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no doubt, the younger tech millionaires - who have "made" their money based upon speculative future profits - are more focused on ESG ("social good" for those who didn't know, like me) and are more liberal than those whose wealth was built based upon turning a profit, and pocketing and investing some of that profit.
But as you acknowledge (bolded), it's still about the returns. Show us the FAANG employees who have cashed in all their stocks and invested all their money into ESG.
I'm not talking about young tech millionaires. I'm talking about people in their 40s-50s inheriting money. And, yes, there are a LOT of people moving money from tech to ESG. Focus on the goal I said, yes, you want to maximize returns, but many are putting that goal within the constraint of ESG, or other less financial based causes. It's grown like crazy over the last decade and a half.
The point? Both clients AND employees in the wealth and investment management sectors (I can't speak to M&A as you mentioned, that's completely different) are getting significantly more liberal, and are more agreeable to more fair taxation at the higher income levels.
Quote:
Originally Posted by lifeexplorer
Dr. Evil is employing 100k people.
$280 billion net worth to employ 100k people. that's a bad deal, honestly. Better to have that wealth in small businesses, we'd see more employment. Some quick math using this source, the average small business owner in the US has a net worth of $11.7 million, and employs 166 people. Hypothetically, take Musk's $280 billion net worth, divide it by $11.7 million, that equals the net worth of 32k small business owners. If each of them employ 166 people, Elon Musk's net worth, in the hands of small business owners would employ over 5.3 million people.
The 100k jobs he's creating is a VERY bad deal for us, given the resources he's tying up.
I'm not talking about young tech millionaires. I'm talking about people in their 40s-50s inheriting money. And, yes, there are a LOT of people moving money from tech to ESG. Focus on the goal I said, yes, you want to maximize returns, but many are putting that goal within the constraint of ESG, or other less financial based causes. It's grown like crazy over the last decade and a half.
The point? Both clients AND employees in the wealth and investment management sectors (I can't speak to M&A as you mentioned, that's completely different) are getting significantly more liberal, and are more agreeable to more fair taxation at the higher income levels.
$280 billion net worth to employ 100k people. that's a bad deal, honestly. Better to have that wealth in small businesses, we'd see more employment. Some quick math using this source, the average small business owner in the US has a net worth of $11.7 million, and employs 166 people. Hypothetically, take Musk's $280 billion net worth, divide it by $11.7 million, that equals the net worth of 32k small business owners. If each of them employ 166 people, Elon Musk's net worth, in the hands of small business owners would employ over 5.3 million people.
The 100k jobs he's creating is a VERY bad deal for us, given the resources he's tying up.
The average US small business doesnt have 166 employees, its closer to 10.. you are completely clueless
The average US small business doesnt have 166 employees, its closer to 10.. you are completely clueless
I linked a source for my numbers. Read the criteria. I gave an example to show how inefficient 100k jobs are for $280 billion dollars. The point is that $280 billion in wealth is a lot of money, and celebrating that it created only 100k jobs is foolish.
Let's use different numbers, though. Let's say the average net worth of a small business owner is $2 million, and they employ 10 people. That means Elon Musk's net worth equals that of 140,000 small businesses, which would employ 1.4 million people. Either example shows celebrating that Musk created 100k jobs is illogical, and moving his wealth to new small business owners would be a more efficient use of capitol in the economy.
I linked a source for my numbers. Read the criteria. I gave an example to show how inefficient 100k jobs are for $280 billion dollars.
A large manufacturing company like Tesla does business with numerous vendors. It's not just the people on Tesla or SpaceX's payroll, it's also all the vendors and subcontractors they do business with.
Good luck getting a small business to invest billions in mass producing electric cars or blasting rockets into space.
Good luck getting a small business to invest billions in mass producing electric cars or blasting rockets into space.
We don't need rockets for wealthy people to take joyrides to space. We need more small businesses with better jobs for the lower and middle class, to drive an economy for people other than the ultra-wealthy. That's my point.
We don't need rockets for wealthy people to take joyrides to space. We need more small businesses with better jobs for the lower and middle class, to drive an economy for people other than the ultra-wealthy. That's my point.
Small businesses don't earn the kind of profits required to pay their people well. Well paying jobs require scale and profits.
Tell you what - instead of moaning about how Elon Musk has too much money on his hands, why don't you go out and start a small business of your own and create some of those better jobs yourself? Let me know how that goes for you.
Taxes paid proportional to wealth owned. The top 1% control 40% of the nation's wealth and only pay 24% of taxes. The bottom 50% control only 2% of the wealth, but pay 12% of taxes. The ultra-wealthy are getting off easy, not paying their fair share. The top 1% are paying LESS taxes than you or I, as a % of wealth. Elon Musk specifically pays NO income taxes. he pays less than anyone else in terms of that too, by the way.
Wow that is a great point!
Except of course, we don't pay tax on wealth, we pay taxes on income. In the last year of released data from the IRS, the Top 1% earned 21% of the income, and paid 38% of federal income taxes. The Bottom 50% earned 11% of the income, and paid 3% of federal income taxes.
Except of course, we don't pay tax on wealth, we pay taxes on income. In the last year of released data from the IRS, the Top 1% earned 21% of the income, and paid 38% of federal income taxes. The Bottom 50% earned 11% of the income, and paid 3% of federal income taxes.
Virtually nowhere on planet earth taxes "wealth". This "wealth" tax talk is nothing but leftist fantasy.
Look at the social democracies of Europe that provide cradle to grave welfare. No wealth taxes, but VAT and much flatter income taxes than the US. Why is that?
You missed the point. We're talking about Elon Musk not contributing his fair share. We don't give the wealthy a pass on paying their fair share just because they own businesses. Factually speaking, given how much more their wealth grows compared to taxes paid,
You don't pay taxes on unrealized gains, because unrealized gains are just that, "unrealized". You pay taxes when you sell.
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Originally Posted by Lekrii
they are personally benefitting off the lower classes.
Please explain how billionaires benefit off the lower classes?
Quote:
Originally Posted by Lekrii
The net wealth of lower class people creates as many jobs as that one ultra-wealthy person the right wing loves to worship, but does so with a larger tax burden.
Really explain this one. You just got done saying in a previous post that the lower classes had almost no wealth, so how is it creating jobs? Which jobs are being created?
Tesla has Over 70,000 direct employees and more than 50,000 indirect in the form of suppliers.
Virtually nowhere on planet earth taxes "wealth". This "wealth" tax talk is nothing but leftist fantasy.
Look at the social democracies of Europe that provide cradle to grave welfare. No wealth taxes, but VAT and much flatter income taxes than the US. Why is that?
Social democracies are nothing more than the middle class and the poor subsidizing each other and never being able to get ahead because they're being taxed into stagnation. I think this is a point that escapes leftists.
Hard Pass.
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