Wealth of Five Richest Men Doubles Since 2020

[georgephillip]

Two are dem donors.

Democrats and Republicans are equally committed to making rich people (and corporations) richer at the expense of the vast majority of Americans.

How many of our current congressional "leaders" would argue in support of Oxfam's recent suggestions for lessening the anti-democratic effects of economic inequality?

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"Oxfam is calling on governments to rapidly and radically reduce the gap between the super-rich and the rest of society by:

• "Revitalizing the state. A dynamic and effective state is the best bulwark against extreme corporate power. Governments should ensure universal provision of healthcare and education, and explore publicly-delivered goods and public options in sectors from energy to transportation.
• Reining in corporate power, including by breaking up monopolies and democratizing patent rules. This also means legislating for living wages, capping CEO pay, and new taxes on the super-rich and corporations, including permanent wealth and excess profit taxes. Oxfam estimates that a wealth tax on the world’s millionaires and billionaires could generate $1.8 trillion a year.
• "Reinventing business. Competitive and profitable businesses don’t have to be shackled by shareholder greed. Democratically-owned businesses better equalize the proceeds of business. If just 10 percent of U.S. businesses were employee-owned, this could double the wealth share of the poorest half of the U.S. population, including doubling the average wealth of Black households.

"Notes to editors..."​

 

[georgephillip]

Tax the FUCK out of them.

Dean Baker believes a tax on share buybacks could be a good starting point:

The Cheapest Tax Ever: Taxing Share Buybacks

"The tax on buybacks is likely going to be the most administratively efficient tax we have ever seen.

"If we think about other taxes, like the individual or corporate income tax, property taxes, or even payroll taxes, the government has to do lots of footwork to determine how much is owed.

"This is especially true of the corporate income tax, where it has to rely on corporate accountants to tell us what their company’s profits were..."

"They can’t keep buybacks secret unless they are also lying to their shareholders.

"CEOs and top management get away with a lot of game-playing, but outright lying to shareholders on a systematic basis seems like a bit of a stretch."

 

[georgephillip]

Musk’s personal wealth in 2021 stood at $340 billion. However, 2022 saw Musk lose a whipping $182 billion and now net worth stands at $238 billion.

http://timesofindia.indiatimes.com/articleshow/106354970.cms

As a reminder that markets, money, and corporations are all creations of the state, there were 13 US billionaires in 1982

One moment, please...

The distribution of income and wealth isn't determined by an invisible hand as much as the politically constructed laws and institutions that structure economic activity in any society.

 

[frigidweirdo]

The world's five richest parasites have more than doubled their fortunes from $405 to $869 billion since 2020 while nearly 5 billion people have become even poorer; some parasites eagerly anticipate the globe's first $trillionaire within ten years, but seem indifferent to the claim poverty will not be eradicated for another 229 years:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"'This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,' said Oxfam International interim Executive Director Amitabh Behar.

And the people are happy because they get to fight it out over Reps and Dems, Biden and Trump, while the rich control everything and do everything to enrich themselves.

 

[georgephillip]

I got an idea...

Stop buying shit that these guys put out....

Buying stupid shit doesnt make anyone rich.....

Another idea is to roll back a decade of division where billions of human beings suffer while billionaires' fortunes bloom:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"Runaway corporate and monopoly power is an inequality-generating machine: through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners.

"But they’re also funneling power, undermining our democracies and our rights.

"No corporation or individual should have this much power over our economies and our lives–to be clear, nobody should have a billion dollars."

 

[georgephillip]

Elon Musk says he’ll pay $11B in taxes this year

“For those wondering, I will pay over $11 billion in taxes this year,” Elon Musk, the chief executive of Tesla, tweeted following his his spat with Sen. Elizabeth Warren for “freeloadin…

nypost.com

Is there any evidence Musk has paid this $11 billion in US taxes?

https://www.cnn.com/2022/02/10/investing/elon-musk-tesla-zero-tax-bill/index.html#:~:text=Elon%20Musk's%20US%20tax%20bill,Tesla's%3A%20%240%20%7C%20CNN%20Business

"Musk has a history of using the US tax code to pay little or no personal federal income taxes. A report from ProPublica shows that for 2018 Musk and many other Americans near the top of the world’s richest people paid no income tax."

 

[Mikeoxenormous]

Another idea is to roll back a decade of division where billions of human beings suffer while billionaires' fortunes bloom:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"Runaway corporate and monopoly power is an inequality-generating machine: through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners.

"But they’re also funneling power, undermining our democracies and our rights.

"No corporation or individual should have this much power over our economies and our lives–to be clear, nobody should have a billion dollars."

Once again, go and figure out what you can provide for the masses and you too can be a billionaire. Until then, stop complaining about wealth. I did my research and used it to amass a fortune, and know how to not pay my "fair share" of taxes with all the government loopholes provided me.

 

[georgephillip]

Those who have money are able to make money more easily than those of us who do not have a lot of money. And those who make big money generally do so by taking risks that could cost them big money. But they provide jobs, services, products, information that people are willing to pay for or they invest their money in government bonds and businesses or put it in the bank where it is available for others to borrow. What is so evil about that? What makes them 'parasites' any more than any other American or person?

I do not blame them or fault them for making money so long as they make it ethically and legally.

I wish I was so blessed that I would be on everybody's sh*t list because I had too much money, but I chose professions and made choices that didn't get me there. And I don't blame anybody for that. I've had a good life. Today's younger and more innovative millionaires are most likely going to be those billionaires that you hate on down the road.

79% Of Millionaires Are Self-Made — Lessons From Those Who Built Wealth Without Inheritance

Recent studies have shown that the notion that most millionaires are born into wealth is a myth. Recent studies have shown that the notion that most millionaires are born into wealth is a myth. In fact, over two-thirds of millionaires are self-made, according to a 2019 study by Wealth-X and a...

finance.yahoo.com

Those making big money do so because the distribution of income does NOT come from an invisible hand's objective assessment of each worker's and investor's marginal utility.

Big money comes from the politically constructed laws and institutions that structure economic activity in a society; this helps explain why there are hundreds of billionaires in the US today compared to 13 billionaires in 1982.

One moment, please...

 

[initforme]

It's ridiculous to be upset with UAW workers asking for a raise. Some union worker making $40 per hour is in some way a bad thing. Where does a mindset like this come from? It's ignorance.

 

[georgephillip]

Once again, go and figure out what you can provide for the masses and you too can be a billionaire. Until then, stop complaining about wealth. I did my research and used it to amass a fortune, and know how to not pay my "fair share" of taxes with all the government loopholes provided me.

If it's true the richest five men in this world have more than doubled their fortunes (at an hourly rate of $14 million) at the same time nearly five billion people have been made poorer. what have the five parasites provided for the masses other than more misery?

Any fortune you may have acquired came from exploitation of productive labor and probably would not be possible in a world without war and debt.

 

[georgephillip]

And the people are happy because they get to fight it out over Reps and Dems, Biden and Trump, while the rich control everything and do everything to enrich themselves.

In 1992 Ross Perot acquired nearly 19% of the popular vote for POTUS while running on the Libertarian Party.

There's virtually no way any third party POTUS candidate can accomplish anything except advance the interests of either the Democrat or Republican seeking that office.

However, if tens of millions of US voters picked the House and Senate candidates from third parties, it becomes possible to flush dozens of incumbents from the US Congress in a single news cycle.

That could start revolutionary change in the greatest purveyor of violence in the world.

We're still moving 'beyond Vietnam'.

 

[airplanemechanic]

This is yet more democrat hypocrisy.

They bitch that these men are getting rich but just yesterday tried to use the stock markets records as proof the economy is doing well. It's well known that what drives up the stock market is the companies of the stocks doing well, i.e. MAKING HUGE PROFITS.

So profits are evil unless you can twist it to push your narrative. Got it.

 

[Godboy]

And one is a GOP donor. Elon Musk is MAGA.

Jeff Bezos donates to both parties.

He donated to the GOP? Got a link for that?

 

[Mikeoxenormous]

If it's true the richest five men in this world have more than doubled their fortunes (at an hourly rate of $14 million) at the same time nearly five billion people have been made poorer. what have the five parasites provided for the masses other than more misery?

Any fortune you may have acquired came from exploitation of productive labor and probably would not be possible in a world without war and debt.

And who is the President of the United States again?

Income inequality declining under Trump policies, says Labor secretary

Due to President Trump's economic policies, workers' wages are growing faster than their bosses, according to Labor Secretary Eugene Scalia.

finance.yahoo.com

I guess when the Marxists/Demofascists stole the 2020 election that reversed the shrinking income inequality and made more people poorer. It always happen when Socialists get in power....

 

[FranklinRoosevelt_FTW]

It's ridiculous to be upset with UAW workers asking for a raise. Some union worker making $40 per hour is in some way a bad thing. Where does a mindset like this come from? It's ignorance.

Those jobs are few and far between.. back in the 1960s there were tons of ‘em


But at least the folks at UPS are making really good money.

 

[Godboy]

Is there any evidence Musk has paid this $11 billion in US taxes?

https://www.cnn.com/2022/02/10/investing/elon-musk-tesla-zero-tax-bill/index.html#:~:text=Elon%20Musk's%20US%20tax%20bill,Tesla's%3A%20%240%20%7C%20CNN%20Business

"Musk has a history of using the US tax code to pay little or no personal federal income taxes. A report from ProPublica shows that for 2018 Musk and many other Americans near the top of the world’s richest people paid no income tax."

Why would you pay an income tax on stocks?

 

[initforme]

Those jobs are few and far between.. back in the 1960s there were tons of ‘em


But at least the folks at UPS are making really good money.

As they should. When the laborers get a nice raise its always a good thing. Some complain about it. Hard to understand that. They like people to have lower wages. Truly a phenomenon.

 

[FranklinRoosevelt_FTW]

Why would you pay an income tax on stocks?

Everyone has to pay a capital gains tax, I believe. 20% ok realized gains held for over a year and perhaps 30% on under a year.

 

[Godboy]

Everyone has to pay a capital gains tax, I believe. 20% ok realized gains held for over a year and perhaps 30% on under a year.

On stock that hasnt been "realized" yet? How do you tax a stock that hasnt even been sold? Whats its value?

Do you think that Elon can sell all of his Tesla stock at its current value? Nope, not a chance. We have no idea what his stocks are worth because, as soon as he begins selling it, the price of that stock will drop. He might get full value of the initial sales, but we have no idea where Tesla stock prices would be if he sold ALL of it. So how are you going to tax him?

 

[Foxfyre]

Those making big money do so because the distribution of income does NOT come from an invisible hand's objective assessment of each worker's and investor's marginal utility.

Big money comes from the politically constructed laws and institutions that structure economic activity in a society; this helps explain why there are hundreds of billionaires in the US today compared to 13 billionaires in 1982.

One moment, please...

735 billionaires in the USA to be more exact which is .0002% of the U.S. population. And most of those are self made. Of the 23 million millionaires in the USA or .7% of the U.S. population, more than 70% are self made. And many of them were just lucky in having exceptional athletic ability or talent sufficient to be popular television personalities, entertainers, actors and such.

My son is one of those self made millionaires based on net worth. He started out his adult life with a large student debt and literally nothing else. No inheritance. No starter money. He had nothing but his work ethic and ability , choosing to learn from many mistakes and not repeat them, and has built his relatively modest fortune from the ground up by saving and wise investments. And he has always worked for somebody else. He now is a professional engineer plus he runs a private music school, pretty much as a charity as he charges only enough to pretty much cover his expenses for 50 to 100 kids teaching piano, voice, guitar, violin. His experience is legion.

That very small percentage of the U.S. population is not a problem for either tax payers or the less blessed. Nor should they be punished or have their wealth confiscated because most made choices and have enjoyed financial blessings more than the rest of us. Confiscate ALL their wealth and you make everyone poorer because there is less investment in business, less money for people to borrow, smaller markets for products, fewer jobs, etc.

The top 1% of wage earners pay 20% of federal taxes paid. The top 50% of wage earners pay 97% of taxes paid.

If anything, we need for the poorer people to pay at least some taxes so that how they vote has some consequences for them too. We had better, more responsive government for everybody when that was the case.