Current Events > Taxing extreme wealth could lift 2.3 BILLION PEOPLE out of poverty

(+) Yeah! (+)

This unprecedented global concentration of wealth has launched a global movement to tax the wealth of the richest individuals to fund health care.

According to a new report published by Fight Inequality Alliance, the Institute for Policy Studies, Oxfam and Patriotic Millionaires, a small, annual wealth tax on the world's wealthiest billionaires and multi-millionaires could raise over $2.5 trillion each year. (That's based on a graduated rate structure of a 2% tax on wealth over $5 million, 3% on wealth over $50 million, and 5% on wealth over $1 billion.)

This is enough revenue to lift 2.3 billion people out of poverty, vaccinate the entire world, and deliver universal health care and social protection for all citizens of low and lower-middle-income countries an estimated 3.6 billion people.

Here in the United States, a tax like that could raise nearly $930 billion a year. And with a more progressive rate structure say, a 10% rate on wealth over $1 billion it could raise over $1 trillion. Numbers like that could put us on the path to universal health care, a decarbonized economy, and much more.

But how will Elon Musk afford another mansion?

But then what motivation will ambitious industry leaders have to innovate and create when they can only make tens of billion of dollars instead of hundreds of billions of dollars?

If you could replace Flint's water system for pocket change, would you?

If you could replace Flint's water system for pocket change, would you?

We should just force people that own homes to be required to house homeless people.

We should just force people that own homes to be required to house homeless people.

But how will Elon Musk afford another space program?

He has bootstraps

Ah, yes... Handouts.

The go-to solution for people who lack total self-accountability.

fixed that for ya

However, over the years, Musk's companies Tesla Motors, SpaceX, and SolarCity have received billions of dollars from government loans, contracts, tax credits, and subsidies. ... Here's a look at some of the federal and state-level government subsidies that have contributed to building Musk's empire.

It's crazy how many people even grow up watching family member and friends work low paying jobs mentally struggling to the point of sometimes even collapsing,but still are like "Neh, billionaires need the breaks more. It's fair"

It's crazy how many people even grow up watching family member and friends work low paying jobs mentally struggling to the point of sometimes even collapsing,but still are like "Neh, billionaires need the breaks more. It's fair"

Ah, yes... Handouts.

The go-to solution for people who lack total self-accountability.

I think it's some weird carry over from our more primitive ancestors that stays in some people's brains. They want to be the good worker drones and believe in set hierarchies where some (the rich) are objectively better than others. That and all the propaganda has melted their brains.

...

...really?

That's it. Final answer. That's what you want your response to be?

Forcefully taking money away from people to give to other people is cool and awesome.

Forcefully taking money away from people to give to other people is wrong.

You act like those extra taxes would ever be applied and not thrown into some kind of slush fund.

Forcefully taking money away from people to give to other people is wrong.

Taxes do that to normal people every fucking day. The problem is these billionaires avoid even paying taxes let alone their fair share already.

If you could replace Flint's water system for pocket change, would you?

You act like those extra taxes would ever be applied and not thrown into some kind of slush fund.