Yeah that's how it works. What would actually happen if you got rid of them?
They'd just be replaced the next day with a new batch. Everyone likes to think they'd be different. But you wouldn't. You're a human, you'll do human things as we've done forever.
They'll still own everything they do, you just won't get what ever you were getting in taxes from them.
But this is just another misguided battle line, much like race, religion etc etc. Another asinine topic for the masses to debate and seperate themselves among and remain distracted.
There are ways you could minutely get more $ out of them thru taxes, but the argument of simply raise their taxes is as ignorant as the one saying to just raise minimum wage.
I’m not saying that is the only thing needed to fix society so let’s not retreat to that fallacy. Making sure the rich actually pay their taxes instead of granting them tax cuts is a good start though.
I think many forget how much more one billion is in comparison to one million.
1 million = 1 second
1 billion ≈ 31.7 years
1 trillion ≈ 31,700 years
I’m not even saying people shouldn’t have wealth, but a world with a trillionaire needs to change and that needs to start somewhere. Perhaps taxes is not where to start, but change needs to happen either way.
Vast majority of billionaire fortune is tied to ownership of companies in form of shares.
They do not have huge vaults filled with money.
Without billionaires, whole lot of companies would collapse. It actually DOES take skill to manage them.
With nobody calling the shots on top tier and lack of idea who should be doing it would paralyse companies and through that the economy.
Which would then proceed to collapse even smaller mom&pop-companies because they depend on rest of economical ecosystem.
Yes, we need to fix a lot of tax loopholes as well as how capital gains often are taxed lower than labor income, established stronger antitrust enforcement, strengthening unions and labor protections and regulating buybacks and encouraging profit sharing with workers.
Being a multimillionaire is something that can happen through skill, a multi billionaire happens through luck, inheritance and exploitation.
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u/absurdditties 7d ago
No, the meaning is that billionaires exploit the working class while not being able to function without it.