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Topic	'Billionaires shouldn't exist', Bernie Sanders says as he introduces tax plan.
DevsBro 09/25/19 9:05:43 AM #149:	MaverickXeo posted... shockthemonkey posted... Kombucha posted... Here are the yearly taxes that would be paid by current billionaires under the Sanders plan: 2019 wealth tax bill estimates Jeff Bezos $9 billion Bill Gates $8.6 billion Warren Buffett $6.6 billion Mark Zuckerberg $5.8 billion Larry Page $4.8 billion Charles Koch $4.8 billion Larry Ellison $4.7 billion Sergey Brin $4.6 billion Rob Walton $4.2 billion Jim Walton $4.2 billion Does that hurt any of them? That factors in net worth; not income. For example, Bezos only took home $1.6 million. ...Looking at it now, that tax is NOT a good idea. I thought it was an income tax; not a 'wealth' tax. That would essentially cut back anyone in those brackets over time to below the minimum threshold over a few years. No incentive to produce when the more production, the more overall is lost. What it would do is limit net worth (in whatever way it's calculated) to the equilibrium where their income minus taxes and expenses is equal to the payment. Suppose you have $20B and after taxes and expenses, you get 1 billion per year. At the end of the year, you have $21B, you get charged 8% ($1.68B) and now have $19.32B. Another billion later you're at $20.32B, and get charged 8% ($1.63B), putting you at $18.7B. When the dust settles, you'll be at $11.5B. A billion later, you have $12.5B and get charged $1B, which puts you back at $11.5B. --- 53 LIII 0b110101 p16 0x35 <cite>DevsBro posted [p:927917421] in 'Billionai... [t:78038212]...</cite> <quote>MaverickXeo posted...</cite> <quote>shockthemonkey posted...</cite> <quote>Kombucha posted...</cite> <quote>Here are the yearly taxes that would be paid by current billionaires under the Sanders plan: <quote>2019 wealth tax bill estimates Jeff Bezos $9 billion Bill Gates $8.6 billion Warren Buffett $6.6 billion Mark Zuckerberg $5.8 billion Larry Page $4.8 billion Charles Koch $4.8 billion Larry Ellison $4.7 billion Sergey Brin $4.6 billion Rob Walton $4.2 billion Jim Walton $4.2 billion</quote> </quote> Does that hurt any of them?</quote> That factors in net worth; not income. For example, Bezos only took home $1.6 million. ...Looking at it now, that tax is NOT a good idea. I thought it was an income tax; not a 'wealth' tax. That would essentially cut back anyone in those brackets over time to below the minimum threshold over a few years. No incentive to produce when the more production, the more overall is lost.</quote> What it would do is limit net worth (in whatever way it's calculated) to the equilibrium where their income minus taxes and expenses is equal to the payment. Suppose you have $20B and after taxes and expenses, you get 1 billion per year. At the end of the year, you have $21B, you get charged 8% ($1.68B) and now have $19.32B. Another billion later you're at $20.32B, and get charged 8% ($1.63B), putting you at $18.7B. When the dust settles, you'll be at $11.5B. A billion later, you have $12.5B and get charged $1B, which puts you back at $11.5B. --- 53 LIII 0b110101 p16 0x35</quote> ... Copied to Clipboard!
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