"America is falling out of love with billionaires, and it’s about time" -- LAT

[City Guy997S]

Originally Posted by BigCityDreamer

Why don’t more people fall out of love with the bottom 20% of our society?

Aren’t people who can’t pull their own weight mostly a drag on the U.S. economy?

You are correct but.......remember what happened to Mitt Romney (a 1/4 billionaire) when he commented that 47% of the country wouldn't vote for him!

[Jobster]

Two outcomes:

Orwellian society where people who live* long enough to eat cockroaches and perhaps resort to cannibalism to "survive."

or

One where we dedicate all of our resources to being able to live in peace and harmony with one another and restore nature to reserves far beyond what is now beyond earth's carrying capacity.

The problem is that the second solution requires an entirely new economic paradigm, which people are probably not prepared for because they are scared. However, the alternative is much more horrifying.

But in order to see, you must have vision first. Even those with no eyesight can see this.

*survive

[NewbieHere]

Originally Posted by City Guy997S

Or leave the country like the Facebook guy did.......avoiding all US taxation!
Eduardo Luiz Saverin born March 19, 1982)is a Brazilian-born entrepreneur and angel investor. Saverin is one of the co-founders of Facebook. In 2012, he owned 53 million Facebook shares (approximately 2% of all outstanding shares), valued at approximately $2 billion at the time. He also invested in early-stage startups such as Qwiki and Jumio.

Saverin renounced his U.S. citizenship in September 2011, and therefore avoided an estimated $700 million in capital gains taxes; this generated some media attention and controversy. Saverin stated that he renounced his citizenship because of his "interest in working and living in Singapore" where he has been since 2009, and denied that he left the U.S. to avoid paying taxes.


Get greedy and watch the billionaires leave.......paying NOTHING to the US Govt. My friend works for a billionaire, their main office for the company is in the Bahamas.......paying NOTHING in US income taxes on every dollar that runs through that office. The company is a worldwide enterprise and the billionaire is very well known.

For 700mm extra I'd leave the US too! Best part, as a Singapore citizen he has full access to visit the USA anytime he wants without the need for a visa.

A few years back the Canadian lottery was like 50mm (huge for them). We were in Toronto and bought a few tickets. The newspapers said the jackpot was non-taxed for the winner. But as a US citizen I would be on the hook for almost 40% in taxes (40% of 50mm is 20mm in taxes!). We had a group discussion at dinner if you would leave or not to avoid 20mm in taxes.

Despite what some people post in this thread, there is a difference between 30 and 50 million dollars! What aggravated me was paying 20mm in taxes on something that would have occurred in another country, totally outside the US!

That’s right. My hedge fund friend left the UK to avoid paying taxes, he was not even a billionaire.

[Jobster]

Simple solution. Exit tax of 50%.

You don't wanna be American anymore? Pay the fee.

A lot of Americans died in support of your 'wealth creation'.

[Thatsright19]

Originally Posted by Jobster

Simple solution. Exit tax of 50%.

You don't wanna be American anymore? Pay the fee.

A lot of Americans died in support of your 'wealth creation'.

https://en.m.wikipedia.org/wiki/Reich_Flight_Tax

Great idea...it must be really easy to support tyranny...on others.

“But no fee is too much. This is a country you want to get out of. Even if you have to do it naked.”



I swear that half of of this forum is full of economic nut jobs. The wealthy already had their money taxed according to the laws in this country. Now you want an arbitrary chance to go after it again? Pay up again...or else? You want out? Pay up more...

“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be” Thomas Jefferson.

Ignorant people like you are a threat to what America is. The thing is, you’re free to exit this country and move to a country that has no billionaires.

[Electrician4you]

Originally Posted by tijlover

Any time a political candidate talks about taxing the rich, without closing the many loopholes, it's nothing more than a political stunt to harvest votes. That candidate knows full well the biggest beneficiaries of raising the tax on the rich are their tax consultants.

The rich don’t have a rich persons tax code. These “loopholes” can be used by anyone. You may need to qualify to use them but that’s the way the tax code is written. I mean hey, I don’t have kids so I don’t get the child deduction. How is that fair. I say we take that away because it’s not fair to me. So is that a tax “loophole” ? Is it unfair? I’m sure people with kids dont think that.

[Jobster]

Originally Posted by Thatsright19

https://en.m.wikipedia.org/wiki/Reich_Flight_Tax

Great idea...it must be really easy to support tyranny...on others.

“But no fee is too much. This is a country you want to get out of. Even if you have to do it naked.”



I swear that half of of this forum is full of economic nut jobs. The wealthy already had their money taxed according to the laws in this country. Now you want an arbitrary chance to go after it again? Pay up again...or else? You want out? Pay up more...

“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be” Thomas Jefferson.

Ignorant people like you are a threat to what America is. The thing is, you’re free to exit this country and move to a country that has no billionaires.

You may think you have a grasp of "economics" lol, but you have no grasp of reality.

[Thatsright19]

Originally Posted by Jobster

You may think you have a grasp of "economics" lol, but you have no grasp of reality.

Uhhh most of your posts on this forum have had the flavor of a person screaming about the end of days. That is...the ones you don’t edit and place a “.”

I don’t consider you to be a person who grasps reality or economics.

[Jobster]

Originally Posted by Thatsright19

Uhhh most of your posts on this forums have had the flavor of a person screaming about the end of days. That is...the ones you don’t edit and place a “.”

Your girl was prob on craigslist.

[Elliott_CA]

Originally Posted by lieqiang

These two have the same impact on the velocity of money since they aren't making transactions in the economy with their billions of dollars. One can hoard wealth (not spend) and still be invested in stocks and bonds that help drive the economy.

The only time buying stocks helps to "drive the economy" is when purchasing an IPO. That's the only time buying stocks results in actual capital investment. Buying stocks on the open market is just a title transfer of existing stock from person A to B.