this post was submitted on 01 Aug 2023
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They need to make the choice: pay a lot more taxes, or take the second option. I'm not threatening violence, but as our society gets more desperate the targets on their backs get larger.
There are 756 billionaires in the US and 330 million of us. Once that becomes clear to people things might change, one way or the other. All other "culture wars" are noise generated to distract from this one.
Shameless displays of excess wealth is increasingly being met with more and more cultural hostility, especially amongst younger people. Gen Zers are highly likely to view people who flaunt their wealth or indulge heavily in luxury goods as being tacky or just generally negatively. The hostility as the climate crisis increases will only increase as well.
Former tax professional here. The problem is that the billionaires aren't really billionaires. Elon Musk does not have a quarter trillion dollars in his bank account. His net worth is calculated from what other people think his holdings are worth. He cannot be taxed on this.
Unless someone is game enough to pass legislation enabling taxation of "unrealised gains" (while not allowing credits/offsets for unrealised losses), billionaires will continue not paying their fair share of tax.
The end result of revolution is.... For them to pay more taxes.