General Discussion

haele

(14,545 posts)

16. Most billionaires no longer work

Wed Aug 27, 2025, 01:17 PM

Aug 27

Other than the lucky Athletes, Artisans/Crafters, and Artists, most Hundred Millionaires and Billionaires stopped working. Hard work might have got them their first Ten Million or so, but other than that, it's basically a "you won the lottery" situation.
Their money works for them. Or their parents/mentor just gives them the money to make more money for them.
Pretty much any individual (other than those athletes, Crafters, or Artists) who can have over $50,000,000 that moves between various personal accounts every couple years doesn't work. All they do is use the money multiplication properties of investing to maintain or make more liquid money than they can spend. It's pretty simple math any emotionally mature 12 year old can figure out if given a multi-million dollar inheritance and told "that's all you're going to get for the rest of your life - make it last until you're 80"...

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If YOU were in charge, how would you structure the taxing systems to be fair to everyone? [View all] DUU Aug 27 OP

Reimpose the tax system from the late 90's WSHazel Aug 27 #1

or reimpose the tax rates from the 1950's under Eisenhower, Jack Valentino Aug 27 #33

Glibly, no more billionaires mr715 Aug 27 #2

Progressive income tax, vat tax for public healthcare, applegrove Aug 27 #26

Tax Laws JustAnotherGen Aug 27 #3

56% on all income above $20,000 ? MichMan Aug 27 #7

240k in today's dollars carpetbagger Aug 27 #12

What i would do is set it at 150k, and anything below that is tax free Volaris Aug 27 #15

Thanks JustAnotherGen, What in specific from 1956 tax code? DUU Aug 27 #14

I think its funny so many MAGAs biocube Aug 27 #17

Both of my grandfathers JustAnotherGen Aug 27 #25

Transaction tax on certain loans Jerry2144 Aug 27 #4

Generally, Ike's tax structure is the closest to my ideal Torchlight Aug 27 #5

Remove the SS cap Freddie Aug 27 #6

A message that will confuse Repubes LR3 Aug 27 #8

First, collect all of the unpaid taxes. nt chowder66 Aug 27 #9

I don't care if it's "fair" to billionaires n/t leftstreet Aug 27 #10

Most billionaires no longer work haele Aug 27 #16

Replace personal and corporate income tax Disaffected Aug 27 #11

What's not to like? Chemical Bill Aug 28 #37

They don't usually stick it under the mattress either. Disaffected Aug 28 #48

How do you collect a progressive sales tax? MichMan Aug 29 #49

The tax charged depends not on the individual purchaser Disaffected Aug 29 #50

I can think of untaxed potential WarGamer Aug 27 #13

That's a fair way to get money and doesn't directly impact even small time investors. haele Aug 27 #19

How do you justify that on things like penny stocks? thatdemguy Aug 27 #30

I'd make exceptions... WarGamer Aug 27 #31

Not trying to be snarky, but what's fair? EdmondDantes_ Aug 27 #18

10% flat tax bif Aug 27 #20

Very regressive compared to even the BBB karynnj Aug 27 #22

Good for the well healed, horrible for the remainder. Disaffected Aug 27 #23

Yes WmChris Aug 27 #29

Flat taxes are unfair to the poor, and a boon to the rich, Bif.... Jack Valentino Aug 27 #34

That's much more painful for a single mother in a minimum wage job with two kids than Scrivener7 Aug 28 #41

The first thing would be a national discussion karynnj Aug 27 #21

The Standard Deduction was increased substantially in 2017 MichMan Aug 27 #24

That's ONE part of the 2017 Trump tax bill that I agree with--- Jack Valentino Aug 27 #35

It lowered taxes for many, if not most, who itemize as well SickOfTheOnePct Aug 28 #44

If the 2017 law had done without lowering the rates at the top, karynnj Aug 28 #46

Masters of war pay the most. GreenWave Aug 27 #27

I have a few things to say that won't don't in the title bar. thatdemguy Aug 27 #28

This message was self-deleted by its author DUU Aug 28 #47

And remove SS cap. Sneederbunk Aug 27 #32

I have not thought long and hard about this question but BlueSpot Aug 27 #36

No state, local, property or sales taxes... Chemical Bill Aug 28 #38

Graduated. No tax on poorest 10% and certainly 95% rate on that second billion an oligarch makes Scrivener7 Aug 28 #39

More of a flat tax Johnny2X2X Aug 28 #40

So that's a graduated tax. And I think that's the fairest answer. Scrivener7 Aug 28 #42

Yeah Johnny2X2X Aug 28 #43

I see your point, but it is a graduated rather than a flat tax. Scrivener7 Aug 28 #45