For context: The thread was about why people hate Hexbear and Lemmygrad instances
this post was submitted on 23 Nov 2023
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Mildly Infuriating
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They provide no value and pay almost no taxes. Without them hoarding their money, it would get circulated.
All billionaires are money hoarders. They have more money than they can possibly spend in a single lifetime. And if you think their charities are truly benevolent, you should look into them a little deeper.
Please, though, name a multibillionaire who is essential. Who the world will not be as good if they won't be around. Just one. One billionaire that provides value to more than shareholders.
This isn't about whether or not billionaires are essential, but whether getting rid of them would substantially change anything.
Assume, for instance, that we make owning (or earning) more than a billion dollars (per year) illegal by putting a 100% tax on every dollar afterwards. Then billionaires would simply move most of their assets abroad or find some other loophole that lets them avoid this, like setting up a bunch of smaller companies that each have $999 million. Unless the whole world follows suit, it won't change anything, and that's not going to happen because any country that's willing to give them a safe haven would make a killing by doing so.
Also, if this DID happen, what makes you think they'd continue to work trying to make more money and not just spend more time playing golf instead? Whatever revenue you'd expect in taxes would simply not occur because once there's no more incentive to earn more, there's no more incentive to produce. Ironically, it would probably lead to far more quasi-billionaires because other multi-millionaires would likely pick up the slack where the big guys throw the towel, but I don't see how regular people would benefit.
But perhaps you can explain what you have in mind?
Sounds like you're saying Billionaires don't contribute anything and their money would be better used in other ways by getting rid of them and redistributing it.
Agreed. Eat the rich.
Okay, honestly, would you eat a Bill Gates or Elon Musk? They don't look particularly tasty to me. Bezos maybe, he seems to be in good shape (although likely chock full of steroids), but the vast majority of them are frumpy old dudes or dudettes who probably taste like leather. I don't think that eating them would be particularly enjoyable.
It doesn't mean literally eat them...
Yes, I know. It was a joke, okay? Clearly cannibalism doesn’t solve any problems.
"Eat the rich" doesn't mean it literally.
Yes, I know, but what do you expect me to say when you don't respond to any of my other arguments?
Disagreeing with your arguments is not the same as not responding to them.
Okay, but you outright ignored my argument about taxing everything over $1 billion and just went back to parroting “eat the rich” instead.