Agree or disagree? "There should be no billionaires."

There should be no billionaires

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Rembrandt Brown

Slider
BGOL Investor
Bernie Sanders: There Should Be No Billionaires

Even as Sen. Bernie Sanders’ progressive platform polls well among Democratic voters, consistently ranking second after Joe Biden, and even as he draws large crowds at rallies and lands 1 million donors (according to the Sanders campaign), his opponents respond with the same refrain: How is he going to pay for his plans like Medicare for All and the Green New Deal?

On Tuesday, Sanders answered, with “a tax on extreme wealth,” which CNN called “a hefty tax on the ultra-rich” which would cover many of the social welfare programs the Democratic presidential candidate and Vermont senator has proposed, including part of Medicare for All.

“I don’t think that billionaires should exist,” Sanders told The New York Times, adding that “This proposal does not eliminate billionaires, but it eliminates a lot of the wealth that billionaires have, and I think that’s exactly what we should be doing.” He was even more blunt on Twitter, writing, “there should be no billionaires.”


Fellow Democratic presidential hopeful Sen. Elizabeth Warren, D-Mass., as The New York Times points out, may have come out with a wealth tax before Sanders, but “Mr. Sanders is going bigger. His wealth tax would apply to a larger number of households, impose a higher top rate and raise more money.”

Per CNN:

Married couples worth more than $32 million would pay a 1% tax on their wealth above that threshold. The rate would rise to 2% on net worth between $50 million and $250 million, climbing in increments to a 8% tax on wealth above $10 billion. The tax would be levied on single filers worth more than $16 million, with the top 8% rate assessed on their wealth above $5 billion.

By contrast, Warren’s plan involves a 2% levy on wealth over $50 million, plus another 1% tax on net worth above $1 billion.

Sanders told the Times he believes if he is elected president, his plan “will reduce the outrageous and grotesque and immoral level of income and wealth inequality.” He added, “What we are trying to do is demand and implement a policy which significantly reduces income and wealth inequality in America by telling the wealthiest families in this country they cannot have so much wealth.”

Economists Emmanuel Saez and Gabriel Zucman from the University of California at Berkeley, who helped develop both the Sanders and Warren plans, estimate that Sanders’s plan would raise $4.35 trillion over a decade, where Warren’s would raise $2.6 trillion in the same period.

As Saez told the Times, “The Sanders plan is really pitched at the idea that we don’t want billionaires and deca-billionaires to be billionaires and deca-billionaires for as long as they currently are,” adding that “It’s going to erode their fortunes much faster than the Warren wealth tax.”

To enforce the plan, Sanders wants to create a “national wealth registry,” to track the ultra-rich, increase the budget for the Internal Revenue Service and require audits for anyone subject to his proposed taxes.

Read the entire plan here.
 

tallblacknyc

Rising Star
Certified Pussy Poster
I don't agree... You could create something that could easily be used or needed by many that creates a billion and better... It's 7.6 billion people on earth if you could convince everybody to give you a quarter you would be a billionaire... Should they be taxed yes.. The thing is they get all kinds of tax breaks that allow them to pay less in percentage than the rest... So either no cheatcodes or you teach the poor some of them tricks
 

Rembrandt Brown

Slider
BGOL Investor
I don't agree... You could create something that could easily be used or needed by many that creates a billion and better... It's 7.6 billion people on earth if you could convince everybody to give you a quarter you would be a billionaire... Should they be taxed yes.. The thing is they get all kinds of tax breaks that allow them to pay less in percentage than the rest... So either no cheatcodes or you teach the poor some of them tricks
If you create something that great, isn't ten million dollars enough of an award?

I walk past homeless people every single fucking day. It's sickening that our society lets some people have more than they could spend in the next thousand years while others don't have their most basic needs met.
 

xxxbishopxxx

Rising Star
BGOL Investor
You and anybody else taking that stance better not be calling yourselves Christians or you're hypocrites and an insult to the name.
I've been on such an anti-christian rant as of late, I can tell you I will sleep well at night with this mentality...lol.

Seriously, I understand where that comment came from. It's kind of tricky with christianity because Jesus constantly chastises rich folks, yet for whatever reason, the true signs of "blessings" are often shown in monetary and material gains. It's funny how people want to believe that God wants them to be financially rich (don't mean the preachers that are telling them this, we know where they are coming from).
 

dasmybikepunk

Wait for it.....
BGOL Investor
I don't have a problem with billionaires as long as they pay their share.
That's the problem, they don't and have lobby'd politicians over the years to protect them with loopholes and different standards.

Average tax payer pays 15% total tax on income earned every hour, you make $100 an hour, or 208k a year, you owe about 31,200 in Fed, State and local taxes, you make have a few tax breaks you can use but you can't count on those.

A billionaire makes, who does nothing with his money but invest and hold accounts makes 4% or more on his accounts alone, meaning he or she is knocking down 40 million a year just doing nothing.....and then figures way's to pay no money in taxes, buy donating and philanthropy that's not fair, most of these charities are bullshit non-profit shells that kick back and so the the non-profits receiving the donations
pay no taxes and the billionaire pays no taxes.

Meanwhile roads, bridges and flood areas, hurricane areas, earthquake areas, and poor neighborhoods, social services get the average persons tax money. :smh:

shit is fucked!

Let's not forget Federal Income tax has NO LAW backing it :smh:
 

xxxbishopxxx

Rising Star
BGOL Investor
Let's not forget Federal Income tax has NO LAW backing it :smh:

Wesley disagrees with your last comment




That's the problem, they don't and have lobby'd politicians over the years to protect them with loopholes and different standards.

Average tax payer pays 15% total tax on income earned every hour, you make $100 an hour, or 208k a year, you owe about 31,200 in Fed, State and local taxes, you make have a few tax breaks you can use but you can't count on those.

A billionaire makes, who does nothing with his money but invest and hold accounts makes 4% or more on his accounts alone, meaning he or she is knocking down 40 million a year just doing nothing.....and then figures way's to pay no money in taxes, buy donating and philanthropy that's not fair, most of these charities are bullshit non-profit shells that kick back and so the the non-profits receiving the donations
pay no taxes and the billionaire pays no taxes.

Meanwhile roads, bridges and flood areas, hurricane areas, earthquake areas, and poor neighborhoods, social services get the average persons tax money. :smh:

shit is fucked!
As to my personal beliefs, I can't get mad if someone takes advantage of laws that are on the books. I didn't get mad when people assumed Romney was going to refile his taxes after the election to get a big rebate. Can't get mad at Trump if he legit wrote off tons of losses (not saying any of tax returns are legit, so don't shoot me for that comment..lol). I'm just saying:




Hopefully, we will get a President and Congress that will fix some of that disparity. it will never be completely fixed.
 

forcesteeler

Rising Star
BGOL Investor
Lol. You guys are living a pipe dream. Corporate America Owns America

Sanders is talking shit. As soon as he gets into office he will be talking that we have to work together shit like Obama. He is not going to go against the elites.

They will put a bullet in his head like they did JFK.
 

forcesteeler

Rising Star
BGOL Investor
Pac is so on point here .
It’s nice but it’s a pipe dream. No wealthy person is going to pay 75% wealth tax. Rich people will just dump there assets overseas and leave the United States and renounce there citizenship.

Castro of Cuba did that back in the 1960s and we seen how that end up.

The Flaw in Bearnie Sanders is that he thinks Rich people are just going to accept paying extreme high taxes. They will just hire forensic accountants and hide there money.
 

trick20

Rising Star
BGOL Investor
Lol. You guys are living a pipe dream. Corporate America Owns America

Sanders is talking shit. As soon as he gets into office he will be talking that we have to work together shit like Obama. He is not going to go against the elites.

They will put a bullet in his head like they did JFK.

i think both are taking themselves out the race with this shit...Im nowhere close to a billionaire and can't stand behind this
 

dasmybikepunk

Wait for it.....
BGOL Investor
Wesley disagrees with your last comment






As to my personal beliefs, I can't get mad if someone takes advantage of laws that are on the books. I didn't get mad when people assumed Romney was going to refile his taxes after the election to get a big rebate. Can't get mad at Trump if he legit wrote off tons of losses (not saying any of tax returns are legit, so don't shoot me for that comment..lol). I'm just saying:




Hopefully, we will get a President and Congress that will fix some of that disparity. it will never be completely fixed.
:cool:

Tax Avoidance Is Legal; Tax Evasion Is Criminal

I get it...but the line :smh:, the line is damn near invisible...and
almost all cross it regardless of the distinction. Hell they spend more money covering tracks than paying the damn taxes. :smh:

..but hoping the govt' changes it is a no, because those folks are where all their money and kickbacks come from. If we get a do good government, maybe America will remember to propose that bill, if ones not already sitting there collecting dust.
 

Dr. Truth

GOD to all Women
BGOL Investor
It’s nice but it’s a pipe dream. No wealthy person is going to pay 75% wealth tax. Rich people will just dump there assets overseas and leave the United States and renounce there citizenship.

Castro of Cuba did that back in the 1960s and we seen how that end up.

The Flaw in Bearnie Sanders is that he thinks Rich people are just going to accept paying extreme high taxes. They will just hire forensic accountants and hide there money.
It’s stupid as fuck nobody needs a billion dollars
 

forcesteeler

Rising Star
BGOL Investor
i think both are taking themselves out the race with this shit...Im nowhere close to a billionaire and can't stand behind this
Look I’m all for rich people paying there fair share but I understand human nature/ greed and economics. You want a fair tax code so people will invest money back into the economy.

Imagine if I have 2 lottery prizes. Each pays $1 billion dollars. but 1 of them takes about 75% in taxes and the other price only takes about 15%.

The prize that takes 75% taxes will help build more schools and roads and help the poor. The 15% price only gives a little to schools and the poor. Which lottery prize will you invest your money and play?

I can guarantee with human greed I will sell more tickets and make more money selling lottery prizes that only takes 15% taxes. Few people will want to invest playing a lottery that takes 75% taxes.
 

sharkbait28

Comb Your Beard
International Member
It’s nice but it’s a pipe dream. No wealthy person is going to pay 75% wealth tax. Rich people will just dump there assets overseas and leave the United States and renounce there citizenship.

Castro of Cuba did that back in the 1960s and we seen how that end up.

The Flaw in Bearnie Sanders is that he thinks Rich people are just going to accept paying extreme high taxes. They will just hire forensic accountants and hide there money.
I agree that this wouldn't fly in the current global economic context without a sea change in public consciousness. The Panama Papers documented the insane lengths the super wealthy go to in order to evade paying their fair share. But it's not like it's an unreasonable proposition, we had top marginal tax rates here in the US as high as 90% as recently as the 1960s and wealth inequality wasn't nearly as bad. Folks don't have a realistic sense of how much society has been stratified over the last 55 years or so as a result of these deliberate policy decisions.

Warren's wealth tax is a more realistic move for our current times. Along with reversing those bullshit tax cuts Republicans rammed through last year.
 

tallblacknyc

Rising Star
Certified Pussy Poster
If you create something that great, isn't ten million dollars enough of an award?

I walk past homeless people every single fucking day. It's sickening that our society lets some people have more than they could spend in the next thousand years while others don't have their most basic needs met.
Why should accept tens of millions if I'm generating billions... That's like selling 1000 burgers a day at $5 a burger than somebody going hey I know you making $5000 a day on burgers but you should juss keep $500 of that and give 4,500 of it away... Nah homie I should receive what I put in... Now as far as giving some bread away to help others yes I will but don't force me, allow me to make that choice or choose who I'm willing to give it to
 

tallblacknyc

Rising Star
Certified Pussy Poster
It’s stupid as fuck nobody needs a billion dollars
Needing it and having the capability of making it are two diff things... They are trying to force people who have the capability to make it push how much money they should allow to take home... In what world is that fair to limit somebody earning potential? If you are capable of doing it you should be allowed to, nobody should force you to limit your earning ability and penalize you cause you know how to generate lots of money
 

Dr. Truth

GOD to all Women
BGOL Investor
Needing it and having the capability of making it are two diff things... They are trying to force people who have the capability to make it push how much money they should allow to take home... In what world is that fair to limit somebody earning potential? If you are capable of doing it you should be allowed to, nobody should force you to limit your earning ability and penalize you cause you know how to generate lots of money
Again nobody needs a billion dollars. That money should go back to the economy to help the poor. What the fuck you need all that for?
 

Rembrandt Brown

Slider
BGOL Investor
It’s stupid as fuck nobody needs a billion dollars
That's the bottom line.

But a bunch of poor or "middle class" people (many of whom are a missed paycheck or one unfortunate circumstance away from being poor) won't let go of the dream that they just might be Jay-Z or Bill Gates one day so they accept a heinously corrupt reality because they have faith in the infinitesimal odds that their dream will one day become their real life.
 

largebillsonlyplease

Large
BGOL Legend
If you create a billion dollar idea you should be a billionaire

The problem is most billionaires became that way off other people ideas

And you pay less taxes if you make money off of someone else idea than you do if it's your own


It's systematic failure on purpose



So should there be billionaires?

Yes.

Should there be as many billionaires? Hell no.
 

tallblacknyc

Rising Star
Certified Pussy Poster
If you create a billion dollar idea you should be a billionaire

The problem is most billionaires became that way off other people ideas

And you pay less taxes if you make money off of someone else idea than you do if it's your own


It's systematic failure on purpose



So should there be billionaires?

Yes.

Should there be as many billionaires? Hell no.
Pretty much
 

Rembrandt Brown

Slider
BGOL Investor
I agree that this wouldn't fly in the current global economic context without a sea change in public consciousness. The Panama Papers documented the insane lengths the super wealthy go to in order to evade paying their fair share. But it's not like it's an unreasonable proposition, we had top marginal tax rates here in the US as high as 90% as recently as the 1960s and wealth inequality wasn't nearly as bad. Folks don't have a realistic sense of how much society has been stratified over the last 55 years or so as a result of these deliberate policy decisions.

Warren's wealth tax is a more realistic move for our current times. Along with reversing those bullshit tax cuts Republicans rammed through last year.
Bernie Sanders might be the biggest Overton Window mover of our lifetimes. He's the reason Warren is now the "reasonable alternative" with a somewhat toned down version of his 2016 agenda. I don't expect a lot of his policies to be enacted no matter what the election results but he is expanding what is viewed as possible and changing the debate. Anything to help wake people up to the gross reality they passively accept every day, I support.
 

Dr. Truth

GOD to all Women
BGOL Investor
Disagree 100%.

If you've devised a way to accumulate a fortune then kudos to you.
Most inherited that money . They don’t deserve it. They got that money off the backs of others who make peanuts. Fuck them. If you created like Jeff bezos or Bill Gates fine . People like the Royal family can suck a dick and die slow. All their wealth is stolen
 

thismybgolname

Rising Star
BGOL Investor
Most inherited that money .
So what?

They don’t deserve it.
Says who?

Do people deserve life insurance, land and other items of value when their parents pass?


They got that money off the backs of others who make peanuts. Fuck them. If you created like Jeff bezos or Bill Gates fine .
These are the types I'm talking about.

People like the Royal family can suck a dick and die slow. All their wealth is stolen
I can't speak on this because the people of those countries allow to be ruled by kings.
 

sharkbait28

Comb Your Beard
International Member
Bernie Sanders might be the biggest Overton Window mover of our lifetimes. He's the reason Warren is now the "reasonable alternative" with a somewhat toned down version of his 2016 agenda. I don't expect a lot of his policies to be enacted no matter what the election results but he is expanding what is viewed as possible and changing the debate. Anything to help wake people up to the gross reality they passively accept every day, I support.
Word. Dude single handedly set the Dem 2020 agenda for most candidates based on his '16 run. Without him there'd be no Medicare For All convo, no convo around Climate Change, no wealth inequality discussion etc etc. He doesn't really get the credit he deserves at all.
 

Rembrandt Brown

Slider
BGOL Investor
A bunch of poor or "middle class" people (many of whom are a missed paycheck or one unfortunate circumstance away from being poor) won't let go of the dream that they just might be Jay-Z or Bill Gates one day so they accept a heinously corrupt reality because they have faith in the infinitesimal odds that their dream will one day become their real life.
Based on the poll results so far, BGOL is riding for the billionaires like fairness is Lark Voorhies and feudalism is Janet Jackson. :smh:
 

Dr. Truth

GOD to all Women
BGOL Investor
So what?



Says who?

Do people deserve life insurance, land and other items of value when their parents pass?




These are the types I'm talking about.



I can't speak on this because the people of those countries allow to be ruled by kings.
No Black person should be ok with people who inherit multi millions and billions. Most of that came from African slave labor. Fuck them.
 
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