Should Billionaires Even Exist?

[Brain357]

Probably not, The massive wealth of so few shows our capitalism is broken.

How so? What would you rather have, government collect all our money and divide it up as they see fit?

I’d prefer good capitalism where the rich aren’t working with the politicians to hose the people.

How are we being hosed? Please give me an example or two.

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

 

[Brain357]

I’d prefer good capitalism where the rich aren’t working with the politicians to hose the people.

I actually agree with this statement. But I don't believe this statement accurately reflects your views.

Based on what?

Just my perception of your views based on your posts. But I could very definitely be wrong.

Let me ask you this, if you think capitalism is broken, what would you do to fix it?

Need to get government out. End corporate welfare. Workers need more rights, non competes aren’t good capitalism.

The government is responsible of all business starts and continuing.

We don't get many new businesses now. That's a big problem.

 

[Brain357]

Ok so you take away the wealth of all the billionaires, multi millionaires, then what? it doesn’t touch the current annual deficit or scratch the surface. So let’s add anyone with current asset values of $500,000!, take it away, then what?
So who will be be left to maintain or invest to create jobs, the government? that’s a laugh. Do you think for one minute a person is going to assume the responsibility, or have the required management skills to develop a business, then to top it off willing to work for meager crumbs? Really? Sad to point out this scenario has ever worked before, so why should it work now? Some people either don’t think or simply fail to have the mental capacity to do so.

That would sure cut into lobbying.

 

[Questioner]

If a billionaire donates 99% of his income to charitable causes, is he still a billionaire?

And if a lower middle class person donates 0.001% of his income to charitable causes, what does that make him? Discuss.

 

[Ray From Cleveland]

How so? What would you rather have, government collect all our money and divide it up as they see fit?

I’d prefer good capitalism where the rich aren’t working with the politicians to hose the people.

How are we being hosed? Please give me an example or two.

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

Corporate welfare, you mean as in lower taxes? Doesn't everybody want lower taxes? Hell, nearly half of the country pays no income taxes. Who did they lobby for that deal?

 

[San Souci]

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?

Probably not, The massive wealth of so few shows our capitalism is broken.

Nope.Just shows some people are more equal than others.

 

[Brain357]

I’d prefer good capitalism where the rich aren’t working with the politicians to hose the people.

How are we being hosed? Please give me an example or two.

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

Corporate welfare, you mean as in lower taxes? Doesn't everybody want lower taxes? Hell, nearly half of the country pays no income taxes. Who did they lobby for that deal?

Lower taxes, cash payments, regulations that lead to monopolies.... We have lots of issues and you love them all. You are a good sheep for the elites.

 

[Yousaidwhat]

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?

Get a J.O.B.S.

Blah! Blah! Blah! Fair share!

Free up more money for everyone else!?

Free up money for Politicians to line their pockets?

 

[OKTexas]

Or just stupidity ,laziness ,or entitlement mentality.

Yes the elites love fools who think this

Ending homelessness does not carry a single one time cost. In other words, if you could spend $20 billion and end homelessness On one day, the next day there would be new homeless people. Like I said, lack of money is not the main cause of homelessness.

It seems the biggest cause of homelessness is Liberalism.
Proof- New York City and cities in California have the most homeless people.

Of course not. Do you have any idea how much wealth the billionaires have?

What the hell difference does that make, they have no more obligation as a citizen of this country than you.

.

The point was they have the wealth to easily fix the problem. Sorry you are incapable of deciphering the point.

Please don’t take me out of context to fit your screwed beliefs.

No commie, your the one that doesn't seem to be getting the point. The US has spent more than 22 trillion dollars over the last 50 years on the war on poverty, tell the class how that's ******* worked out? Add to that another close to 5 trillion wasted on the dept of indoctrination and you'll quickly see that taking all our billionaires money won't do squat. No citizen should pay a penny more than the law says is owed.

.

 

[gipper]

I’d prefer good capitalism where the rich aren’t working with the politicians to hose the people.

How are we being hosed? Please give me an example or two.

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

Corporate welfare, you mean as in lower taxes? Doesn't everybody want lower taxes? Hell, nearly half of the country pays no income taxes. Who did they lobby for that deal?

LOL. You just keep it coming. They don’t pay taxes because they have little to no income. Are you now advocating for the poor to pay taxes?

 

[dblack]

Just my perception of your views based on your posts. But I could very definitely be wrong.

Let me ask you this, if you think capitalism is broken, what would you do to fix it?

End all the near monopolies and wage collusion. Let markets work.

How would you end "near monopolies"? Examples?

America Has A Monopoly Problem

Not really interested in reading an article you might not have even read. I'm suspicious because of your hedging on the term "near" monopolies. If 90% of a given market likes one company best - would you call that a "near monopoly"? If so, what measures would you take to break it up?

Yes I would call that a near monopoly.

So it doesn't really matter whether they're colluding with government or not? If 90% of consumers prefer one vendor, why should government overrule them?

 

[Brain357]

Yes the elites love fools who think this

Ending homelessness does not carry a single one time cost. In other words, if you could spend $20 billion and end homelessness On one day, the next day there would be new homeless people. Like I said, lack of money is not the main cause of homelessness.

It seems the biggest cause of homelessness is Liberalism.
Proof- New York City and cities in California have the most homeless people.

Of course not. Do you have any idea how much wealth the billionaires have?

What the hell difference does that make, they have no more obligation as a citizen of this country than you.

.

The point was they have the wealth to easily fix the problem. Sorry you are incapable of deciphering the point.

Please don’t take me out of context to fit your screwed beliefs.

No commie, your the one that doesn't seem to be getting the point. The US has spent more than 22 trillion dollars over the last 50 years on the war on poverty, tell the class how that's ******* worked out? Add to that another close to 5 trillion wasted on the dept of indoctrination and you'll quickly see that taking all our billionaires money won't do squat. No citizen should pay a penny more than the law says is owed.

.

Are you referencing the debt?

 

[Brain357]

End all the near monopolies and wage collusion. Let markets work.

How would you end "near monopolies"? Examples?

America Has A Monopoly Problem

Not really interested in reading an article you might not have even read. I'm suspicious because of your hedging on the term "near" monopolies. If 90% of a given market likes one company best - would you call that a "near monopoly"? If so, what measures would you take to break it up?

Yes I would call that a near monopoly.

So it doesn't really matter whether they're colluding with government or not? If 90% of consumers prefer one vendor, why should government overrule them?

Because markets don't work well when that is the case.

 

[gipper]

Yes the elites love fools who think this

Ending homelessness does not carry a single one time cost. In other words, if you could spend $20 billion and end homelessness On one day, the next day there would be new homeless people. Like I said, lack of money is not the main cause of homelessness.

It seems the biggest cause of homelessness is Liberalism.
Proof- New York City and cities in California have the most homeless people.

Of course not. Do you have any idea how much wealth the billionaires have?

What the hell difference does that make, they have no more obligation as a citizen of this country than you.

.

The point was they have the wealth to easily fix the problem. Sorry you are incapable of deciphering the point.

Please don’t take me out of context to fit your screwed beliefs.

No commie, your the one that doesn't seem to be getting the point. The US has spent more than 22 trillion dollars over the last 50 years on the war on poverty, tell the class how that's ******* worked out? Add to that another close to 5 trillion wasted on the dept of indoctrination and you'll quickly see that taking all our billionaires money won't do squat. No citizen should pay a penny more than the law says is owed.

.

LOL. Now I’m a commie. You repubes have lost your minds.

That’s peanuts compared to the trillions paid out to big corporations. If only you could think.

 

[Ray From Cleveland]

How are we being hosed? Please give me an example or two.

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

Corporate welfare, you mean as in lower taxes? Doesn't everybody want lower taxes? Hell, nearly half of the country pays no income taxes. Who did they lobby for that deal?

Lower taxes, cash payments, regulations that lead to monopolies.... We have lots of issues and you love them all. You are a good sheep for the elites.

Given the fact that the top 20% of earners in this country pay over 80% of all collected income tax, obviously their plan isn't working too well for them. Now if you want to get rid of lobbying altogether, I'm fine with that. But it's not just the corporations that lobby. You have your trial lawyers, insurance companies, environmentalists, unions, entertainment and so on.

 

[Yousaidwhat]

The rich already pay far more than a fair share.

Shhhhhhh. That's not the narrative.

 

[Yousaidwhat]

Anyone that has stuff I want should not exist.

Do what we do in Baltimore.

Start a riot and loot.

Show a little initiative.

 

[Brain357]

Who do you think funds presidential campaigns. It ain’t grandma.

I don't see campaign contributions as hosing the people.

You love corporate welfare and being ruled by the rich elites. Of course you don't get it.

Corporate welfare, you mean as in lower taxes? Doesn't everybody want lower taxes? Hell, nearly half of the country pays no income taxes. Who did they lobby for that deal?

Lower taxes, cash payments, regulations that lead to monopolies.... We have lots of issues and you love them all. You are a good sheep for the elites.

Given the fact that the top 20% of earners in this country pay over 80% of all collected income tax, obviously their plan isn't working too well for them. Now if you want to get rid of lobbying altogether, I'm fine with that. But it's not just the corporations that lobby. You have your trial lawyers, insurance companies, environmentalists, unions, entertainment and so on.

I don't want anyone buying politicians. They should be working for the people, not a lobby. When they work for a lobby it only benefits a few.

 

[OKTexas]

Ending homelessness does not carry a single one time cost. In other words, if you could spend $20 billion and end homelessness On one day, the next day there would be new homeless people. Like I said, lack of money is not the main cause of homelessness.

It seems the biggest cause of homelessness is Liberalism.
Proof- New York City and cities in California have the most homeless people.

Of course not. Do you have any idea how much wealth the billionaires have?

What the hell difference does that make, they have no more obligation as a citizen of this country than you.

.

The point was they have the wealth to easily fix the problem. Sorry you are incapable of deciphering the point.

Please don’t take me out of context to fit your screwed beliefs.

No commie, your the one that doesn't seem to be getting the point. The US has spent more than 22 trillion dollars over the last 50 years on the war on poverty, tell the class how that's ******* worked out? Add to that another close to 5 trillion wasted on the dept of indoctrination and you'll quickly see that taking all our billionaires money won't do squat. No citizen should pay a penny more than the law says is owed.

.

Are you referencing the debt?

Did I say anything about debt? Perhaps you should learn to ******* read.

.

 

[Brain357]

Of course not. Do you have any idea how much wealth the billionaires have?

What the hell difference does that make, they have no more obligation as a citizen of this country than you.

.

The point was they have the wealth to easily fix the problem. Sorry you are incapable of deciphering the point.

Please don’t take me out of context to fit your screwed beliefs.

No commie, your the one that doesn't seem to be getting the point. The US has spent more than 22 trillion dollars over the last 50 years on the war on poverty, tell the class how that's ******* worked out? Add to that another close to 5 trillion wasted on the dept of indoctrination and you'll quickly see that taking all our billionaires money won't do squat. No citizen should pay a penny more than the law says is owed.

.

Are you referencing the debt?

Did I say anything about debt? Perhaps you should learn to ******* read.

.

It's funny your number is so close to the debt. Remember when republicans used to care about the debt? Where did your number come from?