Great video. Curious to see who if anyone disagrees with its positions and how people vote.



Cliffs

- we have entered a 2nd Gilded Age
- Late 19th century a handful of robber barons monopolized the country, kept wages down, bribed law makers
- It would take today's median worker 4 MIllion to make as much as Elon Musk now has
- Rich use that wealth and power to cut their taxes to almost nothing and sometimes literally nothing
- Inheritance is key to family wealth over time
- wealth Boomers looking to pass on $30-$70Trillion tax free
- inheritance over time may put all of America's wealth in the hands of just a few families
- the elite have stifled income growth thus denying workers savings, thus denying them the ability to gain wealth and participate in the countries growth over time
- Dynastic wealth makes a mockery of America being a meritocracy or that people earn what they are worth in market
- Dynastic wealth creates a self perpetuating aristocracy counter to the ideals America claims to represent
- Theodore Roosevelt tackled the issue in the early 1900's by imposing taxes that went after Wealth. The Estate Tax and Capital gains tax, both of which have become riddled with purchased loop holes
- As Trump's National Economic Director stated "Only morons pay the estate tax".
- The Stepped up Basis then protects everything prior protected from the Estate Tax. You pass on everything not taxed in the first place and it becomes available to the heirs with no capital gains. A complete reset.

Didnt progressives want to tax every estate tax/holdover tax no matter what? IM okay with taxing those where the figures are like 9 figures maybe 8 but taxing 6 figures or even 7 seems awkward.


I thought the last few years of the great ROMAN empire (actual roman empire btw so the fall of 450) had a big wealth gap as well. I don't think we are nowhere near that alarm bells or levels anytime soon tho, hopfully.


ive been saying this for years tho, idk why small business who clear 6 figures get taxed more than walmrt, amazon, etc.. sure they aren't PAYING as much as those companies in $ value. but the % of profit is legit insane. I can buy the "they create more jobs tho" angle but I cant buy that they cant be afforded to pay a couple points more with very very little consequence.

The wealth gap as is bad of the 1930s in the US ….
Seem pretty bad to me , shrug

https://www.pewresearch.org/fact-tan...st-since-1928/

« U.S. income inequality, on rise for decades, is now highest since 1928 »

No wonder the economy not going well .
I mean the real economy not the stock market ….

The 2008 Housing crisis effectively wiped out a substantial portion of the Middle Class growing wealth. The main wealth they pass generationally on to their kids.

As I have stated prior that growing asset bundle just became too attractive and too ripe for those on Wall Street not to target it and then rape and pillage it.

They did so enormously effectively and then on the other end of the crises many P/E firms decided to jump in and buy up the asset class off the backs of the devastated prior homeowners who could no longer afford to own, as a rental home. An asset class they mostly avoided like the plague prior but now they see how much wealth average MC citizens accrued in that class is now a target for them.

They will get to SS and gut it eventually. It is just a big pot of money waiting to be taken.

I couldn't make a choice from the available options in the poll.

I wanted to vote:

"It's an important issue, but one that we can do something about."

If you really do think this is the billionaires vs everyone else, then short of violence, what cards do you think the little guy holds here?

Based on the latest labor force numbers, it looks like the current strategy is to simply not participate in the game. People are electing to sit on their couches, enjoying their immunity to eviction and waiting for Bernie Sanders to turn Elon Musk upside down until all those soon-to-be-worthless shares of Tesla fall out so they can be redistributed.

At least emptying Bezos's pockets will result in some people luckboxing their way into an entire year supply of sugar free pudding as their share of the spoils. What am I going to do with a ton of cobalt from Elon's stockpile?

Worst. Revolution. Ever.

Ins0’s struggle to understand the fungiblity of money never ceases to amuse.

The little guy has little to no cards to hold. And "violence" is not a playable card either. This, again, is why we need muscular state agencies to take these robber barons' hoarded wealth away and redistribute it in a sound manner.

1. I assume that this assistant to the slumlord is aware that the federal eviction moratorium expired back in the summer. A few states have held on, but people are getting evicted all over this country. Glancing at the map and roughly 40 of 50 states have zero eviction immunity in place, and most of the remaining 10 states have significant qualifiers to this policy. So, yeah, time to update your Marie Antoinette-style screeds on the lazy poors.

2. No, we don't want Bernie or anybody else to redistribute Musk's stupid Tesla stock. We want to take his CASH MONEY so that it can be directly spent on housing and healthcare for the working class and others.

But DN, how could you possibly convert shares of Tesla ownership into cash? It can’t be done!

Elon has no CASH MONEY, friends.

Or at least, very little of it. Tesla has maybe 10-20 billion in cash on hand, so I guess you could steal that, but employees aren't going to love that come next Friday's payroll.

Most billionaires have very little CASH MONEY, as CASH MONEY does a piss-poor job of self-replication.

If you take all of those shares of Tesla away from Musk and hand them out to the lazy poors, they'll end up sold for pennies on the dollar on account of there being more sellers than buyers. You cannot eat stock certificates, you just have to take the market rate for them in cash. You know, sort of like how you can't smoke or inject food stamps or EBT cards, so people will sell those for a fraction of their stated value on Twitter.

Your inability to acknowledge the most basic of market fundamentals never ceases to amuse.

I get that, in many cases, a person or corporation's wealth is largely illiquid. What I was trying to convey with "CASH MONEY" was to contrast your strawman of a policy left/liberals would want, this, "market-based solution" (give people Tesla stock) with the more equitable, socialist-type solution that we ACTUALLY prefer (take Elon Musk's wealth directly).

We are not waiting for any such thing.

By the way, where's the contrition for your objectively false "enjoying their immunity to eviction" statement? I know it sucks to get owned by facts, all posters have been there at least once, but it's a pretty large part of your whole economic ideology and everything so it shouldn't just be ignored.

Anyway, I probably was too cute with my language. For the record, I would be quite happy to see Vermont Independent Senator Bernie Sanders somehow seize the majority share of Tesla's stock and ship it around. I would just prefer moves that A: could conceivably happen, through taxation; and B: don't lend legitimacy to that hyperexploitative market that we on the left dislike.

Haha, yeah. But I mean, EVEN IF you accept Inso's ideas here, and in particular his statement, doing this would STILL be a net positive for American society, compared to what that money would be doing collecting dust in Elon's Dogecoin account.

Unfortunately, no right-winger will ever agree with my assertion above, as the accepting-pennies-on-the-dollar plan is an inefficient allocation of resources and they worship at the altar of EFFICIENCY, even when it carries with it a bunch of human misery.

It’s impossible to tax people who have illiquid assets. Sorry folks, can’t be done!

Interest take.

Elon and Besoz and others can borrow Billions versus their stock position to avoid ever paying any Income tax, then pass on their stock Tax free to their kids who can sell it paying zero capital gains and yet you think they have no money to pay taxes.

Hmmm? Can buy mega Yacht but too broke to pay any tax.

Those mega yachts are owned by a bank. Musk as the sole debtor on that bank loan is easier to control than if say, 60,000 randos off the street took their one redistributed share of Tesla to a bank and tried to put together a timeshare agreement. My guess is the bank will be less excited about financing that one.

Musk only has about 130 million shares of Tesla to play with. What are each of you going to do with your theoretical $350?

Like you thinking compounding effect is irrelevant ?
Think about it a second, maybe a light bulb will lighten up.....


Btw it is the banks that CREATE money.
Musk can put any collateral he wants and have billions in an instant....

Don't let Inso0 get away with the pro Billionaire paying nothing propaganda. it is pure spin.

Sure if you buy a yacht that requires its own service yacht so you can get in closet to shorelines in the comfort you deserve spending that $500MM plus may crimp your cash flow. But Bezos and Musk are still plenty liquid.

Whenever they need some extra they simply call their banker who gladly gives them as much as they need.

Inso0 'oh woe is me. How would they ever get the money is just BS nonsense the Billions pay advocates to go say and then hope useful idiots repeat it.

Doesn't change the fact that Billionaires like Elon know that is a just a tax loophole game they are playing to avoid paying any income tax.

Income by any other name has always been income as long as the IRS rules say it is. That this loophole is purposefully created so they can avoid it is just a joke.

Elon and Bezos draw zero in income thus they should live like someone who earns zero unless they have pulled off some of trick where they are using loan proceeds like income to live off day to day while avoiding paying any tax.

Tell us more about the lazy poors.

make blue paint
apply to face william wallace style
go into battle

See? You just gotta get in touch with your creative side. I thought you guys were the new punk rock

Much like the people who don't value food stamps as highly as the drugs they can turn them into at a terrible exchange rate, the banks would not value Musk's holdings at face value because if the loan defaults, the bank has to turn that collateral into something useful to them. Tesla stock is not nearly as useful as cash to a bank.

He has about 90 million shares tied up as collateral for his "totally not taxable income don't @ me bro" loans right now. If he had to put up the other 130 million shares he owns, he's not going to get the full 156 billion dollars in value. He might get 20% of that. Why? Because banks, unlike you goofballs, realize that they'd never be able to turn those shares into cash at anywhere close to the current supposed market value if they were forced to liquidate.

You once wrongly defended the Step up loophole that allows Billionaires like Elon to gift their stock to the their kids tax free and with the all Capital Gains eliminated so they can sell them all without paying any tax, as you thought it was unfair to tax them there when they are paying the Estate tax.

This is what Trump's National Economic Director said about that...



So no to paying the Estate tax unless you are an idiot who does not avail himself of all the loop holes to also avoid paying that.

Are you still ok with letting Jr get all of Elons stock with a Capital gains reset to the market value they receive it at?

Do you think we need a slide that says only morons pay income tax?

I'm going to choose not to get into the weeds on your youtube screenshot because frankly I just don't think I'll be able to convince you that you're wrong. The estate tax indeed raises much less money than it used to, primarily because it only applies to a fraction of the people it once did. You're just going to have to trust me when I say Elon Musk is not going to be able to "loophole" his way out of paying estate taxes if he wants one of his 14 estranged children to maintain control of Tesla after he croaks.

I know context isn't your strong suit, but maybe just do a search for that quote on the internet and I'm sure you'll find the actual video instead of relying on "Inequality Media" to be an unbiased source for your information.

we def could. the Russians did.

Once again you miss the point.

It is not the forum the screen shot is captured within as it is a DIRECT QUOTE.

The person who said the direct quote was Trumps own National Economic Director. SO if you have bonafides that surpass his then by all means let me hear them so I trust you more than him.

What he said, and the only thing that matters and not who reports what he said is ..."ONLY MORONS PAY THE ESTATE TAX!"


So while it is possible as you say Elon or his kids or others will pay that tax, that is only if they are morons as there are so many ways to avoid it.

If you are saying the former National Economic Director is wrong then demonstrate why or at least give us some credentials on why you are more of an authority on this than he is.