Do you think Billionaires should exist?

[Lamuks]

If the business is so successful that one becomes a billionaire, then I see no problem with it. A lot of billionaires donate a lot of money, but it just keeps flowing in.

 

[bartosimpsonio]

It's kinda rough seeing someone own billions and seeing billions of people in complete poverty.

But it's impossible to "limit success".

How would that work out?

You cap wealth at 999999999?

OK sir you've crossed the billion line, stop right there? Where does the excess money go then? To government? No way...

 

[GregFromMoonsy]

a good idea would be to tax them higher

Is it in your opinion punishing creative people and rewarding lazy people a good solution?
In result we have the tax havens (anyway good IMO)

And what more interesting most of them are the British territory or/and depend/connected with the UK.
Warren Buffett paying less tax than his secretary, because he have enough financial intelligence.

Cheers, Greg.

 

[LarryM]

I think most of them earned their money through hard work, and it would be a dickmove to say "Alright, you've got too much so please give us (the government) a big part of your cake."
I think there's not a single billionaire, who is publicly known, that does'nt know that with great money there's great responsibility. That's why they give dozens of millions of dollars to charity.
They are builders, they create jobs, they create value (not exclusively billionaires, but entrepreneurs in general). If we would'nt allow them to exist, we would be 1 step closer to communism / hardcore socialism and I don't want that to happen..

I think that you dont exactly understand the scale. There are multiple reasons they can't donate huge sums of money but if you go by net worth bezos could drop 10 million in a gutter somewhere and not notice. That would be .01% of his net worth. That is like someone with a million dollars dropping 100. I don't think we should just take it from them directly but maybe once a company hits a certain valuation it is forced public with some regulation that would help younger people. A personal idea of mine would be a mandatory number of shares in large trust that the dividends on go directly to student loans or just to 15-20 year olds. So like once a year a valuation of the company is taken and 3% is in an account and if valuation goes down they can by back those shares if they want or if valuation goes up they have to donate more shares to make up that 3%. I think that exact % would need to be worked on but it would be an interesting thing to pursue. 3% right now for all US based stocks would be 2.1 trillion dollars. That would be an incredibly powerful amount of money. The only hard part is keeping politicians and big companies hands out of the pot.

 

[unknownsmmers]

Is it in your opinion punishing creative people and rewarding lazy people a good solution?
In result we have the tax havens.

And what more interesting most of them are the British territory or/and depend/connected with the UK.
Warren Buffett paying less tax than his secretary, because he have enough financial intelligence.

Cheers, Greg.

Is there a reason you left out my whole comment and focused on 6 words to twist my comment?

I commented, "tax the lazy, greedy billionaires."
I also stated, "give the good guys a break, who benefit civilization"
And don't forget the part where I said "give tax breaks to the less fortunate, through higher billionaire taxes"

 

[hatfromthewilds]

who cares honestly, in up to 80 years they will be ded just like we. you dont need to be billionaire to live a great life.

 

[GregFromMoonsy]

Is there a reason you left out my whole comment and focused on 6 words to twist my comment?
I commented, "tax the lazy, greedy rich."
I also stated, "give the good guys a break, who benefit civilization"

The only problem is that your "good guy" who "benefit civilization" isn't in reality that good as you think.
In result of mentioned Gates activity - was died more than 100,000 children in India - let we say it was "cures diseases",
especially when previously he said that population need to be reduced.

IMO tax need to be simple and paid by everyone at the same level, except the people below the poverty line.
It's amazing how others wants to decide about the money of billionaires.

Cheers, Greg.

 

[MaggiePale]

Unpopular opinion but billionaires exist either because they exploit the working class or because they overcharge their products. Most of the time is the combination of both.

There's no such thing as a good billionaire. Yes, I do say this on a forum created with the ultimate goal being making money.

I don't say that those who created products that solve problems shouldn't be rich. They do. They deserve to live comfortable and even pass their wealth on their next generations.

But, at what cost? Jeff Bezos is a billionaire who can't even imagine how much wealth he has. Yet, his wealth is created on the blood and sweat of his employees.

Don't you think that they work hard?
Or are we still pushing the narative "If you work hard enough, you can be a billionaire too."? That narative is created by them, to make themselves even richer.
You work hard so they can hoard money.

If they paid their employees a fair share for their work they wouldn't be billionaires. But, the world would be a better place.
Their employees wouldn't have to stress over how will they pay for rent or food. And God forbid if some medical emergency occurs.
Yet, they would still have enough money to live comfortable.

So, yes. Billionaires shouldn't exist. Not at the cost of other people's lifes.

(Obligatory "English is not my native language, excuse any errors".)

 

[LarryM]

Unpopular opinion but billionaires exist either because they exploit the working class or because they overcharge their products. Most of the time is the combination of both.

There's no such thing as a good billionaire. Yes, I do say this on a forum created with the ultimate goal being making money.

I don't say that those who created products that solve problems shouldn't be rich. They do. They deserve to live comfortable and even pass their wealth on their next generations.

But, at what cost? Jeff Bezos is a billionaire who can't even imagine how much wealth he has. Yet, his wealth is created on the blood and sweat of his employees.

Don't you think that they work hard?
Or are we still pushing the narative "If you work hard enough, you can be a billionaire too."? That narative is created by them, to make themselves even richer.
You work hard so they can hoard money.

If they paid their employees a fair share for their work they wouldn't be billionaires. But, the world would be a better place.
Their employees wouldn't have to stress over how will they pay for rent or food. And God forbid if some medical emergency occurs.
Yet, they would still have enough money to live comfortable.

So, yes. Billionaires shouldn't exist. Not at the cost of other people's lifes.

That's not exactly how it works. If you have a company that pays out all profit to employees but still is moving a billion dollars a year in money that company would be worth billions because of the possibility of profit. It is just like those flippa sites that sell for 25x. The creator of the company could be a billionaire in stock while the company behaves well. They are not exclusive.

 

[unknownsmmers]

The only problem is that your "good guy" who "benefit civilization" isn't in reality that good as you think.
In result of mentioned Gates activity - was died more than 100,000 children in India - let we say it was "cures diseases",
especially when previously he said that population need to be reduced.

IMO tax need to be simple and paid by everyone at the same level, except the people below the poverty line.
It's amazing how others wants to decide about the money of billionaires.

Cheers, Greg.

By good guy, I explained in my original comment some examples of what I mean specifically.
You're targeting specific words to twist my comment, rather than answering my comment as a whole

For example:

- bill Gates cures diseases. So his cost to do that should come off the additional tax greedy billionaires would get. And if he spends too much curing them, it should become a credit.

- Elon Musk is transforming energy, transportation, and space exploration, so he would also get the credits/tax deductions

- etc.

- But let's say there's billionaires just hoarding money, not helping anybody. I think their taxes should be higher, and the people should vote where those taxes go (schools, roads, medicine, less tax on the less fortunate, etc.), And things should be more transparent

I never said billionaires should become millionaires, I specifically said they should be taxed more to help the less fortunate lower taxes (aka: small businesses who are struggling, single parents with only 1 income, etc.), And help society, and allow transparency & the opportunity for the people to vote where that increased % goes.

Billionaires aren't affected by tax increases, they will be rich forever. They could burn a million every day to stay warm, with no income for years and still be rich. (Of course, that'd never happen)

 

[GregFromMoonsy]

@MaggiePale

So why people work for the Jeff Bezos and many other billionaires such Bill Gates?
It was their own choice, isn't? Or/And they're too lazy and too scared to start the business.

Cheers, Greg.

 

[aristocratic]

@MaggiePale

It was their own choice as the are too lazy and too scared to start the business.

Cheers, Greg.

If everybody would start their own business who will be working for these businesses lol

Differences make this world beautiful !
Some are entrepreneurs some others self-employed others workers and there are people who don't even work lol

 

[GregFromMoonsy]

@aristocratic

Good point and I am agree, however B2B have much more benefits than full-time job.
For example you can be the self-employed professional instead of make billionaires more rich.

Cheers, Greg.

 

[Perfectibilist]

Billionaires are cool, in my opinion, so long as their way of attaining wealth doesn't contribute to the parasitic behavior that is so prominent around the globe.

 

[BlueSnow]

No, because that would be a clear sign that we are living in a more connected and empathic society, but that's not possible in next few thousands years at least because majority of people are selfish and think only about themselves.

 

[GregFromMoonsy]

Billionaires are cool, in my opinion, so long as their way of attaining wealth doesn't contribute to the parasitic behavior that is so prominent around the globe.

Only what we need - is learning the good things from those guys and avoid all the rest.
Because If we want to be good - we should learn from the first league not a third.

Cheers, Greg.

 

[Perfectibilist]

Only what we need - learn good things from those guys and avoid all the rest.
Because If we want to be good - we should learn from the first league not a third.

Cheers, Greg.

I guess. lol

 

[loseblue]

Capitalism is good for innovation, absolutely. Crony capitalism however is what I dont agree with. Companies like Amazon paying 0% in taxes, while paying their employees sh*t wages. We could live in a fair world, where everybody has food, education, health care etc. But our slave owners have told us that because we dont look the same, we or they, are somehow inferior. So we vote for complete buffoons like Trump. Imagine how the world would look if actual smart people were our world leaders, like scientists. There would not be any need for billionaires..

 

[St0necold]

Most billionaires EARNED their money

Most billionaires INHERIT their money.

 

[GregFromMoonsy]

Most billionaires INHERIT their money.

Can you give any example?
Especially that you say "most"

Cheers, Greg.