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Most billionaire wealth isn't in yachts or jewelry — that's just a few percent of it. Most is productive business capital: companies that employ people, build things, and fund research. Tax that wealth and you're taxing the businesses that employ us all. Cato's Adam Michel explains.

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The logical contortions based on illegitimate assumptions that you guys go through to arrive at such conclusions is stunning. But it's still total bullshit. BTW - most folks understand that the yachts, jewelry, private jets are mere symbolic of the actual wealth-hoarding & debt-shuffling.

Nah, fuck that. And fuck you. Stocks aren't productive capital. And I also want to tax the businesses. Amazon should pay more in taxes. Meta should pay more in taxes. Etc. Also, to Adam's quote: good, eliminating billionaires is its own independent good, even if we got no money out of it.

That’s silly. Distinguishing that wealth as special is strange as it’s got much less velocity than non billionaire wealth which circulates and generates activity beyond pushing up valuations.

Cool. Let's forego the tax, then, and just have those companies become worker-owned. Then everyone can be responsible for employing people, building things, and funding research instead of just a few who have gotten lucky and enjoy the massive advantage of capital compounding over time.

Only a fraction of a fraction of a fraction of "billionaire wealth" (does that make it special somehow?) is earned by the billionaire. The rest is stolen from the people who actually worked for it. Call it a tax if you want, but if the billionaire didn't earn it, I don't know why we let them have it

Also a major reason to tax the rich is to remove the huge amount of power and influence it gives them. Case in point the god damn Cato institute. Founded by the Koch brothers.

Aside from tax revenues the main reason to tax billionaires out of existence is to stop them from destroying society. I'd gladly throw Musk's fortune in a fire if it meant he didn't have it anymore.

‘Here is why it would be a mistake to do something that inconveniences rich people’ by ‘a man employed by rich people to write these articles’

Now do the CEO:worker pay ratios over the years and explain how this fits with your thesis Spoiler: it doesn't

Oh no! How will we afford our stock buybacks if we have to pay more in taxes. (You already get a deduction for your labor, 100% depreciation for your buildings, and tax credits for research). I wonder what's missing from this list that is causing the companies to pay tax?

The Wealth Inequality in the United States Wikipedia page shows that the top 1% of American households hold roughly 31.7% to 32.5% of the nation's total wealth, while the bottom 50% hold around 2.3% to 2.5%

Yah, "building things" Mark Zuckerberg operates a private jet fleet featuring a Gulfstream G650ER (registered as N68885) and an $80 million Gulfstream G700 (registered as N3880)

The three-day wedding of Jeff Bezos and Lauren Sánchez in Venice, Italy, is estimated to have cost between $46.5 million and $55.6 million (roughly €40 million to €48 million). Yah, research and building things ...

That is BS Rationalization of a class of arrogant and narcissistic people who live in extravagance whilst their employees struggle to FEED families @cato.org thinks we are stupid

Also please tell me how billionaires donated hundreds of millions to political campaigns is for the benefit of anyone but themselves and does not create a rot in the body politic.

What utter horse shit, amazing workers require social security to survive meanwhile he has more wealth than he can use in 10 lifetimes, nobody is buying this trickle down lie any more

The shit eating grin of a man fed by the saggy teat of the billionaires. It's a wonder why he would say such a thing.

OK great and then more small businesses can maybe compete with the Walmarts of the world? Yeah wow that sounds awful. Although now that you mention it, a good trust could fund a company better than a billionaire could, so maybe the takeaway is "guillotines are more effective than taxes" 🤔

You come up with a way to restrain the individual from destroying the society without violating your principles and I will once again countenance the idea that libertarian ideas are ideologically cohesive.

Reduce taxes and you end up with less services and goods, like bridges. We also end up with less free research since the people who do it starve instead. As far as employment... a company's goal is to employ as few people as possible.

Taxes are on income, not operating capital that has already been subjected to taxation when it was profit earmarked as retained earnings. If you're going to make baldfaced lies, at least make them less transparent.

WE REALLY DON'T NEED TO TAX BILLIONAIRES TO GET LESS OF THEM. WE CAN JUST DO IT THE OLD FASHIONED WAY. THEY'RE CLEARLY GOING TO KEEP DOUBLING DOWN AND FORCE IT TO COME TO THAT ANYWAY. BETTER GET THEIR BUNKERS BUILT...

The ONLY thing Americans realized from trickledown is what a lie this is. "We" invest in our needs as well as infrastructure. Clean air and water, farming, justice, welfare and social security. Buying Republicans and scotus didn't create a single job.

I don't think Americans have realised much about trickle-down economics at all, actually. For one thing, both parties of their stupidly limited excuse for "democracy" openly celebrate trickle-down economics without consequence, and for another thing, Americans are stupid enough to vote Trump. Twice.

You greatly overestimate Seppo intelligence and/or education. This is not a culture that values intelligence or logic, and I can assure you that American culture is fully on board with American capitalism.

While I will admit the stupidity is a big part of it, it can't be understated how badly Citizens United fucked our elections. It's a massive thumb on the scale of politics.

The more educated a population is, the more resistant to propaganda. There’s a reason that Americans fall for “the media” and politicians with big war chests have a massive advantage.

those people and researches shouldn't be economically hostage to those specific billionaires in the first place, it's a risky inverted pyramid to allow to exist, taxation would contribute towards liberating them from that tyranny

Companies that pay their employees so poorly that they need federal food assistance to eat? Or refuse to give their employees bathroom breaks? Or work them so relentlessly that their bodies break down & they get repetitive motion injuries? Those "productive" companies?

Fewer and fewer people are buying this line of bullshit, luckily. What it boils down to is “I’ve got mine, so fuck you.” If some semblance of fairness is ever restored to our tax system, zillionaires will still be plenty rich, but what you really can’t stand is democracy.