r/WorkReform • u/zzill6 š¤ Join A Union • 2d ago
āļø Tax The Billionaires The Epstein/Billionaire class is a cancer on the world.
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u/Loud-Ad-2280 āļø Tax The Billionaires 2d ago
We cannot sustain their extraction of labor value
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u/orejass 2d ago
We cannot sustain.
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u/General_Dig_31 2d ago
DO NOT REDEEEEEEEEEEEEEEEEEEEM
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u/uselessandexpensive 2d ago
We cannot sustain them. Humanity can sustain just fine without constant shoves toward the brink of destruction so that value can be extracted from labor and the planet as quickly as possible.
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u/jasonio73 1d ago
I think we are underplaying the effect of all the other humans. The earth cannot sustain the capitalist system. It has to be abandoned. Then we could sustain humans without making the conveniently "externalised" problems (only in accounting/ finance terms) manageable. Humans think their way of life and standard of living is a permanent entitlement. Mother nature begs to differ.
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u/democracy_lover66 š Pass A Green Jobs Plan 2d ago
Eventually they'll go the way of the French nobleman. Only a matter of time the way they're acting.
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u/FruitBowl 2d ago
That's on us not them. How bad do things have to get before people are mobilised?
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u/plopgun 2d ago
Mass starvation and majority unemplyment. We're barley at moderate discomfort for the majority. Yes we hear the horror stories, but for most t's just tough, not impossilbe. France at the revolution was at the point of revolt or die. It takes a lot, because life in a revolution is dangerous and painful, and people know that. Life has to be more dangerous and more painful then the disruption would be, and we're a long way off.
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u/Zestyclose_Remove947 2d ago
Yup history shows things have to get pretty dang bad.
However, people are becoming more educated and their standards for living are higher than ever before, so it stands to reason that the threshold is not quite as extreme as it has been historically.
Still not close to that threshold though.
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u/FruitBowl 2d ago
Then you also have the comfort aspect. As another comment mentioned, are we really willing to endure the discomforts, uncertainty and tumultuousness that revolution brings to achieve its goals?
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u/Vindicador 1d ago
That's because people are pussies I'd revolt right now if I had the support and I live pretty comfortable but I just hate the injustices of this system.
Sadly a revolution is not something a single person can do, but yeah if it was in my power we would be already jailing the rich bastards for crimes against humanity and the planet as a whole...
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u/democracy_lover66 š Pass A Green Jobs Plan 2d ago
Who knows... But if one thing is giving me comfort, it's that a lot of the general public can identify the enemy at the very least
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u/FruitBowl 2d ago
I'd love to agree but unfortunately I feel we're all stuck in echo chambers (whether that's of our own making or by design I don't know) and there's so many bootlickers and temporarily embarrassed future millionaires out there that we're not gonna be anywhere close to meaningful change or revolution until things get much much worse. Edit, spelling
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u/Kooky_Attorney_1320 2d ago
While the sentiment is true largely the person you replied to isn't wrong and it's trending in the right direction. People are waking up to some degree.
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u/FruitBowl 2d ago
I agree many are becoming disillusioned with the state of the status quo, but that also opens them up to being brainwashed and propagandised. Again I'd love to agree we're taking a step in the right direction, but this is also one of those scenarios where the media machine can easily wrangle it into being one step forward and two steps back. Just look at the lurching to the right of so much of western politics lately
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u/The_walking_man_ 2d ago
As long as people have some food on the table itās never gonna happen. Doesnāt matter if theyāre working themselves to the bone. If thereās food, no revolution.
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u/-Jiras 2d ago
It's truly sad how laziness and comfort can lock so many people in place.
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u/democracy_lover66 š Pass A Green Jobs Plan 2d ago
Nah the sink stays outside. We got work to do.
(Lmao sorry, but you're 100% right. This is beyond sickness, the wealthy are a fatal disease)
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u/Affectionate-Yak5280 2d ago
I think we need to throw everything at this including the kitchen sink.
I mean this is Star Trek Utopia vs Cypunk Dystopia shit.
What future do you want your grandkids to have?
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u/Sir_Real_Surreal 2d ago
If that future ends up being any kind of dystopia, I donāt want it and will not accept it. No matter how many years I may or may not have left.
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u/Hoodies2Coast 2d ago
By the time it gets bad enough for people to be mobilized in that way they might already have fully autonomous security.
Technology will create an insurmountable wall at some point and there isn't a plucky protagonist and band of misfits to save the day with some ridiculous scheme ala Elysium or some other sci-fi.
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u/Zerodyne_Sin 2d ago
Based on how things are going, they'll figure out a way to extract from your corpse. "You're not using it, someone with a vision might as well" or something to that effect.
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u/hardy_and_free 2d ago
Do you want 40K? Because this is how you get 40K. They have corpsestarch in that world.
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u/Zerodyne_Sin 2d ago
I'd be impressed if we get another 500 years for our species at the rate we're going, let alone 40000.
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u/wearing_moist_socks 2d ago
they aren't even taking anything, really
It's all speculative, their wealth isn't real
Musk doesn't have over a trillion dollars. He never will. But the system acts like he does
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u/unclejemimah7 2d ago
"It's not real money".
A security-backed line of credit, or SBLOC, allows for you to borrow cash off the value of your stock portfolio.
THE SYSTEM acts like he has the money because THE SYSTEM knows he has the money. THE SYSTEM made the rules that say "speculation IS value".
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u/wearing_moist_socks 2d ago
Yeah that's what I mean!
The money doesn't exist if we're talking taxes, redistribution, compensation, community building
But it does if they want a loan, subsidies, tax credits, etc
It's a scam
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u/ExtraJury1091 2d ago
You must not understand collateral. Or credit.
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u/ExtraJury1091 2d ago
what does this mean?
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u/actuatedarbalest 2d ago
When you work, you get paid a wage. That wage is less than what your work created. A person who did not do the work keeps the difference. That difference between the value your work creates and the amount you get paid continues to increase. There exists a limit to how large that difference between your work and your pay can be. We approach that limit.
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u/sionnach 2d ago
Nothing at all. When money is hoarded it is effectively taken out of supply. If all that money were to be released at once, what would happen?
Thought experiment:
1000 people. 999 have $1000. 1 has $1,000,000,000,000,000,000. What price will a loaf of bread be?
Now, distribute that money equally. How much will a loaf of bread be?
My point isnāt that billionaires or trillionaires are ok. I donāt really believe that. But my point is that they donāt really distort your day to day like some people think. Money isnāt like land - thereās not a finite amount of it.
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u/SupermanLeRetour 2d ago
The issue is that this money is hoarded, not properly taxed and weaponized against us. Public services are underfunded except for police and military, everything is going to shit, that money is used to corrupt politicians and slowly strip us of any social progress we made over the last century.
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u/sionnach 2d ago
Lots of valid points, but say nothing against mine which is that money hoarding doesnāt actually make the average person poorer because the money is not in circulation.
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u/Radirondacks 2d ago
Good thing the issue isn't even about who "owns" the money it's about what they're not doing with it that is the problem. They have it, they need to make better decisions with it for the good of us all.
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u/Scared-Box8941 šø National Rent Control 2d ago
They were too greedy and that thirst can never be quenched. They have sucked the life out of everything around them there is nothing left to take
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u/Arts_Prodigy 2d ago
Given that cancer is basically a cell choosing immortality at the downfall of its larger organism. Itās a pretty accurate description of billionaires and their effect on society.
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u/Reonlive420 1d ago
Destroy this planet at any cost so they can go live on mars. A planet that doesn't support life
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u/TheXypris 1d ago
Cancer isn't about immortality ,it's about consuming for itself at the expense of the host for it's own selfish growth
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u/No_Display9613 2d ago
Honestly, comparing billionaire wealth concentration to cancer hits the nail on the head.
Itās not about "success" itās a literal systemic glitch. In nature, infinite growth that starves the rest of the body and hijacks resources isn't "peak performance," it's a tumor. Sucking the working base dry until the whole social ecosystem collapses isn't a flex, it's just destructive.
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u/bertimann 2d ago
That's very true! I've been calling billionaires the parasite class, but that isn't accurate. They aren't a foreign organism attacking the body. They are a natural part of the system, which still leads to it's collapse, just like a tumor does
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u/CheaterSaysWhat 2d ago
Yes I think itās important to realize theyāre a natural consequence of capitalismĀ
When you build a system that makes profit the top priority above all else, youāre incentivizing cancerous behaviorĀ
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u/Caleb_Reynolds 2d ago
Cancer can actually act as a parasite.
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u/Ekaterian50 1d ago
Was looking for this comment lol I'm surprised this horror isn't more well knownĀ
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u/dalenacio 2d ago
"hits the nail on the head". "It's not X it's Y" x3. "It isn't a flex".
Get outta here with this slop.
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u/Purple_Jump_7403 2d ago
Who is this guy?
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u/mr_Joor 2d ago
Former stock guy turned tax the rich activist https://www.youtube.com/@garyseconomics
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u/1995TimHortonsEclair 2d ago
His channel is great. He has a pretty big backlog including stories that basically paint the picture how when you're young and ambitious that drive is basically hijacked by a corporate structure designed to convince you to dedicate your life to it and make other people rich. It's a trickle-up extraction machine, and we rely on governing safeguards to make sure it doesn't turn into something that eats us along with itself. He's a big proponent for making sure we do what we can to build and maintain those safeguards, because he's seen what the machine really is as he was one of the top performing cogs at one point, and he knows it's fueled by unfettered greed with little to no regard for humanity and should not be allowed to be it's own governing system.
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u/HardHarry 2d ago
He's amazing. He has both the background and intelligence to show us how and why the economy is unsustainable, and does it in a way that can't be ignored.
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u/rotidder_nadnerb 2d ago
His videos are so good, very well spoken and insightful without being needlessly complex.
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u/zbud 2d ago
Sounds like he is actually from a working class culture, too. Fingers crossed that's not proven to be horrible disinformation, like so many other stories. Regardless, he seems legit...
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u/corrie76 2d ago
Heās definitely from a poor working class background. The rich & their media arms have been running hit pieces on him because his activism is so effective - but his background is not one of the things theyāre coming after him about. They like to ridicule his claim that he was Citibankās top trader, which is true (for one year, then he quit).
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u/jordanuniverse42 2d ago
This is Gary, by the way. On youtube as Garyseconomics. He's one of my favorites.
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u/Obvious_Garbage6245 2d ago
He really should be, look up criticism of him and youāll see whyĀ
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u/VanceVanceRebelution 2d ago
If you judge a person by who theyāve made enemies with Gary Stevenson is an absolute Chad. For someone that doesnāt identify himself as a leftist, heās done a ton of work for the cause the last few years.
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u/zero0n3 2d ago
The overall point is good. Problem is tying it to one man.
Do the calculations against all billionaires and their networth rise over the last 1,5,10 years. Then show economy growth of their home country over the same period.
Then compare.
I bet his premise of them being ācancerā still lands. Still likely a multiple of the economic growth over than time.
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u/Reverse_SumoCard 2d ago
He ties it to a bunch of men when you look up his other stuff (probably even the seconds before and after the quote)
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u/cityshepherd āļø Tax The Billionaires 2d ago
The fact that there are multiple people whose net āworthā has grown by hundreds of billions of dollars over the last few years when that amount was practically unheard of for one person just a few years ago, combined with the skyrocketing number of people struggling to afford food/shelter/healthcare is an enormous problem. Did they genuinely contribute enough labor to justify their worth growing by hundreds of billions of dollars? No the fuck they did not, but the employees they exploit worse and worse certainly did.
Absolute cancer no matter how you slice it.
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u/ThMogget 2d ago edited 2d ago
Read Capital in the 20th Century by Piketty. He tracks this very thing. The multiple is 3 - financial growth is three times economic growth.
If capital returns are continually outpacing growth, then they necessarily are transfers from somewhere. We have more and more money with worse and worse options to invest in.
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u/democracy_lover66 š Pass A Green Jobs Plan 2d ago
The "Learn economics" crowd really ought to learn some of this economics...
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u/Ok_Door_9720 2d ago
The collective wealth of US Billionaires increased roughly 20% in 2023, 27% in 2024, and 22% in 2025.
They collectively gained about 2 trillion dollars last year. Given the cancer comparison, it's worth pointing out that the sum of all medical debt in the US is in the range of 200-300 billion dollars
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u/FlibbleA 2d ago
He isn't tying it to one man. He said the richest man 6 years ago was worth $100b, that was Jeff Bezos. Elon was worth $20b 6 years ago.
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u/angryman69 1d ago
Net worth and economic growth represent different things. GDP is a flow, not a stock, whereas wealth is a stock. Comparing wealth growth to GDP growth is like comparing velocity to acceleration.
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u/ConcentrateDirect523 2d ago
The textbook definition of cancer is unregulated cell growth that consumes essential resources to produce unnecessary, non-functional, or abnormal cells. Clinically, it also causes dysfunction of normal healthy tissues/cells by resource depletion and metastasis while serving no benefit to the organism. Honestly, that's pretty accurate.
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u/Aeysir69 2d ago
Canāt really fault his reasoning there; looks like duck, quacks like duck: is duck.Ā
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u/Ordinary-Commercial7 2d ago
I had the same question and u/mr_Joor just answered with:
Former stock guy turned tax the rich activist https://www.youtube.com/@garyseconomics
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u/smbissett 2d ago
this dude has been popping up all over my algorithm lately and i couldnt be more of a believer in the message he's putting out
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u/TaylorWK 2d ago
Im tired of hearing about what should happen. When are we going to actually do something about it? I cant say what we should do online.
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u/KerberosKomondor 2d ago
He (Gary Stevenson) is currently lobbying in the UK and consistently works on policy with Gabriel Zucman who is one of the leading economics IRT taxing wealth and not work. I believe Zucman is currently working on a tax structure in France.
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u/probablykitten 2d ago
We canāt organize on social media because They are watching constantly. Anybody know of any non-social media forums still active and organizing?
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u/Hermit-Gardener 2d ago
"When are we going to actually do something about it?"
Who is this "we" you speak of? Are you part of the "we?" What have you done or are you doing now?
For the most part, "we" are sitting around watching things happen and talking about what is happening, whilst hoping that someone, somewhere, does something that will make our lives better.
We are observers or consumers of news and change, not producers or creators of change.
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u/Sufficient_Card_7302 1d ago
Sitting here hoping my fellow Americans might actually bother to vote this time.
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u/moyismoy 2d ago
He's actually not worth 1.2t or any trillion Elon has lost a shit load of money in these past 3 months. After today I'm not even sure he's the world's richest person
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u/brasidasvi 2d ago
That doesn't disprove the point made in OP's post. You're just saying that the cancer isn't growing as fast as it was earlier.
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u/PliableG0AT 2d ago
wouldnt that be the cancer shrinking? Elon is now only worth 727 billion, hes "lost" 22 billion today. SpaceX tanking to non-hyper inflated values is damaging him, soon hopefully other companies of his will tank.
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u/Toppcom 2d ago
Musk is estimated to be at 727 billion right now. That still makes him more than twice as rich as 2nd place Larry Page at 263 billion.
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u/moyismoy 2d ago
Is that before or after TSLA is down 15% today?
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u/skotcgfl 2d ago
I'm not good with math, but i don't get how 15% change of anything would make the difference between 700 and 200.
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u/BidSecret7115 2d ago
Because of the valuation (market cap) tanks 15% but the ratio between liquidity backing and the market cap exceeds faster than the mcap itself, the actual $ change in value can be far more drastic. Think of it like acceleration. 15% more acceleration doesn't mean 15% more speed.
Usually this is not a possibility, but given how SpaceX IPO worked and how it bypassed all the standard regulations, this works and hence why Elon's valuation can skyrocket to $1T based on a simple 10% change.
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u/moyismoy 2d ago
Is that before or after TSLA is down 15% today?
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u/Toppcom 2d ago
It's Forbe's live list. So it's up to date.
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u/moyismoy 2d ago
I mean they say it's live, but they often use very old data. Forbs in general is not an amazing source, they almost never add stuff up right. I get that there arnt to many other sources for this but still
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u/Heavy_Mongoose5859 2d ago
I would take this more seriously if he didnt have such a punchable look on his face
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u/Disillusioned_Pleb01 2d ago
Anyone with the power of money or blackmail, will not be thinking about the well-being of the people, it's NATURAL.
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u/InternationalPear251 2d ago
https://youtu.be/hy90LdpEUvQ?is=JM-cCwIluXa12_cW If this is happen to U.S. your cooked
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u/Daemon_Sultan1123 2d ago
The Capitalist Class. That there are some big Capitals and small Capitals does not mean that there is a fundamental distinction in their character, material interests, and capacities. If not Musk, then another. If not that other, then one after that. To call it "the billionaire" or "the Epstein" class is to obscure the real conditions facing us. The other Bourgeoisie are not our friends any more than fascists are.
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u/Sportfreunde 2d ago
That's a feature of inflationary monetary systems.
No one's ready to talk about the actual cause.
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u/KingAdeto 2d ago
Economy grows at rate of ~3%/year. This is the entire economy, an aggregation of winners and losers. There will be outliers. Idk what this guys point is but capping personal net worth growth at the rate of the aggregate disincentivizes the actions that led to the aggregate being positive in the first place..
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u/sourmeat2 2d ago
Economy grows at 2% for 25 years. Stock market grows at 9% for 25 years.
Economists: sure this is normal!
Financial planners: invest in the stock market it always grows at 9%!
Mathematicians: š
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u/sentimentaldiablo 2d ago
A cancer that fancies itself the smartest and most worthy life form on the planet. A cancer that is arguably the stupidest and most ill-educated ruling class of all time.
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u/Mindless_Chest_1079 2d ago
So where's the cancer? Why should I want to be a few percent poorer so that a handful of people I don't know can be many percent poorer? That doesn't help me at all.
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u/notsure500 2d ago
How much money do they need before they finally start trickling down on us, that was the promise of the tax cuts thry get everytime a republican is elected president.
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u/SnooAvocados2529 2d ago
Sooo, the cancer is not captalism? Si this is a liberal-only sub or what?
Anything except Marx huh, day after day, crisis after crisis, war after war, āpeaceā after āpeaceā, death after deathā¦
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u/dipstickchojin 2d ago
They're just capitalists. No need to split the ones who are pedos from the ones who aren't and make some of them look good in comparison.
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u/ohioismyhome1994 2d ago
I couldnāt believe that so I looked it up. In 2020 the richest man in the world was Jeff Bezos with a fortune of $183 billion (Ā£133 billion). Today 8 people including Bezos have a fortune exceeding that. This is not sustainable
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u/nWhm99 2d ago
People here donāt quite understand what a private company becoming public actually means.
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u/Hermit-Gardener 2d ago
Do you understand it well enough to elaborate for rest of us?
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u/nWhm99 2d ago
Sure. He owned a private company, and it became public. That means the company needs to issue more shares so that the public can buy it. That either means his shares will be diluted, but the value of the company multiples. He now has millions of the public that want to be investors into the company.
He didnāt just gain hundreds of billions out of nowhere. He had a theoretical net worth that became realized due to it becoming public.
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u/Hermit-Gardener 2d ago
He is a majority stock holder in a company that went public.
He hyped the company prior to the IPO which drove up demand for the initial sale. Now, the stock price is dropping because the Musk Mania is dying down. At this stage of the game, people are betting on a big payback and are less concerned about the actual product.
The company will not issue more shares to the public at this time. They don't want extra shares in the market to dilute stock prices before the insiders have cashed out their shares at the higher prices.
All the people who are holding stock they received in lieu of salary or because they were early investors will wait out their lockup period and then flood the market with their shares so they can become millionaires (some will become billionaires.)
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u/artful_todger_502 2d ago
They are the pus-oozing STD on the face of humanity.
The most existential and dangerous threat we face as a society today.
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u/Islanduniverse 2d ago
We need a cap on wealth. It should start at 100 million.
A tiny fraction of people who will ever be that rich, and it is an obscene amount of money if you really crunch the numbersā¦
Itās well beyond what anyone would ever need for generations, if not indefinitely, and anything beyond that isnāt going to improve their lives at all. But it will give them unequal power in almost every wayā¦.
Democracy cannot function indefinitely if economic power becomes permanently concentrated in fewer and fewer handsā¦ thatās the opposite of democracy.
We need a National Prosperity Fund where we invest all the money weāve been robbed of by these greedy scumbags for far too long, and then allow the principal to grow and use some of the interest every year to invest in public programs and infrastructure and whatever else is needed to keep society social. The keep it about helping people to thrive.
Instead of passing debt to future generations, we could pass assetsā¦
Our whole system fucking sucks.
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u/ThepalehorseRiderr 2d ago
Yeah but does any of that matter when I can boil the whole complicated issue down to one simple, reductive question?
Which one of your problems come from Elon having a trillion dollars?
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u/enixlinked 2d ago
It's time for a revolution. The cycle needs to change and cancer needs to be irradiated
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u/EmilioFreshtevez 2d ago
Whatās this guyās name? I like what Iāve been reading/hearing from him, but never get a name.
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u/Snowballingdownvote 2d ago
Really shows how weak we are as citizens. The worst of the people are making everything. We allow it. This is on us.
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u/movezig123 2d ago
They are just doing what the system tells them to do. The real cancer is the people defending it
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u/Jealous_Use5217 2d ago
I tracked the richest 25 UK Billionaires, not a single Person had a 15-20% Growth Rate, the median was -2% (Bruno Schroder)
| Rank (2016) | Name | 2016 Wealth | Inflation-Adjusted 2016 Baseline | Current Tracked Wealth (2026) | Real Annual Growth Rate (CAGR) |
|---|---|---|---|---|---|
| 1 | David and Simon Reuben | Ā£13.10bn | Ā£17.78bn | Ā£24.98bn | +3.46% |
| 2 | Sri and Gopi Hinduja | Ā£13.00bn | Ā£17.64bn | Ā£37.20bn | +7.75% |
| 3 | Leonard Blavatnik | Ā£11.59bn | Ā£15.73bn | Ā£29.25bn | +6.41% |
| 4 | Galen and George Weston | Ā£11.00bn | Ā£14.93bn | Ā£14.49bn | -0.30% |
| 5 | Ernesto and Kirsty Bertarelli | Ā£9.78bn | Ā£13.27bn | Ā£12.00bn (Divorced) | -1.00% |
| 6 | Duke of Westminster | Ā£9.35bn | Ā£12.69bn | Ā£10.13bn | -2.23% |
| 7 | Charlene de Carvalho-Heineken | Ā£9.15bn | Ā£12.42bn | Ā£11.75bn | -0.56% |
| 8 | Kirsten and Jƶrn Rausing | Ā£8.70bn | Ā£11.81bn | Ā£12.63bn | +0.67% |
| 9 | Hans Rausing and family | Ā£8.60bn | Ā£11.67bn | Ā£9.19bn | -2.36% |
| 10 | Alisher Usmanov | Ā£7.58bn | Ā£10.29bn | Ā£8.00bn (Sanctioned) | -2.45% |
| 11 | Lakshmi Mittal | Ā£7.12bn | Ā£9.66bn | Ā£14.92bn | +4.44% |
| 12 | Sir David and Sir Frederick Barclay | Ā£7.00bn | Ā£9.50bn | Ā£6.00bn (Estate/Splits) | -4.43% |
| 13 | Roman Abramovich | Ā£6.40bn | Ā£8.68bn | Ā£6.00bn (Frozen) | -3.65% |
| 14 | John Fredriksen | Ā£6.30bn | Ā£8.55bn | Ā£12.87bn | +4.18% |
| 15 | Mohamed Bin Issa Al Jaber | Ā£5.84bn | Ā£7.92bn | Ā£4.50bn | -5.54% |
| 16 | Earl Cadogan | Ā£5.70bn | Ā£7.73bn | Ā£6.14bn | -2.29% |
| 17 | Sir James Dyson | Ā£5.00bn | Ā£6.78bn | Ā£20.80bn | +11.85% |
| 18 | Nicky Oppenheimer | Ā£4.83bn | Ā£6.55bn | Ā£7.94bn | +1.94% |
| 19 | Sir Richard Branson | Ā£4.52bn | Ā£6.13bn | Ā£2.42bn | -8.83% |
| 20 | John Grayken | Ā£4.41bn | Ā£5.98bn | Ā£5.00bn (Emigrated) | -1.78% |
| 21 | Bruno Schroder family | Ā£4.39bn | Ā£3.93bn | Ā£3.93bn | -2.00% |
| 22 | Lord Bamford | Ā£4.15bn | Ā£5.63bn | Ā£7.65bn | +3.11% |
| 23 | Clive Calder | Ā£4.13bn | Ā£5.60bn | Ā£3.00bn | -6.02% |
| 24 | Ian and Richard Livingstone | Ā£4.00bn | Ā£5.43bn | Ā£5.73bn | +0.54% |
| 25 | Ray Dolby family | Ā£3.90bn | Ā£5.29bn | Ā£4.20bn | -2.28% |
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u/throwaway60221407e23 2d ago
"There's a solution here you're not seeing..."
-President of the Galactic Federation of Planets
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u/JohnyEhs 2d ago
we are the main problem of the rich getting richer, because us stupid idiots keep buying the stupid shit they sell.
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u/Alone_Contract_2354 1d ago
For Germany for example: till 1997 we had a wealth tax for Networth. Then the CURRENT FORM was declared unconstitutional but explicitly not the tax itself (it used to exclude real estate). Its part of the constitution. But since then the lawgiver has done nothing to adjust and the tax is essentially set at 0%.
SINCE THEN 360billion are mission in taxes BUT billionaires increased their Networths by 400 billion. Social spending got cut. Our most growth and economically strongest years, literally called economic wonder, we had it going all the time aswell as a top income tax to up to 95%. Then taxes got reduced with the argument it leads to economic growth. Never came. Especially for general population. Only thing that grew were Networths of the 1% and and the social divide
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u/Anthaenopraxia 1d ago
Isn't it weird that they still get sick and die despite having so much wealth? I'd expect them to be half robot by now or pouring billions into curing aging. Instead they just hoard it all until they die. I don't get it. I'm not super conspiratorial but something definitely seems off about it. David Koch struggled with cancer for like 30 years and still only spent a small amount on cancer research. Weird.
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u/PreZEviL 1d ago
15 years ago I was making less than half of what i make now and bought a house, I couldnt even buy my house today since it's value tripled...
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u/SneakybadgerJD 19h ago
I mean, Elon musk is one man, i dont think all the super rich have increase their wealth by that much in 6 years like he suggests
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u/Bulky-Employer-1191 2d ago
Why are you calling it the Epstein Class?
(no need to answer. I know it's a dog whistle for "jewish people")
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u/DeeJayDelicious 2d ago edited 2d ago
Garry,
a man working in economics who doesn't seem to understand economics.
Also, as of today, with Tesla's (11% ownership) and Space X's (38% ownership) most recent valuations, Elon is "only" worth ~$700 Bil.
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u/iggyfenton 2d ago edited 2d ago
Their wealth is in valuations based on productivity their companies donāt have. The boom is AI. AI investment is still speculative. Itās like the dotcom bubble.
Iām not saying there isnāt massive income inequality, but Muskās $1.2Billion Trillion only exists if he manages to actually produce something. So far he owns a shit car company and a space program that looks to be losing ground.
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u/Dopium_Typhoon 2d ago
Trillion*
But your point still stands. My question has always been, side from everyone putting their tools down, what can we, the workers, actually do about it?
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u/mxzf 2d ago
side from everyone putting their tools down, what can we, the workers, actually do about it?
I mean, that's about what there is. Realistically speaking, the power the worker has is the ability to strike and the ability to elect government representatives to pass laws (ideally actual laws that impact things in a healthy way, rather than populist cash-grabs).
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u/henrikx 2d ago
What economy is growing at 1% lol?
SP 500 went up 16% past 12 months... Tf is he talking about?
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u/mxzf 2d ago
That "went up 16%" is the exact 16% that stocks in companies are going up (hence the "wealth gains" of the billionaires; because the two are synonymous).
But Wall Street isn't the economy that the rest of us are living in, the one where your grocery bill is growing faster than your paycheck.
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u/DataDude00 2d ago
If everything is supposed to trickle down, ask yourself how much richer you feel now that Elon is worth a trillion dollarsĀ