Topic: How billionaires are really affecting the economy. - page 6. (Read 1192 times)

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.

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?

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.

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.

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.

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.

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.

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 👺👺

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.

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.

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.

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.

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

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.

BS:

Also, the way poverty is calculated has changed so much in the last decades that is no longer even remotely the same as at the beginning of the last century, it has added a ton of things that weren't even debatable possible a century ago.


Again, how in the name of god did 33% of the Americans get wealthier if yous aid only billions get richer and the rest end up poorer?
Do you actually read what you type and give a second though on it?


Not jealousy, sometimes is also stupidity!


Can you tell me, if the poor end up being paid less, and not affording housing, how are the people that sell them fewer goods and not being able to rent out hosues making more money? Because never in my life have I experienced a year where we would sell less meat for cheaper and make more money, for example as this is our family business.
Not in all my years of work for a company have I seen a year where we had fewer clients, ordering less and we would make more!
It's one of those mysteries of the socialist manifesto, so can you please explain to me how this is even possible?


Because that would imply work, and socialists are only after getting free money, working for that money would make them... capitalist! 

The problem with rich people becoming richer and poor people becoming poorer is real, but the solutions we have come up with do not provide any sort of real tangible result so far. The problem is, if you end up taxing the rich too much, and try to help the poor with that money, which is the logical thing to do, then there is a chance that those rich people would just take their business elsewhere. Too many companies have headquarters in Singapore and Ireland, have you asked, "why".

Because they wanted to pay less taxes. So, what can you do? You can do all the revenue made within your own nation, and not tax the people who buy the thing, but tax the company that sells it, so the company doesn't sell something for 2k+tax, they sell it for 4k, no taxes, taxes then paid by the company. See if those huge companies can still sell that much, and people will get awareness about it too.

The billionaires must have a lot of businesses in various fields so that's what keeps them rich and have a lot of money. They help the economy through their business and even though the economic situation is getting more difficult, the billionaires can survive well. Maybe the billionaires will put the inflationary moment to good use by offering something to people who need help.

Those affected by the disruption of the economic problems are the lower middle class, who are not prepared for the worsening situation. They will lose control and eventually lose their money because they must meet their needs.

But some billionaires may influence the economy with their power because some billionaires are close to the government. They move behind the wall in controlling the economy with the rulers.

Your reasoning is correct but incomplete. The power of money makes it possible to corrupt politicians who then vote for laws in favor of the ultra-rich (taxation, pollution permits, etc.). And here the loop is closed. We have already seen multinationals benefit from state subsidies to settle somewhere against the promise of local jobs and leave as soon as the subsidies have been pocketed.

Morality: the richer the super-rich, the more corruptible politicians become.

its simple

imagine there was 30trill in the economy. one year and 33trillion the next year
it appears as 10% inflation of the economy..

however that new 3trillion is not sitting in the bank accounts of average joe
that 3billion went to institutions, its not circulating amongst the average joe people

average joe are still playing with each other with a far smaller amount. that has not moved much

the covid stimulus did put funds into average joe.. but within the same month it trickled up to the institutions when average joe bought stuff/invested the stimulus

during the 2008 crises the bank stimulus was to stop banks from calling in trillions of debt. but that stimulus did not trickle down. it stayed at institutional level

so while billionaires had boosted their valuations of their wealth on paper.. the average joe had the same amounts as previous but were told that their lives had 10% higher demands on them. thus they got poorer.

just remember. billionaires are only billionaires because they hoard their wealth, not spend it

poor people spend over 95% of income. billionaires spend under 5% of their income

The rich people became wealthier because of the big central banks and their money printing machines.
Inflation is "tax over the poor" and it benefits many companies and rich people, but we have to know that the rich people didn't create the inflation.
The rich people pay low taxes because there are problems with the tax legislation, which create legal opportunities to avoid high taxation.
Many rich people are investing in polluting industries and so what? This is perfectly legal in most countries. Did anyone declare it illegal?
The billionaires are simply taking advantage of a rigged system. The people, who are maintaining this rigged system are the politicians and the central bankers.