110 billionaires in the world. Yay!

[Whoha]

Originally posted by snoopy369


Among other things, you can't convert "$10" to "Dinner" directly; someone has to actually *grow* the food (or raise it or whatever). Feeding the starving in Africa is a much more difficult task than simply handing out checks on the street corner.

I wonder what the inflation rate would be if the US government took a tax of 100% on capital holding over $5m, and handed a check to every citizen (children included) for ($tax)/(300m) or whatever the current population is. 40%? 45%?

There would be a mad rush to get that money out of the US by any means necessary, followed by a complete halt to any earnings and investments over 5M.

This of course would devalue the dollar, but it wouldn't necessarily be inflationary.

[snoopy369]

I'm assuming the US would take an audit first and then ask for the money

Also, it would be a one-time tax, so no disincentive to earning.

[chequita guevara]

Originally posted by PLATO
Stepping on the backs of the working people all the way to the top, eh?

My boss or me? I'm the one doing the work.

[chequita guevara]

Originally posted by DanS
In some instances, I think that having lots of billionaires is a very negative thing. In the US, there's a strong preference for giving your money away upon your death, so I don't think it's a huge issue. In other countries, it may be different.

It's not like you can keep it.

[DanS]

Well, I should further say that in the US, we tend to give away the money to charity, not to the trust funds of kids/grandkids.

F.e., #1 (Buffett) and #3 (Gates) are both giving away to charity substantially all of their fortunes. #2 (Slim from Mexico) might be a different story. Don't know.

I do think that fantastically concentrated wealth is something to keep an eye on.

[Kidlicious]

Originally posted by chegitz guevara


It's not like you can keep it.

That doesn't mean you have to give it away.

[Fake Boris]

Originally posted by b etor


are any of them really hot and under 35???

I don't recall you having any issue with older material.

[Jon Miller]

DanS, why do you thinkth e concentration of wealth in a single persons hands is a good thing in and of itself? Even if they did nothing to earn it?

JM

[Kidlicious]

I don't think you can really earn a billion dollars.

[Patroklos]

Speak for yourself only please.

[DanS]

Originally posted by Jon Miller
DanS, why do you thinkth e concentration of wealth in a single persons hands is a good thing in and of itself? Even if they did nothing to earn it?

JM

I did not say that it was good or bad. I do think that we are playing with all sorts of unintended consequences if the government steps in to give the ultra-rich an additional haircut beyond graduated income taxes. We want the ultra-rich to act rationally with their money, not to spend all their days avoiding taxes.

Mostly, I guess I have a vague aversion to inherited wealth and ill-gotten gains. This might include Russian oligarchs. It doesn't include Warren Buffett.

[Kidlicious]

AMT

[Whoha]

Originally posted by snoopy369
I'm assuming the US would take an audit first and then ask for the money

Also, it would be a one-time tax, so no disincentive to earning.

I'm sure that they would believe you about it being only a 1 time tax.

[snoopy369]

Keep in mind I'm not actually *suggesting* doing this, I'm saying what would happen if it was done (aka sociocommunist redistribution plans)

[Jon Miller]

It's what will happen if very liberterrian people get power and funnel more money to the rich (and remove protections from the poor). Then the revolution will come and there will be a large wealth transfer away from the rich.

JM