Exclusive Tax Proposals On American Billionaires

[Hydrogen]

Sen. Sanders proposes one-time tax that would cost Bezos $42.8 billion, Musk $27.5 billion

Source:  https://www.cnbc.com/2020/08/06/sanders-billionaire-tax-bill-would-cost-bezos-musk-zuckerberg.html


....


Isn't it strange how chinese billionaires, EU billionaires and asian billionaires are not attacked this way.

Only billionaires responsible for creating jobs and innovation in the american economy are attacked.

The same precedent applies to anti trust laws and monopolies. American corporations are exclusively targeted by them. Unionization and tax hikes on the private sector likewise reserved for american business only. Journalists and media publish a highly disproportionate amount of hate pieces intended to influence the public into hating Elon Musk and Jeff Bezos. Why.

The question is why. Does anyone have an explanation for american business being treated unfairly in global markets. What does everyone think.

[Upgrade00]

You should note that the tax proposals were made by American politicians, so this isn't a unfair treatment by the global market, but the effect of the Robin hood style act proposed by the senators involved; Bernie Sanders, Ed Markey, and Kirsten Gillibrand and could likely be a public front to support their political agendas.
This is not indicative of any prejudice towards American billionaires (which is ranked no.1 on the list) or a more receptive economic environment for the rich in other countries, we actually have a high number on the rich list leaving China and other areas with high political manipulation of the nation's market.

Tax hikes also affects a bulk of the population and unionization helps protects the workers in cooperations, reason why some work houses are set up in areas where labour is cheap. Rather than seeing this as an attack, I think it should be established in many more countries

[Poker Player]

The problem with those one-time taxes is that no one guarantees that there won't be another "one-time tax" in the future, the same way as some "temporary" tax increases became permanent tax increases.

On the other hand, I think that perspective applies not only to American millionaires, but generally throughout the world. Hollywood has a lot to do with painting that view.

[exstasie]

This bill will never pass. It's a gimmick. Sanders is just trying to score political points.

Only billionaires responsible for creating jobs and innovation in the american economy are attacked.

I don't know much about Tesla, but Amazon is a very brutal employer. They also regularly employ union-busting tactics, and as one of the country's biggest employers, their IC model is quietly making American workers poorer in general. Not a fan of this method of job creation!

It was easier to turn a blind eye to this when Amazon was great for consumers. Now they've jacked up membership prices, started price gouging, and never meet delivery timelines anymore. Garbage company that treats everyone like shit if you ask me. They consolidated the market and now they're making us all pay the price.

Tax the shit out of Bezos; I don't care. I'm sure I pay a much, much higher tax rate than people like him. I'm supposed to feel bad for him now? LOL. Why do you care so much about billionaires?

[avikz]

Absolutely rubbish law Sanders has proposed. It will be easier for billionaires to buy a "Golden Visa" in countries like New Guinea, or UK or any other Caribbean countries and throw out American citizenship. Self made billionaires like Jeff Bezos or Mark Zuckerberg have earned such amount through their vision and hard work. US is just trying to get hold of some easy money from the sweat equity of others. Non sense in all true sense!

[Lucius]

I honestly consider this way of taxation stupid and irrational, just a cheap attempt to take as much money as possible from the rich in one go and to redirect that money somewhere else. If we want the system to be fairer, then those who have more logically should spend more on taxes, because the rich have far more money than they need, while on the other hand millions die of hunger or live in severe poverty.

A lot of things are weird in the USA, and this may just be another in a series that shouldn't surprise anyone too much. Regarding Jeff Bezos, he is perceived in the world like many other entrepreneurs as a modern slave owner, because everything that comes out about the conditions in which his workers work is actually slavery of the new age.

Self made billionaires like Jeff Bezos or Mark Zuckerberg have earned such amount through their vision and hard work.

Bezos did not create anything with his hard work, little ordinary people did it for him. I share the same opinion as exstasie on billionaires problems, especially these exploiters like Bezos, or these like Mark Zuckerberg who, as one member of the American security agency said, created the largest spy network in the world that people use voluntarily.

[audaciousbeing]

From the look of it, I think the taxes are targeted at individuals rather than their businesses but that does not justify the reason why they should then be stifle out of existence just because they were able to take risks others wouldn't take or they are more strategic in their decision making than other people.

The rich people should actually be given some allowances because their wealth is not just one sitting in bank accounts nationwide rather its tied in businesses and companies that continues to pay taxes and even provides employment to thousands of direct employees and more thousands of indirect employees.
 

[Questat]

This proposal is stupid, targeting these crypto billionaires are also targeting us crypto investors. These people are among the riches in the space, and speaking of billionaires, we have a lot of billionaires in the US, why make a separate proposal intended for crypto billionaires only.

And one time tax payment,  .. never heard of that before, pretty similar to the line of scammers in crypto, "one time payment".

[minairia3]

The proposal will be good if applicable to all billionaires and must have a very conservative provisions and terms. One time is easy to say, how about if they already paid their dues then suddenly this is changed agaim in the future? What would it be?

Im not saying its totally useless but Im wanted to ask what is the purpose od this one time tax proposal, I think there is no problem with the regular payment of tax of these billionaires cause we never know what the future upholds.

[Tipstar]

This proposal is stupid, targeting these crypto billionaires are also targeting us crypto investors. These people are among the riches in the space, and speaking of billionaires, we have a lot of billionaires in the US, why make a separate proposal intended for crypto billionaires only.

And one time tax payment,  .. never heard of that before, pretty similar to the line of scammers in crypto, "one time payment".

Yeah one time tax is an absurd way to ask for money. They should have rather gone with forced donation.
US billionaires do enjoy cheaper taxes than many place in Asia and Europe as well the expenditure for bribing and red tape acceleration is cheaper in US.
If the state wants more money, they should rather implement more progressive taxes.

[The Sceptical Chymist]

Looks like it's only three senators who are proposing this bill, so it's far from a done deal.

I've been seriously wondering how the US government is going to pay for all of this stimulus money they're giving to the plebians, and it looks like some of the lawmakers are starting to work out who's going to.  I don't think targeting billionaires is necessarily fair, though you won't catch me shedding a tear if they have to pay higher taxes.  The rich have been kicking the poor's asses since time immemorial.

This seems to be related to profits made during the COVID-19 pandemic, though I'm not sure about the logic being used by these senators who are proposing the bill.  Eh.  It'll probably never become a reality, which is the case of most of these stories about lawmakers who come up with wacky bills.  They make for a good story and that's about it.

[Febo]

Isn't it strange how chinese billionaires, EU billionaires and asian billionaires are not attacked this way.
Only billionaires responsible for creating jobs and innovation in the american economy are attacked.

Can you explain more what you meant by this? They are attacked by who?   USA?  When I read what you said I understand that you imagine Chinese, Canadian, Guatemalan people will pay taxes in USA and not in country they live.

[Sanugarid]

Absolutely rubbish law Sanders has proposed. It will be easier for billionaires to buy a "Golden Visa" in countries like New Guinea, or UK or any other Caribbean countries and throw out American citizenship.

LoL after I read this now I imagine these billionaire people living in a third, continue their business and make that country brand new business center. I know they have already thought of migrating of these businessman, they are not so idiot not to think that they could just fly on the other side just to evade the one time tax.

I don't know much of laws in the America, but what if these people apply for dual citizenship? are the tax will be cut in half? this will be easier for them than throwing their American-ness haha

Self made billionaires like Jeff Bezos or Mark Zuckerberg have earned such amount through their vision and hard work. US is just trying to get hold of some easy money from the sweat equity of others. Non sense in all true sense!

They are like milking the cows that they did not raised, this is just very unfair and disrespectful at the same time. And I bet that the calculations made was just based on the yearly tax they have paid for the last years, what's worst is that the revenue of these companies are increasing each year, that's a huge amount of money when taken one time. Imagine you've paid the taxes even if you haven't done any business yet.

This is absurd.

[pixie85]

Isn't it strange how chinese billionaires, EU billionaires and asian billionaires are not attacked this way.

Don't know about China but maybe there's less communists in the EU and Asia.

I recall France did something similar and that decision made many rich people leave the country.

Attacking the rich doesn't work. You either want them on your side so that they pay taxes in your country or you make them move and pay taxes somewhere else. Sanders is an idiot.

[Findingnemo]

Initially, taxation system was created for the rich people so the government has enough funds to serve all the people in the country but later it evolved and everyone is obliged to pay the taxes based on their income. So that kind of rich policy is again going to be implemented?

But in reality, this kind of laws will never become possible so its just the political game begins.

[rexxarofmoknathal]

I don't believe we should be targeting the billionaires, unless we can prove that they have made their wealth through dubious or frowned upon methods.

We need to weigh up the total effect of their existence in terms of tax revenue, benefit to the economy, benefit to society and mankind as a whole etc.

If the world is net positive, despite their wealth, then they should be spared. If they're basically a vampire sucking the life out of everything they touch, then we should enact policies to prevent this behavior.

[bitsurfer2014]

I honestly consider this way of taxation stupid and irrational, just a cheap attempt to take as much money as possible from the rich in one go and to redirect that money somewhere else.

A classic case of selective justice and absurdity as proposed by Sen. Sanders, et. al. I assume his political benefactors are only millionaires hence they will be safe from that proposed bill if ever it will be enacted.

But what about his other colleagues? I bet they wouldn't agree to such action because it may mean political suicide since most of these high ranking politicians are in one way or another have a multimillionaire benefactors!

I guess Sen. Sanders and other proponents of this bill should have included also those multimillionaires to make it look a little bit fair but I think this will not go through smoothly without any unwanted side effects. Imho.

[hatshepsut93]

Bernie is at it again with his populism I wonder what's his goal here, the primaries are long gone, is he trying to appeal to his hardcore far-left base who might start viewing him as too moderate, considering his support of Biden?

The bill is insane, if it would pass, Bezos and Musk would be forced to sell an unprecedent amount of their stock, crashing the price to the ground. Such event might easily trigger the biggest economic disaster in history.

[bitsurfer2014]

Bernie is at it again with his populism I wonder what's his goal here, the primaries are long gone, is he trying to appeal to his hardcore far-left base who might start viewing him as too moderate, considering his support of Biden?

Or maybe he just want to shake his party with a sense of bitterness by not getting the nomination. But I think Bernie won't get the support of the majority even from his own party.

The bill is insane, if it would pass, Bezos and Musk would be forced to sell an unprecedent amount of their stock, crashing the price to the ground. Such event might easily trigger the biggest economic disaster in history.

Certainly, if that proposed bill passes through, we could see a mass exodus of billionaires who will go to greener pastures and avoid such form of political persecution in which case could trigger an unprecedented economic and political crises.

[Wexnident]

Rather than this, they might as well just improve the tax system overall to make it possibly fair for everyone. If the difference between the rich and the poor wasn't huge, there wouldn't be a need to do so but nope. The gulf between the two is way too big, and a lot of people are being heavily affected by it.

Also, Sanders just scoring some brownie points right there. Though I'd much agree with Taxing Bezos, heck don't just do it once, do it a few more times. His ways of managing his employees has always been bad and I've always seen it being talked about here and there in different forums whenever Amazon topic comes up.