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Raising hand: multi-millionaire here, I'm entirely okay with my 24+ % tax rate going to the those less fortunate than me. I'd be happy to pay much more provided I could ensure it would go to them.
You need a better accountant.
No one is stopping you from paying "much more" to the myriad groups of those who help the less fortunate.
Write a check to your local soup kitchen, homeless shelter, preggo shelter....or figure out what they need and buy it for them.
Are you new to the world of multi-millionaireship?
I'd love it BUT who is going to force them to do anything since they run the whole show! They own the cops, the politicians, all governments, the church, and every form of power on earthy, except nature and they are working towards controlling even that in the near future!
Equal distribution of wealth is not the cure for poverty. If it was, let us permanently end poverty. Let us credit everyone with 22 billion billion quatloos - more money than they can every spend. No one ever needs money again. But are they no longer poor?
If no one will labor, sweat, produce, transport, and trade surplus usable goods and services for that money, the money is useless, worthless and meaningless.
The problem is not resolved by redistributing wealth or even equal distribution of money. Money is not prosperity.
Wealth is not prosperity. Prosperity is the production, equitable trade and enjoyment of surplus usable goods and services. Doing more with less, so more can enjoy builds happiness. Doing less with more, so few can enjoy brings misery. The function of anything used for money is to transfer value to a future trade, when simple barter is insufficient.
The thing is most of the people that end up making such money due so due to shady and unethical business practices taking advantage of others, exploiting people, and screwing over others, as well as using slave labor. They are almost all evil/psychopathic/narcissistic/greedy/insane.
No, not all. You (general) just tend to notice the ones who are doing "bad" practices and ascribe it to all. Read something like Millionaire Next Door for a view into what some other millionaires do.
Also, the luxury items that these people buy don't just appear out of thin air. They do create jobs for people out there who have to manufacture, install, provide the experience, what have you. Our family business growing up provided, in part, luxury home furnishings. The industry did take a nosedive when the recession hit and people spent less, and hasn't really recovered, as far as I understand...but that's another story for another day.
It isn't as simple as just shuffling the money around to everyone, either
"Anyway, the basic message is that the more the government tries to shift income around, the less total income there is to distribute. The more equal you force your society to be, the poorer it gets.
This is sometimes known colloquially as “Okun’s bucket,” after economist Arthur Okun, who once likened redistribution to moving wealth from one person to another with a leaky bucket. You manage to move some from one place to another, but along the way you lose some from leaks."
"He finds that for every dollar redistributed from rich to poor with those programs, anywhere from 34 cents to 56 cents leaks out and is lost. "
"But there are reasons to believe that redistribution can't fix all of the problem, or even most of it. If you do the math, you discover that in the long run, income levels and initial wealth (factors 1 and 2 from above) are not the main determinants of wealth. They are dwarfed by factors 3 and 4 -- savings rates and rates of return. The most potent way to get more wealth to the poor and middle-class is to get these people to save more of their income, and to invest in assets with higher average rates of return."
I am sure many are sick and tired of all these million/billionaires hogging all the money spending it on frivolous things rather than helping poor people. Hypothetically let's say every person that has millions/billions were forced to distribute all their money to the poor and social programs, how would you feel?
But they don't have money per se.
There are seven government web-sites that prove that fact.
What these millionaires and billionaires have is Wealth, typically in the form of Stocks, Bonds & Real Estate, with only a little bit of cash.
In order for them to "distribute all their money" they would need to liquidate assets. In doing so, you'll find there's a stark difference between Market Value and Salvage Value.
Raising hand: multi-millionaire here, I'm entirely okay with my 24+ % tax rate going to the those less fortunate than me. I'd be happy to pay much more provided I could ensure it would go to them.
Not me.
I am not a multimillionaire but I am not far from it.
I want my money for me and not for thee.
Therefore I use the tax code to my advantage to pay as little as possible.
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Quote:
Originally Posted by Marleinie
I am sure many are sick and tired of all these million/billionaires hogging all the money spending it on frivolous things rather than helping poor people. Hypothetically let's say every person that has millions/billions were forced to distribute all their money to the poor and social programs, how would you feel?
I would feel that there was no need to study or to advance in life, no reason to set up a business or be entrepreneurial.
I think innovation and advancement in many areas would be curtailed as there would be no point.
However I don't think this will realistically happen across the globe, and if any one country tried it then the money and jobs would just be moved out of that country along with the talented, intelligent and ambitious. This is what happened in Britain in the 1970's and what would happen if Marxist Jeremy Corbyn ever formed a Government in Britain.
"The thing is most of the people that end up making such money due so due to shady and unethical business practices taking advantage of others, exploiting people, and screwing over others"
This is the mantra and ignorance of the SJW Antifa millennial morons who haven't the first clue of economics. Did you know that nearly every citizen of Madagascar is a millionaire? It's true. The currency is called the Ariary. Almost everyone there has at least 1 million ariary. Of course, 1 million ariary is worth about 300 US dollars, but hey, they have millions of them. I'm sure they attained their wealth by shady and unethical business practices taking advantage of others, exploiting people, and screwing over others. As to screwing over others, how would you describe your confiscation of another person's wealth?
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