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?

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.

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.

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.

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.

const_void,

Convince them to take a trip to see the Titanic…

ChonkyOwlbear, (edited )

A recent study has shown there is little increase in happiness beyond $500,000 in annual earnings. Based on that I suggest a cap of $500k per year or $50 million lifetime earnings.

The former would be for most people, the latter is for movie stars or athletes who might have a few very high earning years and love off them the rest of their life.

demesisx,
@demesisx@infosec.pub avatar

behead them with guillotines

an0nym0us, (edited )
@an0nym0us@lemmy.dbzer0.com avatar

OP said we should behead them with guillotines which was removed by your cuck lemmy.world mods.

Hey mods: Jeff Bezos, Mark Zuckerberg, and Elon Musk aren’t going to blow you so you can stop sucking them off.

nick,

Separate them from their heads. And wealth.

an0nym0us,
@an0nym0us@lemmy.dbzer0.com avatar

Behead them!

DecarbonatedOdes,

Since force is a clear crowd favorite: What would that look like? Angry mod surrounds home of billionaire and guillotines them on their lawn? According to Forbes there are currently 735 billionaires. That might take some time.

jpreston2005,

It’d be more like, load them into the guillotine, and right before you set the blade in motion, offer them one last chance. swipe your cards, enter your pins, and transfer 90% of your income to the public fund (and live), or die and we take all of it. They’ve been using the threat of violence and incarceration against us our whole lives (steal from a company, cops arrest you, company steals from you, you have to get it back yourself), why not return the favor?

demesisx,
@demesisx@infosec.pub avatar

Are you kidding?

735 would take like 20 minutes in parallel if all of the wage slaves got together wherever each billionaire is and gave them what they have coming. And boy do they have it coming!

Those who make peaceful revolution impossible (by buying up our politicians, governments, and news-media) will make violent revolution inevitable.

uriel238,
@uriel238@lemmy.blahaj.zone avatar

It took about a century in France just to go from monarchy to republic.

ohwhatfollyisman,

we need to change the parameters of success.

the current “world’s richest persons” list is actually the “world’s greediest persons” list. we need to all start calling it exactly that. we need to, as society, understand that having those levels of wealth is more a symptom of a sick and twisted mind rather than a consequence of “business acumen”.

the world’s richest persons list should be recalibrated to what percentage of one’s income has been given away in taxes and donations. think about it, if you can indulge in all your necessities, comforts, and luxuries on 10% of your income and still afford to give away the other 90%, are you not 9 times “richer” than you need to be?

separately, any company that turns an obscene profit has done so only by overcharging their customers. these companies should be vilified therefore, and not celebrated.

DecarbonatedOdes,

So true. And a national change in perspective is definitely achievable.

Modern_medicine_isnt,

I doubt it is really greed. They are competitive. It’s a different driver.

bazmatazable,

No matter if it is greed, competitiveness, narcissism, another personality trait or some combination of them the point was that we as a society should not consider becoming a billionaire as model behavior. By all means be the best sports player or musician or top surgeon and make as much money as you are legally allowed. Most tech billionaires are just not that impressive to justify their current net worth.

Tolstoshev,

Education. Until the masses realize the tricks being used on them, we can redistribute all we want and it will still all funnel up to the top again.

RememberTheApollo,

We’ve tried that.

They still decided horse dewormer was a better idea than masks.

hglman,

Yeah and it worked, now the rug has been pulled from schools for a long time.

foggy,

deleted_by_moderator

    •
    an0nym0us,
    @an0nym0us@lemmy.dbzer0.com avatar

    Behead them!

    Pistcow,

    2nd amendment

    otp,

    The Rupert’s Land Act?

    jerrythegenius,
    @jerrythegenius@lemmy.world avatar

    Do it yourself, coward

    bionicjoey, (edited )

    Since this is AskLemmy, perhaps Lemmy should answer you.

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