Comment on Billionaires hate democracy
merc@sh.itjust.works 2 days ago
What’s crazy is that he’s only spending less than 1% of what the tax would cost him.
If he spent $10b and managed to save himself a $13b tax bill, he’s still save $3b.
I suspect he’s actually spending much more than $100m. He has probably hired expensive attorneys, expensive accountants, expensive PR firms, etc. We have to hope he hasn’t hired private detectives, hackers, hit men, etc.
Lojcs@piefed.social 2 days ago
Shit like this makes me think the Billionaires are afraid of wealth tax because much of their wealth isn’t real. They can materialize 0.05% to fight legislation, but if they tried to liquidate a significant portion of their stocks or whatever that’d decrease the value of the rest of their fortune, not to mention somebody needs to buy what they sold.
merc@sh.itjust.works 2 days ago
I’m sure that’s part of it. Selling enough stock to meet a 5% wealth tax would sometimes mean that selling those stocks would really drop the value of those shares, and therefore drop their on-paper wealth.
But, the simpler explanation is they don’t wanna.