https://twitter.com/thehill/status/1452351159604334599
.@SecYellen on the proposed tax which would pay for the Build Back Better act: "It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals." pic.twitter.com/XGsQC3GgIU
— The Hill (@thehill) October 24, 2021
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Since this is obviously the last bastion of intelligence and an amalgamation of the worlds greatest minds, I have a question about "wealth hoarding".
Most billionaires wealth is in investments and unrealized shares in corporations right? Like Bezos has hundreds of billions in pretty much just Amazon stock. He is unable to spend this money without selling, and selling in quantity would tank the value of the stock (and also weaken the strength of the company as a whole.
Since these are unrealized gains, doesn't that mean that the actual liquid cash is literally still in the hands of the people who would otherwise buy the stock (e.g. through investment accounts or individual purposes) and that next to no wealth is actually being hoarded because it's all just "what-if" estimates and not actually liquid cash sitting around?
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bezos could actually sell all his stock in a view years without tanking the value, he "only" has like 10% percent of amazon, and amazon stock is traded in enormous quantities.
if hes invested in the company, the "liquid cash" is basically in the hands of the company, and they can use it to fund investment. "wealth hoarding" is simply economic idiocy. its either consumption or investment. either bezos lends all his money to a company so they can grow (and grow his wealth) or he spends it on consumptive goods like villas/yachts/ space-travel-fun.
keeping it invested ( often considered hoarding) is the better alternative. it should be obvious that a company developing new products that can help everyone is better for society than a company creating short lived luxury goods.
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Adding to this, most rich people will take out large loans backed by their assests paying the minimal amount back. The loan can't be counted as income and they won't be taxed for it. It's how Daddy Bezos could buy a 20 million dollar yacht and you won't see that purchasing money reflected in his income taxes. That money will never be fully realised until probably his death when they settle his debts.
All of this could be a lie lmao, I was told about it a while ago and it's probably not entirely true/that simple
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For stocks yeah, company value should be based around an actual good or product they provide but someone has to actually buy/sell the stock and that's completely virtual value. The market can fabricate whatever value it wants, bezos is holding potential that never has to exist or be converted from virtual value
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See Tesla or creepto
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Redditors are correct when they note that Bezos can borrow an equivalent amount of money using the shares as collateral so he probably does have the cash.
More importantly though, cash is notional and doesn't actually represent a specific quantity of goods. If for example you seized all of Bezos wealth, that doesn't automatically create new houses or grow more food. The amount of assets to be distributed is the same, so all you will accomplish by moving the cash around is maybe inflation. Many of his assets are in luxury goods that can't actually be redistributed either (how do you split a yacht 330 million ways?).
Tl;Dr you might as well just print an equivalent amount of money, it makes no difference
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This would crash the stock market over night. Selling calls could theoretically bankrupt you on meme stocks.
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Yellen more like yelling lmao
https://classicreload.com/win3x-skifree.html
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More like time to be old Yeller'd
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Step 1: crash the economy
Lolberts on suicide watch.
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can't wait for 10 years from now when 100,000 aires are taxed on unrealized capital gains
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It is time to tax the ultra rich who make more than minimum wage. Nobody needs that kind of money and we really need mo money for dem programs.
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Good, nice post to print and wipe my butt with it later on. I believe dedicated people can write a shitton like those/make fake researches, put up 2+2 and make it seem like legit stuff, yeah?
Snapshots:
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