Comment on Billionaires hate democracy
Lojcs@piefed.social 2 days agoShit 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.