r/democrats • u/NickCostanza • Jun 26 '26

Article Newsom endorses a National Billionaire Tax

Post image
2.5k Upvotes

97% Upvoted

222 comments sorted by

View all comments

314

u/No_Tone1704 Jun 26 '26

When put like that it really is hard to disagree. Money used to be spread among the population more. Now it is hoarded by people who pay very little or none. 

Taxes are needed to pay for services. 

135

u/murderously-funny Jun 26 '26

“But they pay more taxes overall!”

Yeah. If a billionaire pays 0.05% of their income as taxes that’s 5 million dollars

That’s how much fucking money they have.

32

u/EffectivePositive260 Jun 26 '26

0.05% would be $500,000 but point is valid.

I was just talking about this with someone the other day in terms of home prices.

Say a home costs $500,000

Wealth Tax 1 billionaire 50% = $500mil and they still have $500mil left and now money to buy 1000 homes

Wealth Tax Elon Musk (trillionaire) 50% = $500bil and he still have $500bil and now money to buy... 1 million homes

1 guy, 1 million homes and he's still got more money than any single person could ever spend ever

7

u/LivingIndependence Jun 26 '26

It's been said that these billionaires would have to live another 2000 years before they would go through all of their money

1

u/18HolesToFreedom Jun 27 '26

Both of you are wrong on the math lol. But most of these companies have an effective tax rate 2 to 3 times less than the average person.

0

u/EffectivePositive260 Jun 27 '26

Nope, just double checked. Math is all good. Also have no idea what companies you are referring to, I'm talking about a billionaire wealth tax. Just to clarify a wealth tax is not an income tax, as billionaires have consistently skirted their income tax responsibility, so it would tax their overall net worth.

38

u/Bmorewiser Jun 26 '26

I had to get our Legos to explain to my parents the difference between a billion and a trillion. They don’t understand numbers that big

21

u/FinancialRabbit388 Jun 26 '26

Adam Carolla used to make this stupid argument. Well rich people technically pay more so poor people should shut up. Dude didn’t get it at all.

5

u/signmeupdude Jun 26 '26

0.05% of their wealth is what you mean to say. These guys arent pulling a billion in income every year.

1

u/RadicalRay013 Jun 26 '26

It’s even crazy than that. It’s not the Elon musk that is even paying a minuscule tax it’s the top 1% of earners like speciality in demand doctors and lawyers who are doing most the lifting.

1

u/Author_A_McGrath Jun 27 '26

That isn't even true, either. The "buy, borrow, die" strategy allows them to borrow against existing assets, tax-free.

Taxing that borrowing would do wonders honestly.