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I don’t care who it is, nobody is capable or ethical enough to allocate that kind of capital in a more effective way for societies benefit than it being in the

I don’t care who it is, nobody is capable or ethical enough to allocate that kind of capital in a more effective way for societies benefit than it being in the hands of a billion people. So yes, it would be better for everyone if these billionaires literally allocated 99.9% of their class a stock to millions of employees and customers (+ cash for the gift tax or lobby the usg to waive it)

IncreasePosts 3y ago
Shouldn't something big have come out of the stimulus checks if dividing $814B up to every person in America was a productive way to allocate capital?
- AndrewKemendo 3y ago
  Yeah it did, most people used it to survive because most people are drowning in debt and have no chance to ever retire. See that most people spent it on food and debt: https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.pdf https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of... Getting everyone out of debt would destroy the capital class that lives off the poor though so it is unlikely to happen
  - jahewson 3y ago
    I’m trying to figure out how you think that the “capital class” lives off the debt of “the poor” when the bottom 50% of US households account for just 2.6% of total income.
    - sokoloff 3y ago
      That claim would be extraordinary if true; entirely ordinarily, it turns out to be false. https://www.cbo.gov/publication/59757 https://www.cbo.gov/publication/59757 has information on income breakdown and shows that claim to be wildly incorrect. You appear to have confused total wealth with total income.
    - AndrewKemendo 3y ago
      Stolen wages + Inequitable equity distribution The people doing the actual work in the world (aka the global labor force) are having their value stolen from them because the structure of the modern firm alienates the worker from their capital by assuming it was never theirs and the “proprietor” is assumed to own all simply because they fronted the cash to get it started
    - nobut8 3y ago
      They hide behind coded socio-political and economic language to externalize their real needs on others, inflate their buying power, burn more fossil fuels. The fiat wealth model is politically contrived misdirection. Physics makes no mention of a fundamental currency policy or sacred economic model. It’s 100% socialized propaganda there’s a communal upside to capitalism as we know it, not immutable physics.
sokoloff 3y ago
Gift tax is already the responsibility of the donor, not the recipient (in the US tax code). The gift tax is essentially a form of estate tax. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... If an employer makes a transfer to an employee specifically because they’re an employee (as opposed to gifting something to every customer, employee or not), that’s overwhelmingly likely to be treated as income (disallowed gift treatment), for fairly obvious reasons.
- AndrewKemendo 3y ago
  Great, even easier

IncreasePosts 3y ago

Shouldn't something big have come out of the stimulus checks if dividing $814B up to every person in America was a productive way to allocate capital?

AndrewKemendo 3y ago
Yeah it did, most people used it to survive because most people are drowning in debt and have no chance to ever retire. See that most people spent it on food and debt: https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.pdf https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of... Getting everyone out of debt would destroy the capital class that lives off the poor though so it is unlikely to happen
- jahewson 3y ago
  I’m trying to figure out how you think that the “capital class” lives off the debt of “the poor” when the bottom 50% of US households account for just 2.6% of total income.
  - sokoloff 3y ago
    That claim would be extraordinary if true; entirely ordinarily, it turns out to be false. https://www.cbo.gov/publication/59757 https://www.cbo.gov/publication/59757 has information on income breakdown and shows that claim to be wildly incorrect. You appear to have confused total wealth with total income.
  - AndrewKemendo 3y ago
    Stolen wages + Inequitable equity distribution The people doing the actual work in the world (aka the global labor force) are having their value stolen from them because the structure of the modern firm alienates the worker from their capital by assuming it was never theirs and the “proprietor” is assumed to own all simply because they fronted the cash to get it started
  - nobut8 3y ago
    They hide behind coded socio-political and economic language to externalize their real needs on others, inflate their buying power, burn more fossil fuels. The fiat wealth model is politically contrived misdirection. Physics makes no mention of a fundamental currency policy or sacred economic model. It’s 100% socialized propaganda there’s a communal upside to capitalism as we know it, not immutable physics.

sokoloff 3y ago

Gift tax is already the responsibility of the donor, not the recipient (in the US tax code). The gift tax is essentially a form of estate tax. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... If an employer makes a transfer to an employee specifically because they’re an employee (as opposed to gifting something to every customer, employee or not), that’s overwhelmingly likely to be treated as income (disallowed gift treatment), for fairly obvious reasons.

AndrewKemendo 3y ago
Great, even easier