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655 People Have $4 Trillion In Wealth, But 200 Million Can't Cover A $1000 Expense
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2021 Jan 13, 9:31pm 871 views 46 comments
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41
Reality
2021 Jan 15, 12:27am
Is the Biltmore now owned by the government? I thought it's a private museum and the largest private home in the country; at least it was when I visited the place a few years ago. Did they lose it to the government during the plandemic due to the shutdown of tourism?
The Vanderbilt grandson lost the bulk of the family fortune as he focused on the construction of the estate instead of focusing on his business, then the automobile did the rest to the drug-dealing (opium trade) turned railroad family fortune . . . so the official story goes. The free market has its own way of disciplining the spendthrifts . . . then we get Anderson Cooper from that family to lie to us and lecture us everyday in the socialist America, so the official story seems to be missing that family's investment into politics, which is less susceptible to market discipline / social mobility.
The Vanderbilt grandson lost the bulk of the family fortune as he focused on the construction of the estate instead of focusing on his business, then the automobile did the rest to the drug-dealing (opium trade) turned railroad family fortune . . . so the official story goes. The free market has its own way of disciplining the spendthrifts . . . then we get Anderson Cooper from that family to lie to us and lecture us everyday in the socialist America, so the official story seems to be missing that family's investment into politics, which is less susceptible to market discipline / social mobility.
43
WookieMan
2021 Jan 15, 9:55am
WookieMan
2021 Jan 15, 9:55am
B.A.C.A.H. says
Or just taxing it in general. Remember you've got 23 year olds throwing $1k at it. If they got lucky buying at $10k and sell at $40k, there's $3k of taxable income. 70-80% of Americans have no clue how to file taxes. There are 10's of thousands running around probably not paying a dime on any crypto gain. It's a good target to go after because investment in it produces nothing.
It's not like Boeing for example where they generally employ Americans, buy American aluminum, etc. Bitcoin is nothing. It's like trading cards, except with that there's at least a paper product you can recycle and you're not consuming copious amounts of electricity.
It should also be taxed upon purchase because it does nothing for the country, only those invested in it. It enriches a few whales and institutions. That's about it. It produces nothing of value for those not invested. Basically the only investment on that planet that is like that. It's a complete waste of resources that could be put to better use.
Let's start with a wealth tax on crypto currency holdings.
Or just taxing it in general. Remember you've got 23 year olds throwing $1k at it. If they got lucky buying at $10k and sell at $40k, there's $3k of taxable income. 70-80% of Americans have no clue how to file taxes. There are 10's of thousands running around probably not paying a dime on any crypto gain. It's a good target to go after because investment in it produces nothing.
It's not like Boeing for example where they generally employ Americans, buy American aluminum, etc. Bitcoin is nothing. It's like trading cards, except with that there's at least a paper product you can recycle and you're not consuming copious amounts of electricity.
It should also be taxed upon purchase because it does nothing for the country, only those invested in it. It enriches a few whales and institutions. That's about it. It produces nothing of value for those not invested. Basically the only investment on that planet that is like that. It's a complete waste of resources that could be put to better use.
44
clambo
2021 Jan 15, 3:08pm
If you reside in the USA and are not 1. Blind 2. Paraplegic 3. Sick then you can easily have a few thousand dollars saved up.
If you don’t, you aren’t trying.
There’s a little Mexican market in Santa Cruz, CA. My visitor from Mexico went there and became friends with the cashier. The cashier is a Mexican here illegally for 16 years.
I remembered the cashier as being in the market every time I went.
Her goal was to buy a house and she had saved up $400,000.
Another one I know told me she was saving up “another $70,000” before she would go back down to Mexico and live in the house she had built there.
If having money is important to you and you live in the USA, you can usually acquire some.
If you don’t, you aren’t trying.
There’s a little Mexican market in Santa Cruz, CA. My visitor from Mexico went there and became friends with the cashier. The cashier is a Mexican here illegally for 16 years.
I remembered the cashier as being in the market every time I went.
Her goal was to buy a house and she had saved up $400,000.
Another one I know told me she was saving up “another $70,000” before she would go back down to Mexico and live in the house she had built there.
If having money is important to you and you live in the USA, you can usually acquire some.
45
Patrick
2021 Jan 15, 5:51pm
Patrick
2021 Jan 15, 5:51pm
WookieMan says
Very much like land.
Owning land produces nothing. It only excludes others from using that land productively.
This is why Henry George though that the only tax should be a land value tax. No income tax or sales tax.
I think he's still approximately correct. What we really need imho is a tax on "non-productive rent-seeking", a term I first heard in The Economist when my wife got me a subscription for a year. Have they been cucked yet? Do they enjoy watching people they love get fucked?
It's a good target to go after because investment in it produces nothing.
Very much like land.
Owning land produces nothing. It only excludes others from using that land productively.
This is why Henry George though that the only tax should be a land value tax. No income tax or sales tax.
I think he's still approximately correct. What we really need imho is a tax on "non-productive rent-seeking", a term I first heard in The Economist when my wife got me a subscription for a year. Have they been cucked yet? Do they enjoy watching people they love get fucked?
46
Robert Sproul
2021 Jan 16, 7:47am
Patrick says
Interesting to see who the biggest "excluders" are. Bill Gates is the largest holder of farm land.
https://nypost.com/2021/01/15/bill-gates-is-the-largest-farmland-owner-in-america-report/
https://www.landleader.com/sites/default/files/2018_LR100.pdf
It only excludes others from using that land productively
Interesting to see who the biggest "excluders" are. Bill Gates is the largest holder of farm land.
https://nypost.com/2021/01/15/bill-gates-is-the-largest-farmland-owner-in-america-report/
https://www.landleader.com/sites/default/files/2018_LR100.pdf
« First « Previous Comments 41 - 46 of 46 Search these comments
Taxing wealth (not income) temporarily is a useful tool to address these extraordinary imbalances in an eventually zero sum game. I'd rather have a very low flat income tax plus add on wealth tax on extreme wealth than the current status quo of high and progressive income taxes and no wealth tax.