Should Billionaires Even Exist?

[OnePercenter]

You know what’s not cool anymore? Billionaires.

Alexandria Ocasio-Cortez and Elizabeth Warren believe some Americans have too much money, and they’re not alone
Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians.

Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Their ideas went viral, starting a mainstream conversation about inequality and wealth.

This kind of talk has always existed among a certain group of hard-core progressives and left-leaning economists, but heading into next year’s presidential election, the idea that the super-rich should pay their fair share is gaining real momentum.

Marshall Steinbaum, a research director at the left-leaning Roosevelt Institute, has advocated taxing the rich at higher rates for years. “We do not need billionaires,” Steinbaum told HuffPost. “The economy’s done better without billionaires in the past.”

For Steinbaum, higher taxes on the wealthy would mean freeing up more money for everyone else. If you think of the economy as a pie, right now, billionaires are getting just about all of it, while we’re all left splitting just one slice.

If you raise taxes on the richest, their incentive to grab at every morsel declines. The theory is they’ll fight a little less hard to depress everyone else’s wages if they know that every extra million is going to get taxed away. A high-paid CEO has less incentive to keep workers’ wages low so he can get a bigger payday.

Billionaires were once a rare breed. In the past few decades, as the U.S. has slashed tax rates, their numbers have exploded, far outpacing inflation.

Since 2008, the number of billionaires in the world has doubled, according to a report published last week by the anti-poverty nonprofit Oxfam. In just the last year, billionaires raked in an astonishing $2.5 billion each day.

In 1982, the first year Forbes debuted its list of the 400 richest Americans, there were about a dozen billionaires. The richest man in the U.S. back then was an 85-year-old shipping magnate with an estimated worth of $2 billion, or $5.2 billion in today’s dollars.

"We do not need billionaires. The economy’s done better without billionaires in the past."
--Marshall Steinbaum, Roosevelt Institute​

Nowadays, Forbes’ list is entirely billionaires. The richest is Amazon founder Jeff Bezos, worth $160 billion.

More: Should Billionaires Even Exist?

I agree! Billionaires aren't cool anymore! The playing field is tilted like the Titanic before it went down. There is no logical reason for so few to have so much. What do you think?

Actually, I would argue that poor people shouldn’t exist.

it is much more difficult to become a billionaire than it is to be poor. Most billionaires contribute much more to society than poor people. Billions create jobs, technology and many donate billions to the greater good.

if you looking to eliminate a wealth class, I’d get rid of the poor people.

If we took all the poor people, put them on an island somewhere, nobody would be missed. In fact, since they cause most of the violent crime, our society would benefit greatly. If we took all the wealthy and did the same thing, the country collapses.

Hitler had the same idea except it was Jews.

 

[OnePercenter]

Change the law so that anyone with Net Income over "X" per year is obliged to transfer >X into the US Treasury as a non-deductible levy.

Since most wealthy people are corporations, How would that work?

 

[LeftofLeft]

You know what’s not cool anymore? Billionaires.

Alexandria Ocasio-Cortez and Elizabeth Warren believe some Americans have too much money, and they’re not alone.

Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians.

Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Their ideas went viral, starting a mainstream conversation about inequality and wealth.

This kind of talk has always existed among a certain group of hard-core progressives and left-leaning economists, but heading into next year’s presidential election, the idea that the super-rich should pay their fair share is gaining real momentum.

Marshall Steinbaum, a research director at the left-leaning Roosevelt Institute, has advocated taxing the rich at higher rates for years. “We do not need billionaires,” Steinbaum told HuffPost. “The economy’s done better without billionaires in the past.”

For Steinbaum, higher taxes on the wealthy would mean freeing up more money for everyone else. If you think of the economy as a pie, right now, billionaires are getting just about all of it, while we’re all left splitting just one slice.

If you raise taxes on the richest, their incentive to grab at every morsel declines. The theory is they’ll fight a little less hard to depress everyone else’s wages if they know that every extra million is going to get taxed away. A high-paid CEO has less incentive to keep workers’ wages low so he can get a bigger payday.

Billionaires were once a rare breed. In the past few decades, as the U.S. has slashed tax rates, their numbers have exploded, far outpacing inflation.

Since 2008, the number of billionaires in the world has doubled, according to a report published last week by the anti-poverty nonprofit Oxfam. In just the last year, billionaires raked in an astonishing $2.5 billion each day.

In 1982, the first year Forbes debuted its list of the 400 richest Americans, there were about a dozen billionaires. The richest man in the U.S. back then was an 85-year-old shipping magnate with an estimated worth of $2 billion, or $5.2 billion in today’s dollars.

"We do not need billionaires. The economy’s done better without billionaires in the past."
--Marshall Steinbaum, Roosevelt Institute​

Nowadays, Forbes’ list is entirely billionaires. The richest is Amazon founder Jeff Bezos, worth $160 billion.

More: Should Billionaires Even Exist?

I agree! Billionaires aren't cool anymore! The playing field is tilted like the Titanic before it went down. There is no logical reason for so few to have so much. What do you think?

I think Liberal Billionaires would be very disappointed in you despite your worship of them.

 

[Ray From Cleveland]

You know what’s not cool anymore? Billionaires.

Alexandria Ocasio-Cortez and Elizabeth Warren believe some Americans have too much money, and they’re not alone
Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians.

Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Their ideas went viral, starting a mainstream conversation about inequality and wealth.

This kind of talk has always existed among a certain group of hard-core progressives and left-leaning economists, but heading into next year’s presidential election, the idea that the super-rich should pay their fair share is gaining real momentum.

Marshall Steinbaum, a research director at the left-leaning Roosevelt Institute, has advocated taxing the rich at higher rates for years. “We do not need billionaires,” Steinbaum told HuffPost. “The economy’s done better without billionaires in the past.”

For Steinbaum, higher taxes on the wealthy would mean freeing up more money for everyone else. If you think of the economy as a pie, right now, billionaires are getting just about all of it, while we’re all left splitting just one slice.

If you raise taxes on the richest, their incentive to grab at every morsel declines. The theory is they’ll fight a little less hard to depress everyone else’s wages if they know that every extra million is going to get taxed away. A high-paid CEO has less incentive to keep workers’ wages low so he can get a bigger payday.

Billionaires were once a rare breed. In the past few decades, as the U.S. has slashed tax rates, their numbers have exploded, far outpacing inflation.

Since 2008, the number of billionaires in the world has doubled, according to a report published last week by the anti-poverty nonprofit Oxfam. In just the last year, billionaires raked in an astonishing $2.5 billion each day.

In 1982, the first year Forbes debuted its list of the 400 richest Americans, there were about a dozen billionaires. The richest man in the U.S. back then was an 85-year-old shipping magnate with an estimated worth of $2 billion, or $5.2 billion in today’s dollars.

"We do not need billionaires. The economy’s done better without billionaires in the past."
--Marshall Steinbaum, Roosevelt Institute​

Nowadays, Forbes’ list is entirely billionaires. The richest is Amazon founder Jeff Bezos, worth $160 billion.

More: Should Billionaires Even Exist?

I agree! Billionaires aren't cool anymore! The playing field is tilted like the Titanic before it went down. There is no logical reason for so few to have so much. What do you think?

Actually, I would argue that poor people shouldn’t exist.

it is much more difficult to become a billionaire than it is to be poor. Most billionaires contribute much more to society than poor people. Billions create jobs, technology and many donate billions to the greater good.

if you looking to eliminate a wealth class, I’d get rid of the poor people.

If we took all the poor people, put them on an island somewhere, nobody would be missed. In fact, since they cause most of the violent crime, our society would benefit greatly. If we took all the wealthy and did the same thing, the country collapses.

Hitler had the same idea except it was Jews.

Who said it was an idea? I just pointed out the value that wealthy people in our society represent, and the lack of value our poor people have.

 

[Kondor3]

Change the law so that anyone with Net Income over "X" per year is obliged to transfer >X into the US Treasury as a non-deductible levy.

Since most wealthy people are corporations, How would that work?

Your response rests upon the belief that societal pressures will not sweep such distinctions aside as conditions worsen...

It's easy enough to force a piercing of the corporate veil when the will to do so exists...

 

[Flash]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

 

[Jitss617]

You know what’s not cool anymore? Billionaires.

Alexandria Ocasio-Cortez and Elizabeth Warren believe some Americans have too much money, and they’re not alone.

Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians.

Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Their ideas went viral, starting a mainstream conversation about inequality and wealth.

This kind of talk has always existed among a certain group of hard-core progressives and left-leaning economists, but heading into next year’s presidential election, the idea that the super-rich should pay their fair share is gaining real momentum.

Marshall Steinbaum, a research director at the left-leaning Roosevelt Institute, has advocated taxing the rich at higher rates for years. “We do not need billionaires,” Steinbaum told HuffPost. “The economy’s done better without billionaires in the past.”

For Steinbaum, higher taxes on the wealthy would mean freeing up more money for everyone else. If you think of the economy as a pie, right now, billionaires are getting just about all of it, while we’re all left splitting just one slice.

If you raise taxes on the richest, their incentive to grab at every morsel declines. The theory is they’ll fight a little less hard to depress everyone else’s wages if they know that every extra million is going to get taxed away. A high-paid CEO has less incentive to keep workers’ wages low so he can get a bigger payday.

Billionaires were once a rare breed. In the past few decades, as the U.S. has slashed tax rates, their numbers have exploded, far outpacing inflation.

Since 2008, the number of billionaires in the world has doubled, according to a report published last week by the anti-poverty nonprofit Oxfam. In just the last year, billionaires raked in an astonishing $2.5 billion each day.

In 1982, the first year Forbes debuted its list of the 400 richest Americans, there were about a dozen billionaires. The richest man in the U.S. back then was an 85-year-old shipping magnate with an estimated worth of $2 billion, or $5.2 billion in today’s dollars.

"We do not need billionaires. The economy’s done better without billionaires in the past."
--Marshall Steinbaum, Roosevelt Institute​

Nowadays, Forbes’ list is entirely billionaires. The richest is Amazon founder Jeff Bezos, worth $160 billion.

More: Should Billionaires Even Exist?

I agree! Billionaires aren't cool anymore! The playing field is tilted like the Titanic before it went down. There is no logical reason for so few to have so much. What do you think?

Lol ummm what? First off have you seen the break down of the clothes AOC wears? Thousands of dollars! Second we live in a free country,, why don’t you deregulate so small business can flourish?

 

[Kondor3]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

Which plays really well in a little 100-person village with its mom-and-pop shop...

Until 'Pop' gathers-in more wealth than his 99 neighbors combined...

When one realizes that that wealth was built relying upon infrastructure funded by the other 99 as well...

Then the idea of forcing a Give-Back begins to sound a bit more appealing to the 99...

And, of course, when 'Pop' grows too big and too arrogant and preys upon his neighbors, well...

Eventually, they start conjuring-up ways to take Pop down a peg or two or three or twenty...

Probably best if Pop comes to a compromise years before the other 99 find a way to hose him, rather than lose it all...

But it is the fate of Man to ignore such possibilities until it's too late... history holds many examples of such procrastination...

Tragically, the vast majority of those defending the 1% are and will (including their descendants) forevermore remain part of the 99%...

Unless the stranglehold of the 1% is broken...

 

[imawhosure]

You know what’s not cool anymore? Billionaires.

Alexandria Ocasio-Cortez and Elizabeth Warren believe some Americans have too much money, and they’re not alone.

Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians.

Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Their ideas went viral, starting a mainstream conversation about inequality and wealth.

This kind of talk has always existed among a certain group of hard-core progressives and left-leaning economists, but heading into next year’s presidential election, the idea that the super-rich should pay their fair share is gaining real momentum.

Marshall Steinbaum, a research director at the left-leaning Roosevelt Institute, has advocated taxing the rich at higher rates for years. “We do not need billionaires,” Steinbaum told HuffPost. “The economy’s done better without billionaires in the past.”

For Steinbaum, higher taxes on the wealthy would mean freeing up more money for everyone else. If you think of the economy as a pie, right now, billionaires are getting just about all of it, while we’re all left splitting just one slice.

If you raise taxes on the richest, their incentive to grab at every morsel declines. The theory is they’ll fight a little less hard to depress everyone else’s wages if they know that every extra million is going to get taxed away. A high-paid CEO has less incentive to keep workers’ wages low so he can get a bigger payday.

Billionaires were once a rare breed. In the past few decades, as the U.S. has slashed tax rates, their numbers have exploded, far outpacing inflation.

Since 2008, the number of billionaires in the world has doubled, according to a report published last week by the anti-poverty nonprofit Oxfam. In just the last year, billionaires raked in an astonishing $2.5 billion each day.

In 1982, the first year Forbes debuted its list of the 400 richest Americans, there were about a dozen billionaires. The richest man in the U.S. back then was an 85-year-old shipping magnate with an estimated worth of $2 billion, or $5.2 billion in today’s dollars.

"We do not need billionaires. The economy’s done better without billionaires in the past."
--Marshall Steinbaum, Roosevelt Institute​

Nowadays, Forbes’ list is entirely billionaires. The richest is Amazon founder Jeff Bezos, worth $160 billion.

More: Should Billionaires Even Exist?

I agree! Billionaires aren't cool anymore! The playing field is tilted like the Titanic before it went down. There is no logical reason for so few to have so much. What do you think?

LOL, Lacooter wants to abort more people, just this time, she wants to do it long after they were born! Lacooter and friends will just call this POST-POST-POST, late term abortion.

You gotta love the Lefts thought process, NOT!

 

[CowboyTed]

The rich already pay far more than a fair share.

No, they don't.

You don't have to hate Billionaires to ask them to pay their fair share... Many of them agree they should be paying more. Warren Buffet put it best when comparing to his secretary...

 

[CowboyTed]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

Which plays really well in a little 100-person village with its mom-and-pop shop...

Until 'Pop' gathers-in more wealth than his 99 neighbors combined...

When one realizes that that wealth was built relying upon infrastructure funded by the other 99 as well...

Then the idea of forcing a Give-Back begins to sound a bit more appealing to the 99...

And, of course, when 'Pop' grows too big and too arrogant and preys upon his neighbors, well...

Eventually, they start conjuring-up ways to take Pop down a peg or two or three or twenty...

Probably best if Pop comes to a compromise years before the other 99 find a way to hose him, rather than lose it all...

But it is the fate of Man to ignore such possibilities until it's too late... history holds many examples of such procrastination...

Tragically, the vast majority of those defending the 1% are and will (including their descendants) forevermore remain part of the 99%...

Unless the stranglehold of the 1% is broken...

When the Titanic sunk it was believed at the time the richest man in the world was on board, he was worth $2.5b in todays money... Jeff Bezo is worth $131bn and the guy in the Titanic would be lucky to make it into the top 1000... Bill Gates and Warren Buffet are still in the top 5 even after trying to give 10s of billions away...

 

[rightwinger]

I have no problem with Billionaires. They have earned their money

I just think they should pay 50 percent of income over $1 million

 

[rightwinger]

George Soros is a billionaire, why isn't he in the picture?

He helps keep the left wing hate site that wrote the article in business. They know who butters their bread.

.

Soros thinks his own taxes should be raised

 

[Flash]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

Which plays really well in a little 100-person village with its mom-and-pop shop...

Until 'Pop' gathers-in more wealth than his 99 neighbors combined...

When one realizes that that wealth was built relying upon infrastructure funded by the other 99 as well...

Then the idea of forcing a Give-Back begins to sound a bit more appealing to the 99...

And, of course, when 'Pop' grows too big and too arrogant and preys upon his neighbors, well...

Eventually, they start conjuring-up ways to take Pop down a peg or two or three or twenty...

Probably best if Pop comes to a compromise years before the other 99 find a way to hose him, rather than lose it all...

But it is the fate of Man to ignore such possibilities until it's too late... history holds many examples of such procrastination...

Tragically, the vast majority of those defending the 1% are and will (including their descendants) forevermore remain part of the 99%...

Unless the stranglehold of the 1% is broken...

The "best" thing is for the 99% to stop being greedy assholes that think they are entitled to use the government to steal money from other people to pay their bills.

 

[Ray From Cleveland]

George Soros is a billionaire, why isn't he in the picture?

He helps keep the left wing hate site that wrote the article in business. They know who butters their bread.

.

Doris thinks his own taxes should be raised

With that I quote George W Bush. "For those who say government should take more of their money, I am happy to tell you the IRS accepts all checks and money orders."

Text Of Bush's State Of The Union Speech

 

[Ray From Cleveland]

The rich already pay far more than a fair share.

No, they don't.

You don't have to hate Billionaires to ask them to pay their fair share... Many of them agree they should be paying more. Warren Buffet put it best when comparing to his secretary...

Then why doesn't Buffet invest his money in taxable returns instead of tax sheltered investments? Why did he fight the IRS to the last breath when they audited him and said he owed more money?

 

[BrokeLoser]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

Which plays really well in a little 100-person village with its mom-and-pop shop...

Until 'Pop' gathers-in more wealth than his 99 neighbors combined...

When one realizes that that wealth was built relying upon infrastructure funded by the other 99 as well...

Then the idea of forcing a Give-Back begins to sound a bit more appealing to the 99...

And, of course, when 'Pop' grows too big and too arrogant and preys upon his neighbors, well...

Eventually, they start conjuring-up ways to take Pop down a peg or two or three or twenty...

Probably best if Pop comes to a compromise years before the other 99 find a way to hose him, rather than lose it all...

But it is the fate of Man to ignore such possibilities until it's too late... history holds many examples of such procrastination...

Tragically, the vast majority of those defending the 1% are and will (including their descendants) forevermore remain part of the 99%...

Unless the stranglehold of the 1% is broken...

Cool story...
Tell me, how does your neighbor achieving more than you, earning more than you, possessing more than you affect your life and or wealth potential?
How does Jeff Bezos stand in your way?

 

[rightwinger]

George Soros is a billionaire, why isn't he in the picture?

He helps keep the left wing hate site that wrote the article in business. They know who butters their bread.

.

Doris thinks his own taxes should be raised

With that I quote George W Bush. "For those who say government should take more of their money, I am happy to tell you the IRS accepts all checks and money orders."

Text Of Bush's State Of The Union Speech

Did George W Bush also say that those who say we should invade Iraq should join the Army?

 

[rightwinger]

Greedy assholes thinking that the government should steal money from successful people to give to them is like Tony Soprano thinking that the successful business in his home town should pay him more "protection" money. You know, because he deserves it and the business doesn't need that much money.

Which plays really well in a little 100-person village with its mom-and-pop shop...

Until 'Pop' gathers-in more wealth than his 99 neighbors combined...

When one realizes that that wealth was built relying upon infrastructure funded by the other 99 as well...

Then the idea of forcing a Give-Back begins to sound a bit more appealing to the 99...

And, of course, when 'Pop' grows too big and too arrogant and preys upon his neighbors, well...

Eventually, they start conjuring-up ways to take Pop down a peg or two or three or twenty...

Probably best if Pop comes to a compromise years before the other 99 find a way to hose him, rather than lose it all...

But it is the fate of Man to ignore such possibilities until it's too late... history holds many examples of such procrastination...

Tragically, the vast majority of those defending the 1% are and will (including their descendants) forevermore remain part of the 99%...

Unless the stranglehold of the 1% is broken...

Cool story...
Tell me, how does your neighbor achieving more than you, earning more than you, possessing more than you affect your life and or wealth potential?
How does Jeff Bezos stand in your way?

Easy

Our nation used to achieve great things and had government services and infrastructure that was the envy of the world.

Since we have embraced supply side economics we have lived on an austerity budget with infrastructure, education and healthcare suffering.

 

[Thinker101]

George Soros is a billionaire, why isn't he in the picture?

He helps keep the left wing hate site that wrote the article in business. They know who butters their bread.

.

Soros thinks his own taxes should be raised

Many think Soros should pay the taxes he owes...dumbass.
Geoge Soros May Owe Billions In Taxes