wealth redistribution

January 9th, 2021 at 5:31:57 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 995
Posts: 11670
Amazingly the three wealthiest Americans are now worth half a trillion dollars. The nine wealthiest Americans are now collectively worth a trillion dollars. We may live to see the day when one individual is worth a trillion dollars.

  1. $189.70 Elon Musk $190
  2. $185.70 Jeff Bezos $375
  3. $122.00 Bill Gates $497
  4. $97.90 Mark Zuckerberg $595
  5. $89.40 Larry Ellison $685
  6. $88.60 Warren Buffett $773
  7. $79.20 Larry Page $853
  8. $77.00 Sergey Brin $930
  9. $74.40 Steve Ballmer $1,004

Steven Anthony Ballmer (born March 24, 1956) served as the chief executive officer of Microsoft from 2000 to 2014. He is the current owner of the Los Angeles Clippers of the National Basketball Association (NBA).

Bill Gates was the world's richest man from 2014-2017, and the richest American from 1995-2013.

Congress passed the first antitrust law, the Sherman Act, in 1890 as a "comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade."

The modern estate tax was enacted in 1916.

Do you think a new wave of wealth redistribution taxes will occur in America.
January 9th, 2021 at 6:05:30 AM permalink
SOOPOO
Member since: Feb 19, 2014
Threads: 17
Posts: 2638
Quote: Pacomartin
Amazingly the three wealthiest Americans are now worth half a trillion dollars. The nine wealthiest Americans are now collectively worth a trillion dollars. We may live to see the day when one individual is worth a trillion dollars.

  1. $189.70 Elon Musk $190
  2. $185.70 Jeff Bezos $375
  3. $122.00 Bill Gates $497
  4. $97.90 Mark Zuckerberg $595
  5. $89.40 Larry Ellison $685
  6. $88.60 Warren Buffett $773
  7. $79.20 Larry Page $853
  8. $77.00 Sergey Brin $930
  9. $74.40 Steve Ballmer $1,004

Steven Anthony Ballmer (born March 24, 1956) served as the chief executive officer of Microsoft from 2000 to 2014. He is the current owner of the Los Angeles Clippers of the National Basketball Association (NBA).

Bill Gates was the world's richest man from 2014-2017, and the richest American from 1995-2013.

Congress passed the first antitrust law, the Sherman Act, in 1890 as a "comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade."

The modern estate tax was enacted in 1916.

Do you think a new wave of wealth redistribution taxes will occur in America.


I hate the concept of an estate tax. As best I can tell, for billionaires it’s 40%. And for us New Yorkers , add 16%! So if you are leaving a billion in cash the government takes $560 million. Of course by any standard the inheriting children can ‘afford’ to pay the tax. It just feels wrong to me.

To answer your question, I don’t think there will be an expansion in inheritance taxes, as they are already quite high (my opinion). I also do not think they want to lower the starting point (now around 11 million) as that will affect A LOT OF THE CONGRESSMEN WHO WOULD BE PASSING THE BILL!
January 9th, 2021 at 6:46:18 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 129
Posts: 13890
Quote: Pacomartin


Do you think a new wave of wealth redistribution taxes will occur in America.


Yes, I think the greed of those on the left will demand it to happen.
Who is John Galt?
January 9th, 2021 at 7:32:53 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 115
Posts: 3009
Quote: AZDuffman
Yes, I think the greed of those on the left will demand it to happen.
Agree. Increased inheritance taxes at least, maybe even an annual forced selling of assets to pay tax.

do we need to be reminded that when they started the income tax, they promised it would affect the very rich only?
Beware of Old Wive's Tales. And you better watch what your younger wives are saying too.
January 10th, 2021 at 3:12:24 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 995
Posts: 11670
Quote: SOOPOO
It just feels wrong to me. To answer your question, I don’t think there will be an expansion in inheritance taxes, as they are already quite high (my opinion).


Technically, you are answering the question if it is morally right to increase wealth taxes. My question is more will it happen (right or wrong)?

Look at this headline
[url = https://www.thestreet.com/phildavis/stocks-options/just-12-us-billionaires-now-own-more-than-1-trillion-in-combined-wealth]Just 12 US Billionaires Now Own More Than $1 Trillion in Combined Wealth as of August 13, 2020

Now only 5 months later the top 9 US Billionaires Now Own More Than $1 Trillion in Combined Wealth. The top 3 are worth over half a trillion (Elon, Jeff, and Bill).

The 9 people that make up the first US trillion dollar club have an average age of 60 with only Warren Buffett being considered to be old.
50 Elon Musk
57 Jeff Bezos
66 Bill Gates
37 Mark Zuckerberg
77 Larry Ellison
91 Warren Buffett
48 Larry Page
48 Sergey Brin
65 Steve Ballmer
60 average age

The 10 wealthiest non Americans have an average age of 67 with three octagenerians

72 Bernard Arnault & family
67 Zhong Shanshan
85 Amancio Ortega
64 Mukesh Ambani
68 Francoise Bettencourt Meyers & family
41 Colin Zheng Huang
81 Carlos Slim Helu & family
57 Jack Ma
50 Ma Huateng
85 François Pinault & family
67 average age
January 10th, 2021 at 6:45:55 PM permalink
SOOPOO
Member since: Feb 19, 2014
Threads: 17
Posts: 2638
Paco.... I did answer. I do not think the inheritance tax will be expanded under Biden. Probably would affect most of his cronies. If you notice in your own chart you say ‘and family’ a bunch of times. The ‘and family’ is a way to avoid inheritance taxes.

Ok.... here’s my question.... my numbers are made up but illustrate the problem.

Say now TSLA is $1000 and that makes Elon Musk worth $200 billion. Assume it is virtually all in TSLA. He dies. His stock at the moment of his death is worth $198 billion. He had $2 billion in other stuff. So the IRS decides he owes $80 billion in inheritance taxes. A day or two later TSLA is plummeting due to both Musk dying and his estate needing to raise the 80 billion. But TSLA has dropped to $350 and the new value is only $70 billion. The estate is valued at the time of his death, NOT when they go sell the stock.
So theoretically his estate will go entirely to the government, with it also owing the $10 billion extra.
(I would guess his estates lawyers would say that the second he died the stock’s real value was no longer the $1000). Another reason I hate the inheritance tax.
January 10th, 2021 at 6:57:27 PM permalink
DRich
Member since: Oct 24, 2012
Threads: 32
Posts: 2321
Quote: SOOPOO
Paco.... I did answer. I do not think the inheritance tax will be expanded under Biden. Probably would affect most of his cronies. If you notice in your own chart you say ‘and family’ a bunch of times. The ‘and family’ is a way to avoid inheritance taxes.

Ok.... here’s my question.... my numbers are made up but illustrate the problem.

Say now TSLA is $1000 and that makes Elon Musk worth $200 billion. Assume it is virtually all in TSLA. He dies. His stock at the moment of his death is worth $198 billion. He had $2 billion in other stuff. So the IRS decides he owes $80 billion in inheritance taxes. A day or two later TSLA is plummeting due to both Musk dying and his estate needing to raise the 80 billion. But TSLA has dropped to $350 and the new value is only $70 billion. The estate is valued at the time of his death, NOT when they go sell the stock.
So theoretically his estate will go entirely to the government, with it also owing the $10 billion extra.
(I would guess his estates lawyers would say that the second he died the stock’s real value was no longer the $1000). Another reason I hate the inheritance tax.


Don't forget that some of his money will be tied up in a palimony suit as I will claim to be his secret lover and try to get a billion.
We are all going to die, why procrastinate?
January 11th, 2021 at 9:06:46 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 995
Posts: 11670
Quote: SOOPOO
The ‘and family’ is a way to avoid inheritance taxes.


The three remaining Walton siblings with the bulk of the fortune (83%) are collectively worth over $205 billion, which is more than the net worth of Elon Musk or Jeff Bezos
Alice Walton $68.70 72
Jim Walton $68.40 73
Rob Walton $68.10 77

All seven Waltons are worth $248 billion
$68.70 Alice Walton 72
$68.40 Jim Walton 73
$68.10 Rob Walton 77
$17.50 Lukas Walton 35
$9.20 Ann Walton Kroenke 73
$8.30 Nancy Walton Laurie 70
$7.90 Christy Walton 72
$248.10
January 12th, 2021 at 3:40:37 AM permalink
Tanko
Member since: Aug 15, 2019
Threads: 0
Posts: 587
Milton Friedman-Redistribution of Wealth:

"Where do you get the factories? Where do you get the machines? "Where do you get the capital investment? Where do you get the incentive to improve technology? If what you're doing is to establish a society in which the incentive is for people who if by accident accumulate some wealth, to waste it."

January 12th, 2021 at 8:59:26 AM permalink
DRich
Member since: Oct 24, 2012
Threads: 32
Posts: 2321
Quote: Pacomartin

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$248.10


You really didn't need to include my net worth of $248 on the list.
We are all going to die, why procrastinate?