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What do you mean people who have already made their money love to call for this thing? The author is a billionaire who is is proposing for the wealthy to be tax

What do you mean people who have already made their money love to call for this thing? The author is a billionaire who is is proposing for the wealthy to be taxed more, how is he insulated by paying more taxes? Those who want to get rich in the future might be helped by measures to create more income equality thus creating more social mobility. Equality doesn't mean everybody makes a same amount of money, but more like the ability for everyone to make more. When the mega rich own everything this is not possible. Or perhaps, you dream of being mega rich yourself and want things to stay the way they are now so you can make it?

navigatesol 8y ago
>The author is a billionaire who is is proposing for the wealthy to be taxed more, how is he insulated by paying more taxes? Is this a serious question? https://en.wikipedia.org/wiki/Panama_Papers https://en.wikipedia.org/wiki/Panama_Papers Ray Dalio has taken his chunk, is retiring, but senses the social and political winds are changing. Being a billionaire is no longer something people "respect", and is very rarely "earned". I'm sure he doesn't want the Proletariat knocking on his door in his old age.
mrfredward 8y ago
There's an important nuance between income and wealth here. Income tax takes money from the people who are still going to work to build their fortunes (and those who are just getting by). The ones who have already made a fortune are only worried about the capital gains rate. Billionaires who advocate for higher income tax, but not a higher capital gains rate, are just pulling up the ladder behind them. The article isn't explicit with what Dalio is advocating for here.
- dondawest 8y ago
  You’re adding an incredibly relevant layer of nuance. Dallio’s plan is vague so his true intentions are illegible. People ascribing positive AND negative sentiments to him need to actually understand the policy changes he’s proposing (I.e. higher income rate vs capital gains rate) before passing judgement — and since he specifically has left it vague, I don’t see how anyone can judge his plan either positively or negatively: he has not even presented a specific plan!
will_brown 8y ago
>The author is a billionaire who is is proposing for the wealthy to be taxed more, how is he insulated by paying more taxes? Maybe it’s in his proposal but I didn’t see any mention of bringing back the estate (death) tax on the rich or increasing capital gains.
tathougies 8y ago
Raising the highest tax bracket has historically resulted in less tax being paid by the rich. This is because it increases the demand for services and banking instruments that lower tax liability. Because higher taxes mean more rich people are seeking to shelter their assets, businesses can start to offer these services which are typically not very profitable because there are larged fixed costs and not enough market demand. However, increasing demand for tsx shelters by raising the rates make these businesses profitable. Thus, a rational billionaire seeking to shelter their assets via companies catering to the rich has it in his or her best interests to call for higher rates. It is clear that these people are uninterested in paying higher taxes as it is completely legal to pay more taxes without any legislation. Thr website pay.gov accepts money for those who would like to contribute to the operations and debt costs of the united states government. Until buffett and others make actual extra tax contributions to the government (as opposed to their own private charity), I'll continue to ignore them

navigatesol 8y ago

>The author is a billionaire who is is proposing for the wealthy to be taxed more, how is he insulated by paying more taxes? Is this a serious question? https://en.wikipedia.org/wiki/Panama_Papers https://en.wikipedia.org/wiki/Panama_Papers Ray Dalio has taken his chunk, is retiring, but senses the social and political winds are changing. Being a billionaire is no longer something people "respect", and is very rarely "earned". I'm sure he doesn't want the Proletariat knocking on his door in his old age.

mrfredward 8y ago

There's an important nuance between income and wealth here. Income tax takes money from the people who are still going to work to build their fortunes (and those who are just getting by). The ones who have already made a fortune are only worried about the capital gains rate. Billionaires who advocate for higher income tax, but not a higher capital gains rate, are just pulling up the ladder behind them. The article isn't explicit with what Dalio is advocating for here.

dondawest 8y ago
You’re adding an incredibly relevant layer of nuance. Dallio’s plan is vague so his true intentions are illegible. People ascribing positive AND negative sentiments to him need to actually understand the policy changes he’s proposing (I.e. higher income rate vs capital gains rate) before passing judgement — and since he specifically has left it vague, I don’t see how anyone can judge his plan either positively or negatively: he has not even presented a specific plan!

will_brown 8y ago

>The author is a billionaire who is is proposing for the wealthy to be taxed more, how is he insulated by paying more taxes? Maybe it’s in his proposal but I didn’t see any mention of bringing back the estate (death) tax on the rich or increasing capital gains.

tathougies 8y ago

Raising the highest tax bracket has historically resulted in less tax being paid by the rich. This is because it increases the demand for services and banking instruments that lower tax liability. Because higher taxes mean more rich people are seeking to shelter their assets, businesses can start to offer these services which are typically not very profitable because there are larged fixed costs and not enough market demand. However, increasing demand for tsx shelters by raising the rates make these businesses profitable. Thus, a rational billionaire seeking to shelter their assets via companies catering to the rich has it in his or her best interests to call for higher rates. It is clear that these people are uninterested in paying higher taxes as it is completely legal to pay more taxes without any legislation. Thr website pay.gov accepts money for those who would like to contribute to the operations and debt costs of the united states government. Until buffett and others make actual extra tax contributions to the government (as opposed to their own private charity), I'll continue to ignore them