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According to the article this can be chalked up to multimillionaires and billionaires putting their funds into the stock market rapidly appreciating its value, then qualifying for investments in private equity funds which grow based on interest in debt/loans.
That means the more money they have, the more opportunity they have to invest in collective funds like PEF.
Its all a feedback loop as more investment in the stock market increases the overall value.
Since this is great for tax revenue, both republicans and democrats consider this progress.
Are you Ok with this? I'm guessing most of you are because of the wide spread belief that the rich 'earn' their money.
Do you thing this system of capital appreciation is healthy, or does it have external consequences?
Every system has pros and cons. But I certainly don't want to live in a country where the government can tell people how much wealth they're allowed to have. That's just ridiculous, and completely goes against the founding principles of this country.
Last edited by neko_mimi; 11-09-2019 at 04:22 PM..
Reason: spelling
I'd much rather people like Gates, Allen, Jobs, Buffet have their Billions and spend it on Foundations, Charities and creating jobs than waste being taxed by the Govt.
The Govt is the biggest fraud and inefficient way to spend our money to help others.
Gates has more money than he'll ever spend. His Foundation and Charities will spend it much more wisely to help others.
Their money has never hurt me, only helped me make money or they would not be rich.
Every system has pros and cons. But I certainly don't want to live in a country where the government can tell people how much wealth they're allowed to have. That's just ridiculous, and completely goes against the founding principles of this country.
Quote:
Originally Posted by Rakin
I'd much rather people like Gates, Allen, Jobs, Buffet have their Billions and spend it on Foundations, Charities and creating jobs than waste being taxed by the Govt.
The Govt is the biggest fraud and inefficient way to spend our money to help others.
Gates has more money than he'll ever spend. His Foundation and Charities will spend it much more wisely to help others.
Their money has never hurt me, only helped me make money or they would not be rich.
I'd probably agree with both of you that the government taxing the wealth is not the answer.
The question is how it came into their hands in the first place; for that we see how the market appreciates based off of credit and debt, which are systems set up by the central bank and then exploited by private capital.
Rent Seeking was never a part of the constitution as an indivisible right of the people. Jefferson, one of the founding fathers, wanted all outstanding loans to be forgiven after a brief interval of time as to keep credit sharing/capital loans at bay.
This in turned stop land value from being speculated on, and the economy focused on labor value, not capital investment. The more efficient model, fractional reserve banking, was created in the late 19th century to help increase revenue and tax income.
The question is, now that this system is funneling wealth to the top 1%, is it time for it to be reconsidered?
Economically I share a lot of producerist views, meaning I favor people directly involved in production. This means I believe capital gains should be taxed more heavily than income.
The capital gains tax should be progressive based on the capital gain amount (not income), as a percentage of principal, and the lowest capital gains marginal tax rate (excepting the 0% rate) should be higher than the highest income marginal tax rate.
We have a caudillo as president and have growing income inequality.
Welcome to the United States of Latin America.
We are become Brazil.
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