• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Billionaire tells other Billionaires to relax

poweRob

USMC 1988-1996
DP Veteran
Joined
Sep 18, 2011
Messages
88,714
Reaction score
65,726
Location
New Mexico
Gender
Male
Political Leaning
Socialist
This comes after some billionaires spoke up about their complete panic of a Warren administration.

Billionaire Tells Wealthy To ‘Lighten Up’ About Elizabeth Warren: ‘You’re Not Victims’
“You’re the richest people in the world. How in God’s name do you feel like a victim?” asks former Goldman Sachs partner Michael Novogratz.

Billionaire and former Goldman Sachs partner Michael Novogratz urged his rich friends to “lighten up” about Sen. Elizabeth Warren (D-Mass.) and her plans to impose a wealth tax if she’s elected president.

“You’re not victims; you’re the richest people in the world,” Novogratz said Friday in an interview with Bloomberg. “How in God’s name do you feel like a victim?”

“It’s insanity,” he said. ”‘They’re going to come and get us.’ No! You’re going to get taxed a little more. Lighten up!”

Novogratz, who is now invested in cryptocurrency, said it makes sense to tax the wealthy to help those who are struggling in the nation.

“The way the country is functioning today, the bottom 60% aren’t doing well,” Novogratz noted. Warren is “speaking to that group. She wants to redistribute.”

He said that 97% of the “people in my world are really, really fearful of her.”

They “don’t like her, they’re worried about her, they think she’s anti-rich,” he added. “It’s a little carried away.”

Novogratz said he’d prefer a more “centrist” Democratic candidate but isn’t yet convinced anyone else can win. He called Warren a “good politician” as well as “smart” and “witty.”​
 
He knows that, even though they'll be taxed a bit more, the benefit from ending the Trump threat to him and his fellow globalists will more than make up for it.
 
Wealthy Europeans seem to do just fine. And wealthy Americans did just fine in the 50s when our tax rate was much higher.

This just goes to show the elite live in bubbles almost completely isolated from the rest of the world.
 
Wealthy Europeans seem to do just fine. And wealthy Americans did just fine in the 50s when our tax rate was much higher.

This just goes to show the elite live in bubbles almost completely isolated from the rest of the world.

Warren's proposed new "wealth" tax is not at all realted to the federal income tax code, just as Sanders' new "stock market transaction" tax is not.
 
He knows that, even though they'll be taxed a bit more, the benefit from ending the Trump threat to him and his fellow globalists will more than make up for it.

This (loony?) rich guy is also for Sanders' stock market transaction tax and heavily into crypto-currency markets which would likely benefit from such a "Wall Street transaction" tax. He probably also knows that a federal "wealth" (property) tax is extremely unlikely to be passed into law or to survive an immediate SCOTUS challanege even if it is.

He would also likely rather have a 2% to 3% tax on his "reported" (personal?) assets than to have his personal federal income tax rate doubled. These uber rich folks know full well that their accountants can (and will) structure the ($500M+) assets which he controls such that no single pile of them exceeds whatever "wealth" theshhold ($50M?) might (against all odds) be established.
 
None of this really matters, most of these proposals are still the 'I am trying to appeal to the furthest left' ideas that have no real chance at being said the same way during the general election campaign no matter how much the furthest left advocates for over-taxation, or confiscation taxation (which is an accurate description of these plans to tax someone again after the income is taxed on a 2nd round just because of someone's net worth.) It is also rather ignorant to assume all other factors stay constant.

The real issue is our tax code as it stands now, namely all the means politically given to people to lessen their tax liability. There will still be impact to behavior but at least we would be addressing why our tax code is a nightmare with all sorts of questionable results.

Not that any of that will happen, "free this and free that" will rally the furthest left which is all Warren, or Sanders, or the others care about (and yes I am saying not a one of them really cares about the economic faults of massive excesses in the hands of the few.)
 
I do think some billionaires will increase their net worth from $12.7B to $14.9B under Warren.
 
Wealthy Europeans seem to do just fine. And wealthy Americans did just fine in the 50s when our tax rate was much higher.

This just goes to show the elite live in bubbles almost completely isolated from the rest of the world.

What bubble? You mean like these bubbles?





 
Warren's proposed new "wealth" tax is not at all realted to the federal income tax code, just as Sanders' new "stock market transaction" tax is not.

yet both are still great ideas that should be implemented.
 
97% of the “people in my world are really, really fearful of her.”


I don't believe that.
 
Warren's proposed new "wealth" tax is not at all realted to the federal income tax code, just as Sanders' new "stock market transaction" tax is not.

Billionaire wealth is far less connected to salary these days than they were in the 50s. Didn't Steve Jobs have an income of $0 one year?
 
yet both are still great ideas that should be implemented.

Why not fix the broken FIT system we have rather than introducing new laws. Just shiny objects to show to the unwashed as the big donors laugh.
 
yet both are still great ideas that should be implemented.

Neither appear to be consistent with current (constitutional) federal powers. Why not simply raise federal income tax bracket rates and/or eliminate the special treatment of "income from all sources" based on its source and on how or upon who it was later spent?
 
Here's another billionaire's perspective should Warren or Sanders win the presidency....



Elizabeth Warren’s Rises Has Wall Street Worried - Barron's
 
Why not fix the broken FIT system we have rather than introducing new laws. Just shiny objects to show to the unwashed as the big donors laugh.

Current tax plan vs. Bernie's tax plan. Tax percentages stay the same for anyone making less than $200,000/year. Add a couple tax brackets, and the highest bracket is topped out at 52% for income over $10 million in the year.

 
Billionaire wealth is far less connected to salary these days than they were in the 50s. Didn't Steve Jobs have an income of $0 one year?

If people's wealth is going to be taxed after it is taxed when they earn it, why doesn't everybody pay that yearly?

How long will it be before everybody declares bankruptcy?
 
He knows that, even though they'll be taxed a bit more, the benefit from ending the Trump threat to him and his fellow globalists will more than make up for it.

Right, that tax cut bill that gave the globalists $100s of billions in tax cuts was a real punch in the mouth for the wealthy globalists who saved $100s of billions in taxes. That's why the globalists are all lining up in support for Warren (in this alternate reality) who promises to undo that and levy more taxes on the wealthy globalists because being forced to pay more in taxes is part of their secret plan to make more $billions!
 

The speculation tax would be good on so many levels. First you are generating revenue for balancing the budget, but more importantly, it would help stave off fractional computer transactions that ultimately devalue the stock market and destablize our economy. I don't know what you know and you might even know more than I do on the topic so don't take this as me talking down to you.

Fractional computer transactions is where these assholes put high speed servers as close to wall street as possible that run on algorithms that trade in fractional amounts but by the gazillion in speed. These don't trade on health and strength of a company and is basically unfair to actual traders and speculators as well as the company's whose stock may be getting undermined by these speedy algorithms doing God knows what. Have a tiny transaction tax and it would prohibit someones desires to build these fractional high transaction trades and we could get back to real value.
 
He knows that, even though they'll be taxed a bit more, the benefit from ending the Trump threat to him and his fellow globalists will more than make up for it.

Oh ffs garbage. There is no threat from any right winger to billionaires. Affluophilia is the ideology of the prosperity gospel beating morally bankrupt right wing.

The only threat to billionaires is Bernie Sanders. If you dislike billionaires owning everything then shut up and vote bernie.
 
If people's wealth is going to be taxed after it is taxed when they earn it, why doesn't everybody pay that yearly?

How long will it be before everybody declares bankruptcy?

If a 2 percent wealth tax on billionaires bankrupts a billionaire then they must be as dumb as a billionaire who goes bankrupt on a casino and several other businesses.
 
He knows that, even though they'll be taxed a bit more, the benefit from ending the Trump threat to him and his fellow globalists will more than make up for it.

Why do you hate business?
 
Billionaire wealth is far less connected to salary these days than they were in the 50s. Didn't Steve Jobs have an income of $0 one year?

Yes. The definition of "income" needs to be revamped to be more honest.
 
Cookies are required to use this site. You must accept them to continue using the site. Learn more…