A Boring Dystopia

In France, the ministry of Economics just announced that 13000 millionaires did not pay income tax in 2025 ... and our social security (health insurance, jobless minimun income, etc) was founded on the principle of taxing the wealthy. So they (liberals) now say that social security is not working as intended and the state should delegate these things to "for profit" organizations ... for "efficiency"

Buy borrow die is a very real economic strategy.

Acquire assets, never sell them, use them as collateral for bank loans, use that capital as collateral for further bank loans. Never sell, no capital gains tax.

Bank loans aren't considered income therefore not subject to being taxed.

Die rich, your kids inherit the money Scott free.

they have tax accountants, legal advisors plus they squirrel away money to foreign banks, like swiss, deustche bank.

They set up LLCs in Nevis, a tiny island nation that doesn't disclose who owns what business. The filthy rich use these mailbox businesses to buy real estate, and launder money. None of it can be traced back to them.

https://www.theguardian.com/news/2018/jul/12/nevis-how-the-worlds-most-secretive-offshore-haven-refuses-to-clean-up

Henry Ford said, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

They also inexplicably all have grand pianos.

Yup, search for "Buy borrow die" and there are various articles about the technique.

this is also pretty good vulnerability, should people start to think at somepoint that maybe billionaires shouldnt have all the wealth in the world. I wonder how the ones who have loaned them money would feel if the asset they have loaned the money for would just.. go away.

Any person should consider billionaires like foreign occupation, though the occupation consists the entire planet. Maybe we shouldn't eat the rich, but eat their art collections.

The percentage of sociopaths involved with creating a society should never be greater than zero.

Financial obesity is an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.

Corporations are the only ‘persons’ which should be subjected to capital punishment, but billionaires should be euthanised through taxation.

The oligarchs in the US are the utlimate power behind the destruction of our democracy. They have stolen the wealth from us for decades. And yet so many of our citizens defend them because they might be rich one day. Which they won't. Because the ultrarich already there won't let them.

Guillotines are long overdue.

One word: Land value tax.

Every time I see a post like this I am disappointed that NO ONE mentions Henry George.

People, please, go educate yourself. Taxes were solved before ww1.

Yep.

Saw a vid about doing that recently. https://www.youtube.com/watch?v=YsDsDqIxgfg

And when I searched for that again just now, saw there are dozens of others too, about "borrow until you die" and similar. "Tax is for the poor" they say.

So much for progressive tax system.

The whole system (not just the tax system) is broken by design.

There actually is an estate tax after death:

https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax

Right now it only kicks in after 15 million. A decade ago it was still 5 million. But it doubles to 30 million for a couple.

For the really wealthy people, they need to pay to obfuscate the rest of the money thru trusts and offshore banking, which they'd rather not to pay to do.

Which is why they're still pushing to raise the cap every year.

Tax portfolio loans over a certain amount. That’s pretty much it. Sure, there will need to be some moving parts beyond that, but basically if you treat a loan as an income rather than something like a primary residence purchase in the buyer’s own name, it gets taxed.

There are high security warehouses that lease space to store billionaires' art collections. That's one of the "banks" they use.

"The rich pay nintey-"
"They can pay fucken 100 percent, I dont give a shit. You want to be a world pillar? Here you go."

This is why we need a wealth tax.

Wealth and Asset Taxes now!

Ancap (ie, right wing) friend sent me this off shitter:

Unrealized gains tax for Gen-Z:

You buy a Pokémon card for $50.

Someone offers you $500 for it. You say no. You love that card. You're keeping it.

The government says: "Cool, but that card is worth $500 now. You owe us $100 in taxes." You: "…I didn't sell it."

Government: "Don't care. Pay up."

You don't have $100 lying around. So you're forced to sell the card you love just to pay a tax on money you never received.

Next month? That card drops back to $50.

Your card is gone. Your money is gone. And the government shrugs.

That's a wealth tax on unrealized gains. They don't pay you back the tax...

Now picture this.

Your mom calls you crying. She has to sell the house she raised you in. Not because she can't afford it. She's lived there 30 years. It's paid off.

But some website says it's worth more now and the government says she owes $15,000 she doesn't have.

So she sells your childhood home. The kitchen where she made you breakfast. The doorframe where she marked your height every birthday.

Gone.

To pay a tax on money that was never real.

Now picture the opposite.

Your dad put everything into his small business. For 20 years he built it from nothing. One year the business is "valued" at $2 million on paper. He owes a massive tax bill. He empties his savings. Sells his truck. Borrows money. Pays it.

Next year the market crashes. His business is worth $200,000.

He lost everything to pay a tax on a number that doesn't exist anymore.

Does the government give him his money back? No.

Does the government give him his truck back? No.

Does the government care? No.

They sold this idea as "taxing billionaires." But billionaires have armies of lawyers, offshore accounts, and trusts. They'll be fine.

You know who won't be fine? Your mom. Your dad. Your neighbor with a small business. The farmer down the road who's had the same land for four generations and now has to sell it because dirt got expensive.

You're not taxing wealth. You're taxing people for owning things.

It's like getting a parking ticket for a car you might drive somewhere someday.

They want you to own nothing and be happy. To fund the fraud, waste and abuse of the welfare state they created.

There is enough money. More tax isn't needed. It's all a lie. But you've been gaslit into believing this is a rich vs poor debate.

I hope you understand what's at stake.

I pretty much instantly shut that down by saying "THEN MAKE THE FUCKING LAW FORBID THE BILLIONAIRES FROM SIDE STEPPING IT! THAT IS THE PROBLEM! IT IS A RICH VS POOR DEBATE YOU IDIOT!!!"

People are idiots.

And they benefit the most from taxes too.

Public education gives me better opportunities.

Public education gives them thousands of literate employees who can do basic math, think logically, use technology, and learn anything new.

This applies to everything from building roads to government scholarships and health programs. They benefit much more from the military too.