Yeah, so this is the part where the market regulates itself? Y’know, the part where ultra billionaires just dump money by the boatloads to buy up stuff that everyone needs?
Capitalism will ONLY work if we put hard caps on how much wealth a single person can hoard. Billionaires shouldn’t exist. Millionaires shouldn’t exist. There is no need for them and there is no human right somewhere that says that you really van become one.
Any wealth over 1 million should be taxed 100%, doesn’t matter the country.
With that, we can say goodbye to hundreds of problems that plague the world, including this one
So you don’t understand the value of money, got it. This isn’t even a decent retirement anymore. And that’s if it’s all invested assets. Not even including the absurdity of housing values these days. You can only pull 35-40k from that without hitting the principal.
You can reach 1 million in assets over a decade or so as a middle class worker.
Stop drawing your lines in the sand through your fellow workers! You kill any support you might have with this idiotic crab in a bucket mentality.
…yeah, this is in USD, we’re working with a specific assumption of population here. Also, definitionally, anyone barely scraped ng by is NOT middle class. That’s the entire point of the designation.
I only half agree with this assessment. Most million dollar homes are million dollar homes due to billionaires and firms poaching housing from actual families and driving up prices.
Idk WHERE we draw the line, but I absolutely say we start culling from the top and see where we land.
The housing market is effed in a lot of places, no argument from me on that. But stringing up someone with a nest egg for their retirement isn’t the solution.
That’s not true, considering 60% home ownership. How can most homes be owned by billionaires when most people own their homes. Are most people billionaires?
They don’t need to own all of them, just slightly more than the turnover/growth rate. If a community only has 2% of people moving in/around, and billionaires own 4% of the houses in an area, they can still jack up the prices, which changes the value of all the homes
Marx himself wrote this long ass book explaining the capitalism of his time, yet modern leftist have no interest understanding the capitalism of their time.
And I was suggesting that the middle class already pays a wealth tax as most of their wealth is in their home. I agree with OPs sentiment, but have it start above $5 million and have it pretty steeply progressive.
If you set a number like 5 million it will eventually reach the middle class. For example, the AMT was created to tax billionaires, but I actually had to pay it one year because I sold some assets. Now middle class people have to potentially do two calculations to see if AMT applies (when you have a one time sale with a capital gain)
Instead of making lots of new rules at random cutoffs, why not just fix the rules we already have?
Repeal the stepped up basis for inheritance, repeal caps on payroll taxes, etc
Any middle-class person who puts their mind to it will become a millionaire. It involves living below your means, not buying cars constantly, and investing your money for decades. I can’t stress enough how big of a difference those things make.
A huge portion of retirees are millionaires because they were responsible and didn’t blow all their money.
Millionaires shouldn’t exist.
Why would you want responsible, middle-class retirees to blow their money instead? Why would you force them into a situation where they have to rely on others in their retirement rather than living comfortably off their own hard work?
Yeah, so this is the part where the market regulates itself? Y’know, the part where ultra billionaires just dump money by the boatloads to buy up stuff that everyone needs?
Capitalism will ONLY work if we put hard caps on how much wealth a single person can hoard. Billionaires shouldn’t exist. Millionaires shouldn’t exist. There is no need for them and there is no human right somewhere that says that you really van become one.
Any wealth over 1 million should be taxed 100%, doesn’t matter the country.
With that, we can say goodbye to hundreds of problems that plague the world, including this one
So you don’t understand the value of money, got it. This isn’t even a decent retirement anymore. And that’s if it’s all invested assets. Not even including the absurdity of housing values these days. You can only pull 35-40k from that without hitting the principal.
You can reach 1 million in assets over a decade or so as a middle class worker.
Stop drawing your lines in the sand through your fellow workers! You kill any support you might have with this idiotic crab in a bucket mentality.
This might be true in a rich 1st world country. For a small subset of “middle class worker”, most live paycheck to paycheck, barely scraping by.
…yeah, this is in USD, we’re working with a specific assumption of population here. Also, definitionally, anyone barely scraped ng by is NOT middle class. That’s the entire point of the designation.
This platform is so incredibly out of touch with reality, especially the more left leaning side of things.
A millionaire these days just means you’ve paid off your mortgage and have a decent amount put away for retirement.
I only half agree with this assessment. Most million dollar homes are million dollar homes due to billionaires and firms poaching housing from actual families and driving up prices.
Idk WHERE we draw the line, but I absolutely say we start culling from the top and see where we land.
The housing market is effed in a lot of places, no argument from me on that. But stringing up someone with a nest egg for their retirement isn’t the solution.
Oh, for sure, but I’d bet my goat that the problem would go away WELL before people started looking at single family homes actually owned by families.
That’s not true, considering 60% home ownership. How can most homes be owned by billionaires when most people own their homes. Are most people billionaires?
They don’t need to own all of them, just slightly more than the turnover/growth rate. If a community only has 2% of people moving in/around, and billionaires own 4% of the houses in an area, they can still jack up the prices, which changes the value of all the homes
Not what I said my guy.
Marx himself wrote this long ass book explaining the capitalism of his time, yet modern leftist have no interest understanding the capitalism of their time.
There’s a lot they don’t understand, to be honest.
“Capitalism will ONLY work…”
It really won’t.
A million ain’t what it used to be. You want to retire so you need to invest. You don’t want to pass laws that make that impossible.
But if you had free healthcare, UBI, and your home is paid off, would you really need to save that much?
If your home is paid off you could have over a million already
My dad’s house that he bought in 2006 is worth over 1 million, how do you tax that
If you are in my state, it’s taxed via property tax.
Yes, he pays property tax, but people are suggesting a wealth tax which would be bonkers. He would have to go back to work or seek the house
And I was suggesting that the middle class already pays a wealth tax as most of their wealth is in their home. I agree with OPs sentiment, but have it start above $5 million and have it pretty steeply progressive.
If you set a number like 5 million it will eventually reach the middle class. For example, the AMT was created to tax billionaires, but I actually had to pay it one year because I sold some assets. Now middle class people have to potentially do two calculations to see if AMT applies (when you have a one time sale with a capital gain)
Instead of making lots of new rules at random cutoffs, why not just fix the rules we already have?
Repeal the stepped up basis for inheritance, repeal caps on payroll taxes, etc
Any middle-class person who puts their mind to it will become a millionaire. It involves living below your means, not buying cars constantly, and investing your money for decades. I can’t stress enough how big of a difference those things make.
A huge portion of retirees are millionaires because they were responsible and didn’t blow all their money.
Why would you want responsible, middle-class retirees to blow their money instead? Why would you force them into a situation where they have to rely on others in their retirement rather than living comfortably off their own hard work?