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A wealth tax wouldn't change that. No billionaire is going to sit around and watch his $1B fortune be whittled away in 5 years by a 20% tax. Instead he's going
by Johnny555 4y ago
A wealth tax wouldn't change that. No billionaire is going to sit around and watch his $1B fortune be whittled away in 5 years by a 20% tax. Instead he's going to divest -- he'll put the money into other companies or charitable foundations.
- DamnYuppie 4y agoYou statement makes it sound like they aren't currently doing those things already. Can you point to some data that shows they aren't donating to charities and aren't diversified? I can understand if someone like Bezos is highly invested in the company he founded but overtime he will be like Gates and hold a small portion of his portfolio in Amazon and the rest broke up across many companies and charities.
- Johnny555 4y agoThen I guess a wealth tax is not needed, billionaires are already giving away all of their money or starting new companies through direct investments, so they're no longer billionaires.
- throwaway894345 4y agoIf you have a billion dollars and you invest all of it, you're still a billionaire (unless your investments tank). No billionaire keeps all of his money in cash.
- throwaway894345 4y agoIf a wealth tax isn't going to change anything, then what's the point? Do we really believe that billionaires are keeping their money in scrooge-mc-duck-esque vaults rather than investing it in diversified portfolios, and that only a wealth tax (rather than the promise of returns on investment) will force them to invest?