Zone1 Do billionaires make our lives better?

[Grumblenuts]

I'm flypaper for idiots.

It's the smell.

 

[Captain Caveman]

It's the smell.

Yes, they stink stoopid.

 

[Dragonlady]

Yes, I own my own company, I'm self employed Limited company since 2004 with 100% of the Ordinary Shares

Musk's salary pay slip is $0.00. Oh infinite business wisdom one, you tell me how you would get him to pay his "fair share" of tax?

Your posts on the subject make you look like a right thick bellend.

If you own a "Limited company", you're not "self employed", you're a "small business owner". The proper name of your corporation is a "limited liability corporation" or "LLC". This means that you personally aren't responsible for the debts of the company you own (unless you sign a personal guarantee), because the debts of the corporation are limited to the corporation.

Corporations issue "common shares" and "preferred shares", which can also be called "special shares", but there is no such thing as "ordinary shares". Preferred or special shares frequently have restricted voting options or they may be non-voting shares. Common shares are always voting shares. The rights and privileges attaching to the various classes of shares are detailed in the constating documents filed on incorporation, and/or any amendments thereto.

Musk may not take a salary, but he does take bonuses, stock dividends, and other forms of executive compensation which are both quantifiable and taxable, although dividends and other forms of compensation are frequently taxed at lower rates than salaries.

Your posts on the subject make you look like a liar who doesn't know what he's talking about.

 

[Toddsterpatriot]

If they have 80 percent of all the wealth they should pay more.

The top 1% don't own 80% of the wealth. We don't have a wealth tax.

 

[Captain Caveman]

If you own a "Limited company", you're not "self employed", you're a "small business owner". The proper name of your corporation is a "limited liability corporation" or "LLC". This means that you personally aren't responsible for the debts of the company you own (unless you sign a personal guarantee), because the debts of the corporation are limited to the corporation.

Corporations issue "common shares" and "preferred shares", which can also be called "special shares", but there is no such thing as "ordinary shares". Preferred or special shares frequently have restricted voting options or they may be non-voting shares. Common shares are always voting shares. The rights and privileges attaching to the various classes of shares are detailed in the constating documents filed on incorporation, and/or any amendments thereto.

Musk may not take a salary, but he does take bonuses, stock dividends, and other forms of executive compensation which are both quantifiable and taxable, although dividends and other forms of compensation are frequently taxed at lower rates than salaries.

Your posts on the subject make you look like a liar who doesn't know what he's talking about.

See, your ignorance of business continues.Self employment is when you decide on the rota, decide on your pay, decide on who your business does work for, decide on everything etc.. That's how it works in the UK, so minimum wage doesn't apply. So I report a £6,000 wage per year and I'm currently looking at a £1.66 tax bill at the end of March 2024. And yes, the business received a bounce back loan because of COVID, but it's down now to £3,000, but I could bankrupt the company off so it doesn't get paid back at no cost to me.

Your posts indicate that you think WII was fought in black and white.

After you did a quick search on Google, you now realised how the likes of Must get remunerated, well, a little bit more than 10 mins ago.

 

[Grumblenuts]

Yes, they stink stoopid.

Your preferred pronoun is "they"? Whatever, stinky.

 

[Dragonlady]

Well, you go to Palestine, North Korea, Venezuela etc.. and you report back how it's brilliant over there with very few, if any, billionaires. People forever knock their own country where they live in but ignore the shit hole countries.

So I suggest you pack your bags and go and get that experience.

I'm not knocking Canada. We have fewer billionaires than the USA, but we do have the fastest growing middle class in the first world, while yours is declining. The wealthy only own 40% of the nation's wealth. In Norway it's 50%.

The USA has the most billionaires of any nation in the world, but you also have the worst wealth and wage inequity in the first world, your middle class is shrinking, with more people falling into poverty than are joining the ranks of the wealthy.

Funny you mention Venezuela. That's the direction you're headed in. The same monetary policies the US imposed on the South America in the 1970's, are the ones the USA have been living under since Reagan. It's taken longer to destroy your economy, because unlike South America, where they really did murder all of the leftists, the leftists keep slowing republican progress at impoverishing your middle class.

 

[Toddsterpatriot]

I'm not knocking Canada. We have fewer billionaires than the USA, but we do have the fastest growing middle class in the first world, while yours is declining. The wealthy only own 40% of the nation's wealth. In Norway it's 50%.

The USA has the most billionaires of any nation in the world, but you also have the worst wealth and wage inequity in the first world, your middle class is shrinking, with more people falling into poverty than are joining the ranks of the wealthy.

Funny you mention Venezuela. That's the direction you're headed in. The same monetary policies the US imposed on the South America in the 1970's, are the ones the USA have been living under since Reagan. It's taken longer to destroy your economy, because unlike South America, where they really did murder all of the leftists, the leftists keep slowing republican progress at impoverishing your middle class.

The wealthy only own 40% of the nation's wealth. In Norway it's 50%.

What's your definition of "wealthy"?

 

[sartre play]

There is research saying the richest one percent could end World hunger. And still be billionaires.

 

[Toddsterpatriot]

There is research saying the richest one percent could end World hunger. And still be billionaires.

Bad math.

 

[marvin martian]

You would need to justify that asertion. Or you could engage with the topic.

You're here every day fellating the billionaires of Big Pharma, Big Tech, Big Media, and Big Oil.

It's just who you are, you're a whore for the moneyed class.

 

[Dragonlady]

See, your ignorance of business continues.Self employment is when you decide on the rota, decide on your pay, decide on who your business does work for, decide on everything etc.. That's how it works in the UK, so minimum wage doesn't apply. So I report a £6,000 wage per year and I'm currently looking at a £1.66 tax bill at the end of March 2024. And yes, the business received a bounce back loan because of COVID, but it's down now to £3,000, but I could bankrupt the company off so it doesn't get paid back at no cost to me.

Your posts indicate that you think WII was fought in black and white.

After you did a quick search on Google, you now realised how the likes of Must get remunerated, well, a little bit more than 10 mins ago.

I am a licensed and registered law clerk specializing in corporate, commerical and real estate law, with more than 40 years experience in both provincial and federal incorporations, organization, and corporate governance.

"Self employment" is when you work without ANY company structure whatsoever, with or without a registered business name. You have no limited liability protections, and you're taxed at personal tax rates on your net income. There are also "sole proprietorships" - that's self employment as well. Again, you have no limited liability and pay personal tax rates.

There are also partnerships, where the net income is split between partners in accordance with a Partnership Agreement , again with no limited liability. Your share of profits is taxed as personal income. There are also Limited Partnerships, where the assets of the partnership are held in the name of a General Partner LLC. Debts of the limited partnership are limited to the General Partner LLC. Shares in the limited partnership may be held in a personal capacity or by any legal entity.

If you own an LLC, you are not "self employed" you're a small business owner. You take "draws" against profits, not a salary, and there's no withholding. You have limited liability While you may be the sole officer, director and shareholder, if your income is laundered through an LLC "pass through company", you're a small business owner, not a sole proprietor, or self-employed.

The wealthy only own 40% of the nation's wealth. In Norway it's 50%.

What's your definition of "wealthy"?

I used the word "wealth" not "wealthy". A wealthy person is one who is in the top 20% of of wealth in the nation.

Wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.

 

[Lastamender]

âWe will coup whoever we want!â: the unbearable hubris of Musk and the billionaire tech bros

Challenging each other to cage fights, building apocalypse bunkers – the behaviour of today’s mega-moguls is becoming increasingly outlandish and imperial

www.theguardian.com

Unlike their forebears, contemporary billionaires do not hope to build the biggest house in town, but the biggest colony on the moon. In contrast, however avaricious, the titans of past gilded eras still saw themselves as human members of civil society. Contemporary billionaires appear to understand civics and civilians as impediments to their progress, necessary victims of the externalities of their companies’ growth, sad artefacts of the civilisation they will leave behind in their inexorable colonisation of the next dimension. Unlike their forebears, they do not hope to build the biggest house in town, but the biggest underground lair in New Zealand, colony on the moon or Mars or virtual reality server in the cloud.

Mr Carnegie actually built Wrexham Library. He also built Coedpoeth Library a couple of mile down the road. He may have been an absolute shit of a man but he was recognisably a member of the human race.

Todays megarich seem to spend their money on insulating themselves from the world rather than helping o improve it.

While Bezos flies to the moon. or tries to, his staff are striking for a living wage so that they can feed themselves and keep a roof over their head. His business model is based on killing the opposition by using debt to undercut his rivals.And taxpayers pay for him to do so by giving him tax breaks and grants to open his sweatshops in our towns.

In fact all of these people have benefitted from lax taxation regimes and feeble legislation.Society pays a lot more than just a financial cost. Wages are depressed as Apple makes its phones in countries where the people assembling the products could never afford one.Its exploitation.

There will never be a British or American phone maker because Apple have priced them out of the market.Exploiting overseas workers in order to bypass the workers in their core markets. Jobs never presented that at his cult meetings.

That is globalism.

Starbucks in the UK is structured to avoid UK taxation.The whole enterprise is a tax dodge. And yet you cannot avoid a starbucks in the UK.They close down smaller traders not with a better product. They do it with the financial might that they have. A power not available to smaller local competitors.

And on top of that they do not contribute to the country they trade in. They trade off our roads and utilities.police protection, education and a host of other benefits.

This is why our governments are always short of money and our infrastructure is crumbling.
We should stop subsidising these bandits and start taxing them properly. They are sucking the life out of society.

It wasnt always like this. My taid worked for over 30 yeasr for an American company Monsanto.They might have a dubious environmental record but they were a bloody good employer.

They paid their staff well and paid a generous pension. The modern billionaire class go on joy rides into space.

One did. Trump is his name.

 

[Toddsterpatriot]

I am a licensed and registered law clerk specializing in corporate, commerical and real estate law, with more than 40 years experience in both provincial and federal incorporations, organization, and corporate governance.

"Self employment" is when you work without ANY company structure whatsoever, with or without a registered business name. You have no limited liability protections, and you're taxed at personal tax rates on your net income. There are also "sole proprietorships" - that's self employment as well. Again, you have no limited liability and pay personal tax rates.

There are also partnerships, where the net income is split between partners in accordance with a Partnership Agreement , again with no limited liability. Your share of profits is taxed as personal income. There are also Limited Partnerships, where the assets of the partnership are held in the name of a General Partner LLC. Debts of the limited partnership are limited to the General Partner LLC. Shares in the limited partnership may be held in a personal capacity or by any legal entity.

If you own an LLC, you are not "self employed" you're a small business owner. You take "draws" against profits, not a salary, and there's no withholding. You have limited liability While you may be the sole officer, director and shareholder, if your income is laundered through an LLC "pass through company", you're a small business owner, not a sole proprietor, or self-employed.



I used the word "wealth" not "wealthy". A wealthy person is one who is in the top 20% of of wealth in the nation.

Wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.

I used the word "wealth" not "wealthy".

You used both.

The wealthy only own 40% of the nation's wealth. In Norway it's 50%

See?

A wealthy person is one who is in the top 20% of wealth in the nation.

Link for Norway and Canada?

 

[Captain Caveman]

Your preferred pronoun is "they"? Whatever, stinky.

They, as in, more than one and others. If you're American, I can appreciate that you struggle with correct English.

 

[Captain Caveman]

I am a licensed and registered law clerk specializing in

You want sacked, you're thick as fuck.

 

[Toddsterpatriot]

I am a licensed and registered law clerk specializing in corporate, commerical and real estate law, with more than 40 years experience in both provincial and federal incorporations, organization, and corporate governance.

"Self employment" is when you work without ANY company structure whatsoever, with or without a registered business name. You have no limited liability protections, and you're taxed at personal tax rates on your net income. There are also "sole proprietorships" - that's self employment as well. Again, you have no limited liability and pay personal tax rates.

There are also partnerships, where the net income is split between partners in accordance with a Partnership Agreement , again with no limited liability. Your share of profits is taxed as personal income. There are also Limited Partnerships, where the assets of the partnership are held in the name of a General Partner LLC. Debts of the limited partnership are limited to the General Partner LLC. Shares in the limited partnership may be held in a personal capacity or by any legal entity.

If you own an LLC, you are not "self employed" you're a small business owner. You take "draws" against profits, not a salary, and there's no withholding. You have limited liability While you may be the sole officer, director and shareholder, if your income is laundered through an LLC "pass through company", you're a small business owner, not a sole proprietor, or self-employed.



I used the word "wealth" not "wealthy". A wealthy person is one who is in the top 20% of of wealth in the nation.

Wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.

The wealthy only own 40% of the nation's wealth. In Norway it's 50%.

Link?

 

[iamwhatiseem]

They can do bad or do good just like everyone. They may be able to make a bigger impact with their good or bad but there is no way to make a vast generalization.

And this is where this thread should have ended.
And it was post #2

 

[Hang on Sloopy]

âWe will coup whoever we want!â: the unbearable hubris of Musk and the billionaire tech bros

Challenging each other to cage fights, building apocalypse bunkers – the behaviour of today’s mega-moguls is becoming increasingly outlandish and imperial

www.theguardian.com

Unlike their forebears, contemporary billionaires do not hope to build the biggest house in town, but the biggest colony on the moon. In contrast, however avaricious, the titans of past gilded eras still saw themselves as human members of civil society. Contemporary billionaires appear to understand civics and civilians as impediments to their progress, necessary victims of the externalities of their companies’ growth, sad artefacts of the civilisation they will leave behind in their inexorable colonisation of the next dimension. Unlike their forebears, they do not hope to build the biggest house in town, but the biggest underground lair in New Zealand, colony on the moon or Mars or virtual reality server in the cloud.

Mr Carnegie actually built Wrexham Library. He also built Coedpoeth Library a couple of mile down the road. He may have been an absolute shit of a man but he was recognisably a member of the human race.

Todays megarich seem to spend their money on insulating themselves from the world rather than helping o improve it.

While Bezos flies to the moon. or tries to, his staff are striking for a living wage so that they can feed themselves and keep a roof over their head. His business model is based on killing the opposition by using debt to undercut his rivals.And taxpayers pay for him to do so by giving him tax breaks and grants to open his sweatshops in our towns.

In fact all of these people have benefitted from lax taxation regimes and feeble legislation.Society pays a lot more than just a financial cost. Wages are depressed as Apple makes its phones in countries where the people assembling the products could never afford one.Its exploitation.

There will never be a British or American phone maker because Apple have priced them out of the market.Exploiting overseas workers in order to bypass the workers in their core markets. Jobs never presented that at his cult meetings.

That is globalism.

Starbucks in the UK is structured to avoid UK taxation.The whole enterprise is a tax dodge. And yet you cannot avoid a starbucks in the UK.They close down smaller traders not with a better product. They do it with the financial might that they have. A power not available to smaller local competitors.

And on top of that they do not contribute to the country they trade in. They trade off our roads and utilities.police protection, education and a host of other benefits.

This is why our governments are always short of money and our infrastructure is crumbling.
We should stop subsidising these bandits and start taxing them properly. They are sucking the life out of society.

It wasnt always like this. My taid worked for over 30 yeasr for an American company Monsanto.They might have a dubious environmental record but they were a bloody good employer.

They paid their staff well and paid a generous pension. The modern billionaire class go on joy rides into space.

the top 35% of earners pay 35% of the fed taxes....what does that even mean to you?

 

[Toddsterpatriot]

the top 35% of earners pay 35% of the fed taxes

More like 90% of federal income taxes paid.