GottaLaff
Don't question the "job creators". Bezos has got yachts to buy.
The question that needs to be asked is how much #wealth is too much? #Billionaires when influencing government tend to be toxic. So maybe an aggressive #WealthTax is in order to make sure they don’t reach that exalted standard?
The other question is how much wealth accumulation should be allowed so we continue to stimulate capitalistic innovation ?
@jeffjarvis Their wealth is still obscene. Let's make a new year's resolution of implementing a #WealthTax in 2023.
@aral @caseynewton
Musk loses $200B due to stupidity. Can we talk about #WealthTax yet?
One of us is a millionaire, the other a care worker. The cruel divide between rich and poor disgusts us both https://www.theguardian.com/commentisfree/2022/dec/01/millionaire-care-worker-cruel-divide-rich-poor-cost-of-living-crisis-wealth-tax?CMP=Share_AndroidApp_Other