wealth redistribution
January 9th, 2021 at 5:31:57 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | 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.
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: 22 Posts: 4177 |
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: 135 Posts: 18212 |
Yes, I think the greed of those on the left will demand it to happen. The President is a fink. |
January 9th, 2021 at 7:32:53 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 154 Posts: 5112 | 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? I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |
January 10th, 2021 at 3:12:24 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
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: 22 Posts: 4177 | 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: 51 Posts: 4969 |
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. At my age a Life In Prison sentence is not much of a detrrent. |
January 11th, 2021 at 9:06:46 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
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: 1988 | 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: 51 Posts: 4969 |
You really didn't need to include my net worth of $248 on the list. At my age a Life In Prison sentence is not much of a detrrent. |