Economics: billionaire's tax (2023 Update)

On a sunny day (Tue, 26 Oct 2021 09:17:16 -0700) it happened snipped-for-privacy@highlandsniptechnology.com wrote in snipped-for-privacy@4ax.com:

The cones I read about want to move to space, mars...

I'm not so sure that such a tax would amount to enough to make a dent in the debt problem anyway. Our government spends billions faster than I can dig change out of my pocket; if all the billionaires billions are stolen, uh I mean taxed at 100%, how long would that last?

Forbes say the US billionaires are worth $4.6 trillion, the US budget is $6.8trillions so about 8 months...

We only need to cover the interests; so, at least 8 years. We would never need to repay the principle.

the debt is close to 30trillion, increasing several trillions every year add to that that if $4.6trillion "worth" of stock was dumped on the market to pay taxes it probably wouldn't be worth much

But your forgot the government's most powerful tool: inflation. At long as inflation rate is higher than interest rate, debt can last forever. Despite what they say, the gov loves inflation.

so run out and borrow all the money you can get your hands on

Wish i can, but i am not rich enough to do so.

EverGrande decided to pay the last interest payment just to keep the game going. Inflation will eventually get rid of their $300B, if they stay in the game long enough.

Sometimes it works out. About 20 years ago I got word a savings and loan was about to go public. I borrowed $ 25,000 on a home equeity loan. Bought $ 20,000 of stock and used the other $ 5000 to pay on the loan. By a year later I sold the stock and had over $ 35,000 , so made slightly over $ 10,000 by borrowing the money and using itas an investment. I am making payments on 2 cars right now. One with no iterist and anothe with about 3 %. Could pay cash for them,but why do that when I can leave the money in the stock market and make more that way.

It would be impossible to sell their stock at its theoretical market value. Who would buy it? Who could?

Wait, wait, the US Treasury could buy it!

As long as interest rates are near zero, the government (or anyone) can borrow without limit. Why not? Don't even need inflation.

If any of the stock owning billionairs tried to sell say even 20% of their stock, it would probably cause that stock to crash in a short period of time. Even if they could sell that much.

Worren Buffet made a statement many years ago about how it is hard for him to make money in the stock market now compaired to when he was starting out . To make a large percentage of selling or buying stock would make that particular stock loose value quickly.

Why tax billionaires, it's all spent on weapons anyway.

Is the 10000 dollar reporting requirement still in the bill? That provision is specifically intended to target people getting paid under the table, it will mostly effect the poor, and those in CONSTITUTIONAL alternative markets.

Taxes on the wealthy in the US has dropped hugely over the decades. By your logic the wealthy should be flooding into the US. Are those crowds at the Mexican border actually billionaires?

The rich in the US hate taxes on principle, the poor hate them also in part because the value for the money is so bad, as their tax dollars in large part get handed out to the rich

I see a number of those current 0% APR offers tend to be fairly long loan terms, 48-72 months, it's not as a good a deal when you figure in you have to carry gap insurance as the chances you may end up underwater on a loan that long are pretty good. Ford now seems to be offering 84 month 0% on some vehicles, jesus H.

Haven't done the math out but my guess is it's sometimes preferable to take the 3% on the long-termers.

One of the big sucks in purchasing a new vehicle in my fine state of MA is the excise tax, it's $25 per thousand of MSRP then scaled by year since manufacture, 50% for e.g. a 2022 in 2021, and then vehicle-model-year-in-the-current-year is the worst at 100%. Then back down to 50% IIRC.

Classic regressive type of property tax, even people leasing pay it also on vehicles they don't even own, and the schedules haven't been updated for inflation since like 1984.

It's pro-rated though so you can dodge around it a bit by buying a e.g. a 2021 in late 2021 that they still got on the lot.

That is to say taxing assets which can only reasonably depreciate in almost all cases on a sliding schedule keyed to age of this type is just a sales tax in disguise