Billionaire, morally defensible?

[diy_fun_uk]

The number of billionaires is increasing. This pleases some and disgusts others.

A woman was being interviewed on a news prog a couple of weeks back, she's written quite extensively about wealth disparity and believes individual wealth should be capped at £10 million. She was challenged on this relatively low amount by the presenter and suggested it could be adjusted upwards.

Billionaires were being discussed on another tv prog the other day, daytime thing with talking heads, one in favour one not. Their discussion focused on whether or not it's morally defensible to be a billionaire. Again, one took the stance that individual wealth should be capped.

Personally, I have no issue with people either becoming billionaires through hard graft or inheritance. I don't look on it as being morally wrong.

What are your views? Down with the billionaires or good on you!

https://www.barrons.com/articles/there-are-now-a-record-number-of-billionaireswith-taylor-swift-and-19-year-old-brazilian-heiress-livia-voigt-joining-the-list-e44de042

 

[Fred Blogs]

Good on them as long as they pay their way which the vast majority do not.

 

[Murdochcat]

Most billionaires have assets which they don’t sell. And probably take dividends so it’s taxed at a lower rate. Not sure how taxing them more on the value of assets could work

 

[JohnD]

Some big assets are hard to hide. And some cannot be moved to a tax shelter.

 

[motorbiking]

Billionaires are highly mobile as are most multi-millionaires. They will choose to base themselves wherever they please.

If one country tries to tax them too much, you can guess where they will go.

 

[Murdochcat]

Some big assets are hard to hide. And some cannot be moved to a tax shelter.

Assets are not necessarily taxable in most cases

 

[Notch7]

I think its morally wrong that there an awful lot of people suffering fuel and food poverty and there are far too many trapped in rent

But it is wrong to cap wealth, we should live in a society where people can become wealthy -we should not stifle ambition, innovation nor freedom

 

[Notch7]

Most billionaires have assets which they don’t sell. And probably take dividends so it’s taxed at a lower rate. Not sure how taxing them more on the value of assets could work

I believe Labour did look at a wealth tax not too long ago, but its almost impossible to make work

 

[Odds]

Morals and money are like oil and water.

 

[Murdochcat]

I believe Labour did look at a wealth tax not too long ago, but its almost impossible to make work

Precisely

I have repeatedly said I would be happy to pay more taxes but I’m a very rare person

 

[diy_fun_uk]

I think its morally wrong that there an awful lot of people suffering fuel and food poverty and there are far too many trapped in rent

But it is wrong to cap wealth, we should live in a society where people can become wealthy -we should not stifle ambition, innovation nor freedom

This is essentially my stance. I couldn't get my head around the woman who suggested capping wealth at around £10 million. Her (utopian-esque) view seemed to be people would still be driven to achieve even if their personal wealth was capped. I'm not so sure, actually I'm not convinced on that assertion whatsoever.

 

[JohnD]

Assets are not necessarily taxable in most cases

Some assets are currently not taxed.

 

[Murdochcat]

Some assets are currently not taxed.

Like your ISA’s

 

[JohnD]

Billionaires are highly mobile as are most multi-millionaires. They will choose to base themselves wherever they please.

If one country tries to tax them too much, you can guess where they will go.

Billionaires prefer countries which are well run. Where they and their families are unlikely to be robbed, murdered or kidnapped. Where their property is unlikely to be seized. Where they are unlikely to be thrown into prison for lack of support to the ruler. Where the police and courts are not commonly corrupt. Where there are well-run airfields and air traffic control. Where the roads are safe. Where armed brigands do not roam. Where the marinas are not raided by pirates. Where there are luxury jewellers, couturiers and restaurants for their wives and mistresses. Where there are well-connected schools for their offspring. Where there are trustworthy banks. Where there is good sanitation and health systems so diseases are not rife. This limits the number of suitable boltholes.

Such countries are mostly in the prosperous West. They are countries that have taxation to fund their attractive systems.

Tax-dodgers often threaten to move if their privileges are reduced. They seldom do.

Many such countries see the disadvantages of competing to race to the bottom, and are willing to enter into co-operative alliances making it possible to establish common standards.

 

[Bod ...]

Morals and money are like oil and water.

And sometimes you earn so much money you coast along and as if life is a bunch roses.

Then on the 100th minute you get pulled back down to earth.
On the 111th minute it all goes tit's up., and your left with nothing but a stack of money regardless.