LINK Richard Branson: World's wealthiest 'deserve heavy taxes' if they fail to make capitalism more inclusive
Wealth disparity has reached insane levels. Things need to change soon. It's not surprising that AOC has gotten huge popular support.
Virgin Group founder Richard Branson is part of the growing circle of elite business players questioning wealth disparity in the world today.
Billionaires at elite investor and "thought-leader" summits like Milken and Switzerland's Davos — while seemingly gripped by rising populism triggered by inequality and how it will affect their business models — are divided on how to respond to it.
A recent Federal Reserve survey found that 40 percent of Americans couldn't come up with $400 in case of an emergency. And a 2019 report by Oxfam revealed that 26 people now own the same wealth as the poorest half of the world.
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First, be careful putting too much weight on OLD billionaires who ALREADY made their money and don't have to worry about a 70% marginal rate and are too old to worry about a 3% yearly wealth tax. They can promote higher taxes as they benefit from the virtue signal.
"The combined riches of the world’s 26 most wealthy billionaires equals $1.4 trillion — this is equal to the total wealth of the bottom 3.8 billion of the world’s population.". Sounds crazy right? But let's say we kill them and split their wealth among the rest of the world (say 7.2B). Everyone would get $194, or since the median annual household income worldwide is $9,733, 7.3 DAYS worth of income.
Where's all the wealth then? It's among the NON-billionaires... most it is with the millionaires (about 15M in the US have $1M+).
Admin
Level 8
Feb 14, 2019
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You're right of course, but part of the new tax reform must also look hard at capital gains and estate taxes. And it should certainly extend to all those with enormous wealth of whatever flavor.
p.s. First comment I've seen from @Admin. Are you it or is there a group? Why are you anonymous in either case?
Yeah, of course taxes should be raised on the 1%. AOC proposed rates would cause a recession or worse. Rates should rise slowly but regularly so that debt get repriced gradually. Just my 2 cents.
You wouldn't distribute it evenly. You give the bottom more money than they've ever seen in their lives, and leave the 25 million US millionaires, and everyone else who is doing okay, to fend for themselves.
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