What are the best steps to reduce the wealth of billionaires?

There are a myriad of news articles here on Lemmy that display the abhorrent influence billionaires have on our society (especially the US, where I reside). I consistently read comments where the posters appear hopeless and despondent of the situation, while others jokingly refer to the guillotine.

As for myself, I have recently found myself with a lot of free time on my hands after being laid off and want to gather ideas on what would be the best hypothetical route to solve this issue. Let me be clear: These are only THEORETICAL IDEAS and I do not condone any illegal activity.

Historical precedent: While I am not intimately familiar with the inner workings of the Occupy Movement, I do know that they were constantly attacked as being unorganized and lacking structure. It would be wise to not fall into the same pitfalls if those were accurate assessments.

Logical formulation: The foundations of the key points of the movement must be logically sound to withstand any external (and internal for that matter) scrutiny.

Motto: If a motto or slogan is chosen, it must be unambiguous so that attacks are directed to the movement, not the motto itself.

I am also aware that most people can’t spare any time to these kind of movements. Similar to the Texas seceding news, many commentators have noted that most Texans are living paycheck to paycheck and wouldn’t be able to dedicate any time to their cause. I would understand that would be same for this cause as well. However, since I have the time right now, I only ask for your ideas.

Broad issues: High cost of living (mortgages, rent, groceries, etc.) Inflation Homelessness

Philosophical underpinnings: Is there a Threshold of Greed? If so, what is too much wealth?

Possible means of reductions: Voluntary donation or renunciation of wealth past a certain point (highly unlikely) Taxation (also unlikely) Seizing assets (illegal and would most likely set a poor precedent)

It might also to organize an open database of billionaires with their respective fields (Forbes is closed) to help organize a boycott of some sort Though I suspect their fingers are in everything and it would be highly impractical.

Sorry for the word diarrhea. What are your thoughts?

const_void,

Convince them to take a trip to see the Titanic…

zettajon,
@zettajon@lemdro.id avatar

Tax any loans using stocks as collateral. If they try to hide their wealth through an LLC, subject that LLC to a high wealth/business tax as well. Go full scorched earth on all billionaires.

antlion,
@antlion@lemmy.dbzer0.com avatar

I don’t think the crazy taxes need to be on obscene wealth itself, but on the very lavish and wasteful things people do with that wealth, things that have a very real impact to the rest of society.

For example, private jets or even private chartered flights should have some very steep taxes to offset the cost of all the FAA employees and stuff at all the small airports, all the carbon emissions, and everything.

Yachts, and very large properties also come to mind. Like total square feet of living space of all real estate owned - once it crosses like 10,000 sq ft the annual taxes just get higher and higher. For example 10k-20k sq ft costs $1/sq ft annually, 20k-40k costs $5/sq ft, etc.

echo64,

They barely spend money on these things, it’s worth understanding what billionaire really means. You could levey hundred percent taxes on these things and billionaires wouldn’t even notice

jonne, (edited )

And yet they go through great lengths to make sure those things aren’t taxed the way other things are. In fact, they’re tax deductable: propublica.org/…/private-jets-yachts-wealthy-tax-… .

If they didn’t care about spending extra, stuff like that wouldn’t make it into laws.

Being wealthy is cheap in a lot of ways, in the same way that being poor is expensive.

echo64,

yes because they employ tax avoidance people in general and they make more money paying those people to avoid tax all over the place than if they were taxed so it’s a net gain.

to be clear, they don’t even know they are lobbying for tax on these things to be low. their people do it.

and again, to be clear, it’s not the money we care about, its the other 995 million that we should be focusing on nixing.

GBU_28,

“billionaires” wouldn’t be so bad if they just:

  • paid the taxes expected, with no shenanigans
  • were obligated to activate their cash in the economy. No hording, get that cash moving through the economy.
EdyBolos,

Also if they didn’t exploit their workers and paid them fairly.

moistclump,

But then they wouldn’t be a billionaire!

GBU_28,

Sure, if they are explicitly running a business

Iceblade02,

I’d make personal asset-backed debt above a certain amount per capita taxable. The real reason they pay so little tax is that they never actually realize their assets - they just borrow against them, and all that debt is then slowly deleted through inflation.

So, when they use asset-backed debt instead of income - tax it.

rsuri,

Honestly I think the best means for changing things is right under our noses: voting. Not just federal, but also state and local. As it is now, in most places tax cuts that flow mostly to the wealthy are still a great political move that’s an easy way to get votes. That’s the first thing that needs to change.

There’s all kinds of groups like the Center for Tax Reform and the US Chamber of Commerce that push for policies that tend to increase financial inequality - but as far as I know there isn’t one for reducing inequality. Given how many people recognize the problem, maybe there should be one. And then politicians can start to fear that group as much as they fear the others. Of course it won’t have a lot of wealthy donors, but as some politicians have shown small donations can do a lot.

Sprokes,

Voting doesn’t change anything when billionaires can be easily lobbied. Just look at what happening in France, it is not the US as there are some rules against it but politicians are doing exactly what billionaires want them to do. French people are against those laws in favor of the rich but the gouvernement doesn’t care.

EdyBolos,

All the people saying taxes or caps on income are missing the point. Who should impose those taxes or caps? The government is basically controlled by billionaires, it doesn’t matter what the ordinary citizens want.

WanderingVentra,

Hence the guillotines answer I’ve seen float around

Sagifurius,

They wouldn’t exist if the currency wasn’t worthless, maybe linking cash to reality again would fix it? The real terms richest man corrected, even today, was a Roman so just get us back on gold.

barryamelton, (edited )

Tax the income of corporations not the profit. The same way you get taxed your VAT. That means that corporations can’t tax evade: if they make income in a country, they get taxed. They can’t go an declare the profit in the Netherlands or Ireland and skip paying taxes.

Create and use parallel institutions to allow society to thrive without needing to play the billionares economy game. Example: communication tools outside of a market involvement such as Lemmy, Element (matrix). Economy tools. Association tools. See the application of Dual Power by socialists, which is what you are proposing here, a redistribution of power and wealth.

Vote for those pushing for these.

QuarterSwede,
@QuarterSwede@lemmy.world avatar

This is brilliant in its simplicity.

mydude,

deleted_by_moderator

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    skozzii,

    You have to be pure evil to be a billionaire, sitting on that much wealth with so many suffering in the world you can easily help. They are psychopaths if you think about it.

    I’m down with the guillotine.

    demesisx, (edited )
    @demesisx@infosec.pub avatar

    we should just Go aroUnd acting lIke they are the best ever Landlords on the pLanet and there is nOthing unusual abouT them beIng the oNly people on earth familiar with thE concept of happiness, right fellow captive serfs?

    foggy,

    I’m not sure, I kinda feel like we could use GUILLOTINES the way GUILLOTINES have been used historically, to spread that happiness around.

    an0nym0us,
    @an0nym0us@lemmy.dbzer0.com avatar

    Unapologetically behead every last one of them.

    GiddyGap,

    Taxation (also unlikely)

    I think this is the most feasible way, and it work relatively well in other Western countries than the US. They still have billionaires, but fewer due to higher taxation. If put in place through referendum, it also creates a basis for societal approval of stripping very wealthy people of their excess wealth, lowing the risk of widespread revolt.

    foggy,

    deleted_by_moderator

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    DecarbonatedOdes, (edited )

    Wait, who is deleting posts? Edit: Nevermind, it’s the lemmy.world mods.

    TexMexBazooka,

    Guillotines

    Coach,

    Shop local.

    Oh, yeah…and guillotines.

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