Point taken, but FYI billionaires don’t “earn” a billion dollars regardless, it’s almost exclusively because their net worth due to stock ownership makes them a billionaire.
If you bought a house somewhere cheap, and then the eyesore old factory down the road gets torn down, and the land around your house explodes in value, you did not make a million dollars in income, even though your house is now worth that much.
As well, most billionaires live off money they borrow at stupid low interest rates because that doesn’t count as income. An accountant would be able to explain in depth but that’s one of the way they dodge taxes.
Workers may hold stocks, but anyone who holds a sufficient value of stocks is by virtue of such holdings not a worker. Therefore, stocks support the stratification of society into workers, who may hold stocks but remain workers, and owners, whose ownership of stocks is sufficient that they are not workers.
Oh I’m not arguing against the absurdity of someone having a networth in the billions, I’m just trying to add clarity that it’s the financial industry and tax laws that allow it to happen.
As opposed to just grunting
“BILLIONAIRES BAAAAAAAAD!!!”
Terse messages are used not because the broader messages lack substantive justification, but rather because repetition helps them gain enough attention that more of society will feel motivated to investigate and to reflect.
Point taken, but FYI billionaires don’t “earn” a billion dollars regardless, it’s almost exclusively because their net worth due to stock ownership makes them a billionaire.
If you bought a house somewhere cheap, and then the eyesore old factory down the road gets torn down, and the land around your house explodes in value, you did not make a million dollars in income, even though your house is now worth that much.
As well, most billionaires live off money they borrow at stupid low interest rates because that doesn’t count as income. An accountant would be able to explain in depth but that’s one of the way they dodge taxes.
Stocks are just another way to funnel money away from workers.
Ya know, workers can own stocks too. There’s even companies that give stocks to employees. Stocks themselves are not the problem.
Workers may hold stocks, but anyone who holds a sufficient value of stocks is by virtue of such holdings not a worker. Therefore, stocks support the stratification of society into workers, who may hold stocks but remain workers, and owners, whose ownership of stocks is sufficient that they are not workers.
If only there was a way to convert that stock into yachts… 🤔
Oh I’m not arguing against the absurdity of someone having a networth in the billions, I’m just trying to add clarity that it’s the financial industry and tax laws that allow it to happen.
As opposed to just grunting “BILLIONAIRES BAAAAAAAAD!!!”
You are not adding clarity.
Your understanding is misguided.
Terse messages are used not because the broader messages lack substantive justification, but rather because repetition helps them gain enough attention that more of society will feel motivated to investigate and to reflect.