How billionaires are really affecting the economy.

[Unbunplease]

Let's look at the problem from the other side. Is it good to have billionaires in the country? Having billionaires helps the country progress faster, because the state budget cannot afford various projects. But a billionaire can. Of course, a lot depends on the personality of the billionaire, but there is no such thing as everyone being bad.

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[GeorgeJohn]

Billionaires is not helping matters in the country they are the reason while some people and country is suffering, I believe that economy of a country lies on the management of the country and business people, I believe that if economy of country is good its for the betterment of the nation, but in nutshell business men are the people who support the growth of a country through their products

[panganib999]

The thing is. The government and the bylaws that it had created "in the service of the public" is nothing but a facade to shelter and protect the interests of a few. Just take the tax code for example. Why is it that the normal people are getting incarcerated for wrongfully calculating their tax but rich people can go out willy-nilly without consequences? Why are they being exempted from sanctions that the common people are supposed to suffer should they break the law?

We could talk about how important it is that we change the paradigm between the rich and the poor but even if we are given the opportunity to, the government will intervene as without these 1%, they wouldn't be able to secure a place in power and would not be able to perform graft, instill biases on real laws that could affect the lives of the millions, and much more.

[Smartvirus]

Let's look at the problem from the other side. Is it good to have billionaires in the country? Having billionaires helps the country progress faster, because the state budget cannot afford various projects. But a billionaire can. Of course, a lot depends on the personality of the billionaire, but there is no such thing as everyone being bad.

The problem isn’t about the billionaires, it’s about the rest of the masses and their demand for a standard of living that they can hardly afford. That’s the problem! You ain’t a billionaire and somehow, you try to emulate there lifestyle with the luxurious stuff and not just that, even as common as food, you seek imported stuff rather than locally made and then, the cost is something out of your reach but you find a way to get it anyway.
That’s the real problem. People ought to realize when they are going above their heads and learn to hold back.

[Sayeds56]

I think most people forget one of the biggest contributions that Billionaires bring to the economy, namely : Job creation

You are correct in acknowledging that Billionaires contribution for job creating is huge, which helps the society in many ways, as well as government in the shape of increased tax revenue. However, job creation is just one role played by Billionaires, while there are other complex and multi-faceted considerations, such as income inequality, wealth distribution and concentration of wealth in few hands. These long-standing issues require government attention to address them effectively to create a more balanced society.

[kro55]

I think most people forget one of the biggest contributions that Billionaires bring to the economy, namely : Job creation

You are correct in acknowledging that Billionaires contribution for job creating is huge, which helps the society in many ways, as well as government in the shape of increased tax revenue. However, job creation is just one role played by Billionaires, while there are other complex and multi-faceted considerations, such as income inequality. wealth distribution of wealth, and these long-standing issues require government attention to address them effectively to create a more balanced society.

It is true that our society needs balance, but is it right to speak ill of billionaires? I mean, why can they be billionaires, and we can't? They are very good and talented people, which they achieve due to their efforts. Maybe they used tricks and tricks to get there, but we must admit that they are much better than us. What they achieve is because of their hard work, we are criticizing them as if we were jealous of their success.

I'm not defending them because it doesn't benefit me, but I mean, they are contributing more to the country than we are, so it's not right to judge them.

[Dr.Bitcoin_Strange]

Well, I can say this case is more serious in some countries than others, mostly in third-world countries, where the poor are even described in a better and worse category. In my country, there is always something guys like to say any time they are discussing the country's economic system, which is, "The rich with their gree, keep getting richer and the poor keep getting poorer because of the oppression they get from the rich." Yea, that's because the situation here is not all perfect too. I have just come to realize that the rich (maybe not all of them, but the majority of them) are so greedy that they always want the poor to keep serving while they just receive some little earnings that cannot even be able to solve their needs. I remember the case of one of my friend back then in college; he was a very dedicated guy in every aspect of his career. Back then, he was living with his uncle, and this uncle of his was so rich and have connections in government. The guy was serving him, and the man had promised him that he would sponsor him through his education and make sure he gets the best job or business that will make him a millionaire or billionaire too (story short), but the man got so greedy that he could not even sponsor the guy very well through the university. So, the rich people just always want to be on top, which is why they love to oppress the poor. Not only that, they even oppress those who are trying to level up (in my country, it's happening).


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[yhiaali3]

Unfortunately, in most countries around the world, the ultra-wealthy are taxed at a much lower rate than people with limited or average incomes or professionals.

There is never proportionality or fairness in the distribution of taxation, especially in developing countries, while simple employees here in my country are forced to pay high tax on their paltry salaries, sometimes reaching 15-20%, much less tax is imposed on the wealthy.

The problem is that this large gap, which is widening day by day, creates an atmosphere of hatred in society that makes it boil over and may lead to the outbreak of violence and unrest in these countries. We have already witnessed such events in some countries.

[xSkylarx]

So it is really true that those billionaires are paying less taxes, which is very unfair to all of us, as for sure those business or small business owners are paying the right tax, but are those billionaires able to pay less because they are more knowledgeable in taxes? I really don't know how they do it, but it is not good if the government is not doing something on this, like having a law about taxing billionaires. What i am just aware of is that those billionaires have a big impact on carbon emissions as they have more vehicles, mostly bigger ones like a private jet, that contribute a lot of carbon emissions that are not good for us or the earth.

[Peanutswar]

Because they have money they have the capability to make an investment more with the infrastructure and we know there's a lot of people using those services made by them and another thing is because they are the one who have paid a lot for the taxes. But we cannot deny that there's still other way that they could escape those taxes regulations. The way millionaire or billionaire people earn money because they have different perspective way in life, they have the skills, mind and very important money, in reality money is the power in this world.

[Marvell1]

Unfortunately, in most countries around the world, the ultra-wealthy are taxed at a much lower rate than people with limited or average incomes or professionals.

There is never proportionality or fairness in the distribution of taxation, especially in developing countries, while simple employees here in my country are forced to pay high tax on their paltry salaries, sometimes reaching 15-20%, much less tax is imposed on the wealthy.

The problem is that this large gap, which is widening day by day, creates an atmosphere of hatred in society that makes it boil over and may lead to the outbreak of violence and unrest in these countries. We have already witnessed such events in some countries.

Are you sure what you are saying? 15%-20 % income tax for individuals is very high, and I have never seen that in my country. In my country, people who earn less than $300 are not even taxed, and only people who make more than $500 per month are taxed at 5%, but most people find a way not to pay taxes. Furthermore, do you have the data proving that billionaires pay lower taxes than workers? We don't have any proof, what we say is just speculation because we feel that society is unfair and unjust when there is a big gap between rich and poor.

[kryptqnick]

I've heard that the gap is widening, and the richest are profiting more than ever while poverty is on the rise. This is absolutely immoral, unacceptable. There's this issue in the US that billionaires aren't actually paying their fair share of taxes for a few reasons, one of which is that you need to sell assets to pay the sell tax, but if you don't sell, you don't pay. It's important to ensure that they pay up, but also that this money doesn't go into pockets of other wealthy people and is truly spent on helping the poor.
That being said, there are some influential billionaires that support education, technological progress, democratic values, etc. So an approach must be balanced, and simply focusing on the negative things about billionaires won't help.

[Wend]

Let's look at the problem from the other side. Is it good to have billionaires in the country? Having billionaires helps the country progress faster, because the state budget cannot afford various projects. But a billionaire can. Of course, a lot depends on the personality of the billionaire, but there is no such thing as everyone being bad.

I agree with you on this point, a country with many billionaires, many rich people is still better than a country with many poor people. Billionaires are not perfect people because they, like us, always put their own interests first. And they are like us, there are good people and bad people, not all billionaires are bad, and all poor people are good people. It's unfair that we speak ill of them here just because we're not like them. I wonder, when we become rich, do we become bad people in the eyes of others?

[yhiaali3]

Are you sure what you are saying? 15%-20 % income tax for individuals is very high, and I have never seen that in my country. In my country, people who earn less than $300 are not even taxed, and only people who make more than $500 per month are taxed at 5%, but most people find a way not to pay taxes. Furthermore, do you have the data proving that billionaires pay lower taxes than workers? We don't have any proof, what we say is just speculation because we feel that society is unfair and unjust when there is a big gap between rich and poor.

Unfortunately this is absolutely true, I was a government employee and my paltry $30 salary was taxed with tax brackets ranging from 5-20% per month, while the rich might only be charged an income tax of 1-5%.

This is of course because of government and administrative corruption. These unbelievable paradoxes happen in this developing country because there is great corruption in the war-weary country and the rich bribe politicians to pass laws that exempt them from taxes and provide them with great facilities, while poor government employees suffer from high taxes on their paltry salaries. Which is not enough to cover the expense of one day.

[Darker45]

I also have a number of issues against these ultra rich people, but I think this isn't a simple black and white issue. In the first place, how did these people become billionaires? Is it because of cheating? Is it because of unfair advantages? Or do they deserve all the richness that they have because they were industrious, innovative, brilliant, and so on?

I agree that many of these ultra rich people are building their wealth out of the hardships of others, but shouldn't we also take a look at these hardships? Why are they poor, to begin with? Are they not partly responsible for their own poverty?

Or how about the authorities, those who are responsible to promote everybody's welfare despite the inequalities?

[Uruhara]

Because they have money they have the capability to make an investment more with the infrastructure and we know there's a lot of people using those services made by them and another thing is because they are the one who have paid a lot for the taxes. But we cannot deny that there's still other way that they could escape those taxes regulations. The way millionaire or billionaire people earn money because they have different perspective way in life, they have the skills, mind and very important money, in reality money is the power in this world.

They have the money to buy information ahead of time that can keep them in the lead. And it is very clear that the large capital they have can make them have much bigger profits. But with large capital, of course they are also at risk of getting big losses.

And however they do have a big contribution in the economy of every country they live in. because a billionaire who has many companies also certainly has many employees. the number can be up to hundreds of thousands of employees. And the economy of hundreds of thousands of employees depends on the company owned by the billionaire. and if a billionaire decides to close the company and fire all the employees he has. then in an instant an economic crisis in a small scope can occur. and can affect the larger economic environment.

[Onyeeze]

I think most people forget one of the biggest contributions that Billionaires bring to the economy, namely : Job creation

This is a point I know very well that billionaires contribute to a country, reducing a rate of unemployment in a country is a good role and it help to increase the rate of country economy due to many poor people will be opportune to pay a tax to the country through absorbing them in a company or industry, so with that I believe government can receive more revenue from any one working, job creation will rise up the country economy because of taxation, a billionaire have more support to country economy to rise to some percentages than poor people

[CryptSafe]

I get your plights and your points are some worth valid though but I would want you to understand that the rich and possibly billionaires and millionaires all around the world have played a vital role in the world economy irrespective of what we are seeing in the world today. Various countries got to the limelight as a result of the presence of billionaires impact in their society.

The rich looks for ways to acquire information to develop and build up their countries and cities to enviable heights whereby nation's would look up to them for assistance. They create job employment as a result of their industries and mega station they have built in their counties and this attracts foreign investments and billateral trade and diplomatic ties amongst nation's.

Nevertheless, I came across a reply post from this thread by Darker45, though the question is pertinent but you should know that many things happen and people take advantage of situations at their own betterment of which as a smart business man you would do same to remain relevant and at the fire front in the society.

[TheUltraElite]

OP got trashed by many of the members here, I some what feel sorry for them.

I can see the mindset problem that many work-frustrated middle to lower class people face when dealing with their problems over years, that turns to hatred towards the upper class fueled my anger and being miserable. Nobody seems to acknowledge that they were not born rich but had to reach that position with hard work, some wrongdoings and a lot of determination. Something that might motivate others to see a ray of hope in a dull world.

At the same time such people are also the socially inert and not willing to change their old habits to adapt to the new such that they might get an edge over others - being flexible. I see the bigger problem is with the people who keep complaining because their vision is narrowed down.

[Marvell1]

Are you sure what you are saying? 15%-20 % income tax for individuals is very high, and I have never seen that in my country. In my country, people who earn less than $300 are not even taxed, and only people who make more than $500 per month are taxed at 5%, but most people find a way not to pay taxes. Furthermore, do you have the data proving that billionaires pay lower taxes than workers? We don't have any proof, what we say is just speculation because we feel that society is unfair and unjust when there is a big gap between rich and poor.

Unfortunately this is absolutely true, I was a government employee and my paltry $30 salary was taxed with tax brackets ranging from 5-20% per month, while the rich might only be charged an income tax of 1-5%.

This is of course because of government and administrative corruption. These unbelievable paradoxes happen in this developing country because there is great corruption in the war-weary country and the rich bribe politicians to pass laws that exempt them from taxes and provide them with great facilities, while poor government employees suffer from high taxes on their paltry salaries. Which is not enough to cover the expense of one day.

Honestly, it's not that I don't believe what you say, but they do surprise me because in my country, billionaires are paying more in taxes. In addition to taxes from their businesses, they are also taxed personally, although I don't know the exact percentage they pay. And I've always thought that people who work for the government will always have a very high salary, not a meager salary like you say, but I'm thinking $300, not $30 . By the way, corruption has almost become a culture in government, and it happens in any country, not just yours.