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From: IotB
Registered User
06:05 06/09/2021
Viewed: 17 times

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Subject: I was talking with my crank conservative friend yesterday about it. - [Edit Post]          0   0

We were talking about Michael Bloomberg reporting 10 billion of (realized) income and only paying 300 million in taxes. I pointed out to him that was only a tax rate of 3% and asked him what his fed tax rate was last year and he said it was 30 something percent. I pointed out he paid 10 times more as a percentage of taxes, and made probably a 10 million times less than Michael Bloomberg. Heh. :)

But the unrealized gains is an issue. One I don't have a good answer for, I suppose I could just default to Elizabeth Warren's idea/position on it. Part of the problem with this sort of asset growth is that for 99% of us we will never see asset growth like they have in quantity or relative percentage of our worth. Plus since those shares are assets they can be used as collateral for financing which I imagine provides them some advantages in our tax code depending on what they use it for, and how they pay it back.

But even with the unrealized gain argument, I still think it points out a legitimate problem with the system, that this kind of growth and accumulation at the top being so disproportionate to the norms of 90-99% of the system is an imbalance that if left unchecked/unregulated threatens the whole system.
“I have a foreboding of an America in my children’s or my grandchildren’s time — when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what’s true, we slide, almost without noticing, back into superstition and darkness. The dumbing down of America is most evident in the slow decay of substantative content in the enormously influential media, the 30-second sound bites (now down to 10 seconds or less), lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance.” -Carl Sagan 1995 "What is existence but the absorption of and reaction to the data that the universe presents. You can either grasp these truths or you can misinterpret them to your constant and considerable agitation."


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