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World's 10 richest men doubled wealth during COVID: report

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Their stranglehold on the world gets tighter.

17 ( +19 / -2 )

Inequity and economic violence that is killing people everywhere every day?

did the liberal media not read the list of mostly hardcore liberal names?

-12 ( +10 / -22 )

Those people did smart things in early days of their life, made future secured; instead of commenting on JT... like me ;D. Don't get sour.

-7 ( +8 / -15 )

And yet there are people complaining that the liberals of the world have no place to complain about the rich getting richer.

Tax laws make a joke out of this. Most of these people or companies are based in the US, and due to the manner in which tax laws are written, they get away with making billions, but paying less than coffee money in taxes. If they were truly paying taxes commensurate with their "income"! no one should be complaining about anything.

Flat tax rate, 10% across the board on anyone OVER the poverty rate! No taxes on anyone under. Governments the world over would see an increase in revenue, and could do more to help those in need.

Hell look at carrot top, he paid something like $180.00 in taxes, and yet is worth, supposedly over a billion dollars. That makes absolutely zero sense.

8 ( +12 / -4 )

The game is rigged.

11 ( +15 / -4 )

he paid something like $180.00 in taxes, and yet is worth, supposedly over a billion dollars. That makes absolutely zero sense.

well every relevant government agency and hater group has the tax returns now. Must not be anything wrong with them, huh?

Good thing that this article isnt about that man or taxes of anyone. Just wealthy liberals making that money during COVID time, a big no-no.

-12 ( +3 / -15 )

well every relevant government agency and hater group has the tax returns now. Must not be anything wrong with them, huh?

This is not a fact, only a select few in congress and the justice department, and not ALL of them either! Not to mention that ALL presidents should be openly sharing their tax returns with the American public! He isnt anything special!

You are spreading half-truths! And the point was not really about who, but an example how billionaires get away with paying less than a pittance in taxes on their wealth.

They gain wealth by doing practically nothing, and while the common person has to bust their butts to make a living they are doubling their wealth during a pandemic where others are literally having to rely on others for their next meal.

6 ( +7 / -1 )

World's 10 richest men doubled wealth during COVID - report:

No need to remind people of this obnoxious stuff again and again.

It is a great insult to the poor, it hurts them deeply..

7 ( +9 / -2 )

No problem, they’ll go into their graves with exactly zero, like you and me too. Means, they lose all and very much more than everyone else. Not a prospect you should envy them.

0 ( +4 / -4 )

Flat tax rate, 10% across the board on anyone OVER the poverty rate! No taxes on anyone under. Governments the world over would see an increase in revenue, and could do more to help those in need.

I don't see how this would work. Most people over the poverty line pay significantly more than 10% in income taxes now, while those below the poverty line already pay significantly less. So shifting to a flat 10% income tax on everyone above the poverty would just amount to a huge tax cut for the middle class and wealthy, while doing little to ease the tax burden of the poor. Also it would very clearly lead to a huge decrease in revenue rather than an increase.

4 ( +6 / -2 )

Happy for them. The world needs smart, driven people to provide necessary things for society. Thanks in large part to them, global poverty has been cut in half since 1990.

-9 ( +4 / -13 )

Make sure to thank your federal governments around the world. When governments deliberately shut down millions of business worldwide without regard for people livelihoods, what should we expect?

0 ( +5 / -5 )

The world's 10 wealthiest men doubled their fortunes

Their fortunes were doubled because of actions taken by central planners in response to coronavirus.

Heck my fortune did ok too because of it.

The problem is the actions of the central planners increasing inequality. Whenever they do something they make problems bigger or make new problems.

-3 ( +4 / -7 )

I also doubled my income. Now I have ¥400 in the bank.

13 ( +14 / -1 )

I don't see how this would work. Most people over the poverty line pay significantly more than 10% in income taxes now, while those below the poverty line already pay significantly less. So shifting to a flat 10% income tax on everyone above the poverty would just amount to a huge tax cut for the middle class and wealthy, while doing little to ease the tax burden of the poor. Also it would very clearly lead to a huge decrease in revenue rather than an increase.

I wrote ZERO taxes on those under the poverty rate.

Next a "huge" tax cut to the middle class would increase their ability to save and spend more, assisting greatly with the growth of the overall economy.

Billionaires only pay a pittance on their income would drastically change things and balance things out as well. If these "billionaires" averaged an increase of income of $1.3 BILLION per month during the pandemic, that means they would have to pay an average of $103 Million in taxes each.

The middle class has been shrinking for at least a generation, as the wealthier get richer, and they fall lower.

https://nymag.com/intelligencer/article/fact-check-richest-1-dont-pay-40-of-the-taxes.html#:~:text=According%20to%20the%20latest%20data,90%20percent%20pay%2028.6%20percent.

2 ( +4 / -2 )

Good thing that this article isnt about that man or taxes of anyone. Just wealthy liberals making that money during COVID time, a big no-no.

Yes. Making a fortune on the sickness, suffering, and death of others is immoral.

But that's capitalism for you.

3 ( +9 / -6 )

Flat tax rate, 10% across the board on anyone OVER the poverty rate! No taxes on anyone under. Governments the world over would see an increase in revenue, and could do more to help those in need.

Progressive tax rates are actually better.

2 ( +8 / -6 )

Happy for them. The world needs smart, driven people to provide necessary things for society. Thanks in large part to them, global poverty has been cut in half since 1990.

Sarcasm runs deep in this one! No one actually believes this as fact!

And just in case you were being "serious", but I doubt it, you over simplise the actual reasons why it's been cut in half, , and it's far more to do with the improved economic situations in most of the "formerly" poor areas of the world! And plenty of other reasons as well.

2 ( +4 / -2 )

So what happened to the wealth of the ten richest women in the same period?

0 ( +4 / -4 )

Yubaru- maybe a touch simplified, but actually they represent the glories of, and the superiority of, the capitalist system. People were lifted out of poverty due to global trade and innovation, as represented by the people on the list.

They wouldn't be rich if they didn't make products that people want. It's as simple as that.

-2 ( +2 / -4 )

Zichi, the problem is that wealth taxes don't work. They don't generate enough revenue to justify the amount of capital they drive away. A simple example- look at France. After a wealth tax was instituted, 42,000 millionaires left the country.

Better to tax actual income, which exists in reality and not on paper.

1 ( +4 / -3 )

They wouldn't be rich if they didn't make products that people want. 

They don't. Workers do.

-2 ( +4 / -6 )

The workers wouldn't have anything TO make if there were no factories to work in, no product designs to use, no capital to start the companies.

-2 ( +1 / -3 )

I wrote ZERO taxes on those under the poverty rate.

Yes, I understood that and did not suggest that you wrote otherwise. Note that most of the people below the poverty line already don't pay income taxes because they don't earn enough, so your proposal isn't of much help to them.

Next a "huge" tax cut to the middle class would increase their ability to save and spend more, assisting greatly with the growth of the overall economy.

Yup, but at a huge cost to government revenue.

Billionaires only pay a pittance on their income would drastically change things and balance things out as well. If these "billionaires" averaged an increase of income of $1.3 BILLION per month during the pandemic, that means they would have to pay an average of $103 Million in taxes each.

Its important to note the distinction between an increase in wealth on the one hand, and an increase in income on the other. Billionaire fortunes increased by that amount almost entirely because the value of their assets (real estate, stocks, etc) increased, not because their income did. Income tax only covers the latter, so slapping a 10% tax on it wouldn't net the government the amount you describe. Also, the current tax rates for high earners is much higher than 10%, so you are really proposing a drastic reduction in their tax bill, not an increase.

Also, there aren't actually that many billionaires out there. The highest tax payers out there are in the cohort below them (approx. the top 10%, most of whom are millionaires but not the ultra-wealthy billionares) and for them your proposal would be a huge tax reduction since unlike billionaires their wealth is mainly based on their income rather than assets.

Anyway you cut it, your proposal would mainly benefit the wealthy, would destroy public finances and do very little to help the poor.

1 ( +3 / -2 )

The workers wouldn't have anything TO make if there were no factories to work in

Who made the factories?

2 ( +5 / -3 )

so a worker just designed an electric car, bought the parts with his own money, and put it together, then sold it?

As far as making money during COVID, it wasnt hard. There were certain stocks that doubled and tripled due to their "stay at home" nature while others plummeted 75% because of lockdowns.

That has now reversed so people took their profits out of stay at home and invested in the lockdown stocks that returned to previous levels and made money on both.

Governments caused this, picking loser and winners by deciding what and when to lockdown, and for how long.

-3 ( +2 / -5 )

so a worker just designed an electric car, bought the parts with his own money, and put it together, then sold it?

Did Elon Musk? How many days do you think he's spent full-time on the factory floor? Where did the factory come from? Do you think he got the metal from the ground himself? Do you think that he designs every car himself?

If not, who does all of these things?

-1 ( +4 / -5 )

Lots of people Sister, who are all generously compensated. All of whom are also free to leave if they feel unfairly paid. Musk is a unique talent and genius. He would be wasting his time working in a factory.

If you think those people are all too rich, you can do something about it. Stop buying their products and using their services. Encourage others to follow your example. But somehow, I think that won't happen.

But that is the beauty of the capitalist system. You are free to participate or not, as you desire.

0 ( +4 / -4 )

How many days do you think he's spent full-time on the factory floor? 

Elon Musk SLEPT on the factory floor. so there is that. I dont believe he even owns a home anymore.

While socialist Bernie Sanders has three mansions. So there is that too.

https://www.cnbc.com/2018/04/11/elon-musk-says-he-is-sleeping-on-tesla-factory-floor-to-save-time.html

-3 ( +3 / -6 )

Lots of people Sister, who are all generously compensated.

What word would you use to describe people who work because they have to sell their labor in the market, rather than own capital to purchase labor?

All of whom are also free to leave if they feel unfairly paid.

Not necessarily. Not if it's the only game in town. Not if you'd starve if you didn't. You are woefully naive.

Musk is a unique talent and genius. He would be wasting his time working in a factory.

He isn't. He made money off of Paypal, where other people who worked there said his coding wasn't especially impressive.

Millions of people work in factories all over the world. Do you seriously believe that none of them are exceptionally talented, but need to work in a factory to stay alive, or feed their family, or because they live in a poor country and don't have access to the tools they need to express that talent? Why don't you care about them?

If you think those people are all too rich, you can do something about it. Stop buying their products and using their services. Encourage others to follow your example. But somehow, I think that won't happen.

You're in luck: I don't own a Tesla, I don't use Amazon, I don't own a Windows product, I don't drink Starbucks.

But even if I did, "you have to engage in a capitalist system in a capitalist manner" is not a great criticism. You wouldn't say to a slave who hated slavery, "look, why don't you just stop working for them and stop letting them whip you? Tsk, typical hypocrite", would you?

But that is the beauty of the capitalist system. You are free to participate or not, as you desire.

You aren't. People need to eat. They need to have a place to live. Under capitalism, the only way for workers to attain these things is to sell their labor.

You participate or die.

That's not a choice.

2 ( +5 / -3 )

There seems to be an impression amongst certain people that the ultra wealthy are also ultra lazy. That they spend their time Scrooge McDuck style, swimming in a pool of gold coins and using $100 bills to fuel their fireplace. Nothing could be further from the truth.

I also notice that the democratic socialists used to rail on and on about "millionaires and billionaires" and how the system is unfair. They have changed their tune lately to billionaires only. Perhaps because so many of THEM are now in the millionaire class... one wonders how Nancy Pelosi has accumulated a net worth north of $100 million when she has been in politics her entire adult life.

-2 ( +2 / -4 )

At least lockdowns and vax mandates work for something

-2 ( +1 / -3 )

People either sell their labor, under capitalism, or it is stolen from them, under socialism. I know which I would choose. In one system, there is at least the chance to save and accumulate capital and eventually grow your wealth.

Workers ARE free to come and go. Your slavery comparisons are ludicrous. There are very few 'one company towns' any more. People can work, quit, move as they see fit. And yes they need to eat, have housing, etc. How do you suggest they get these things, if not by working?

As for your millions working in factories worldwide, the talented often do rise. People have ALWAYS worked to stay alive, be it as a farmer or laborer or whatever. There is no sin in that.

-2 ( +2 / -4 )

one wonders how Nancy Pelosi has accumulated a net worth north of $100 million when she has been in politics her entire adult life.

stock gains from trading on insider knowledge that she gets at her job and then passes to her husband, who is the sole "stock owner" to get around the rules.

-3 ( +1 / -4 )

Good thing that this article isnt about that man or taxes of anyone. Just wealthy liberals making that money during COVID time, a big no-no.

and yet when dems talk about making wealthy pay more taxes or increasing the minimum wage the republicans scream bloody murder

1 ( +2 / -1 )

No single person should be allowed to accumulate so much wealth. They are like a cancer in the economic system, that just grows exponentially.

2 ( +4 / -2 )

What else was to be expected. Meanwhile: A child dies from hunger every 10 seconds. Do the math.

3 ( +4 / -1 )

As I said about a year, Covid is a good money spinner for some and of course it’s the usual suspects that benefit the most whilst the rest of the world are in panic and squabbling about vaccines

-7 ( +0 / -7 )

People either sell their labor, under capitalism, or it is stolen from them, under socialism. I know which I would choose. In one system, there is at least the chance to save and accumulate capital and eventually grow your wealth.

Socialism is literally a system where the laborer is in charge. How can you steal labor from yourself?

Workers ARE free to come and go.

And you're free to sleep in a ditch. But if I said, "you've got to dance the marimba every day for two hours for someone's amusement, or you WILL sleep in a ditch", and I had the force of law behind me, you would hardly be comforted if I said "oh, but you get to CHOOSE who you dance for."

Your slavery comparisons are ludicrous.

It's a good one, actually.

There are very few 'one company towns' any more.

One is too many.

People can work, quit, move as they see fit. And yes they need to eat, have housing, etc. How do you suggest they get these things, if not by working?

Common ownership of the means of production, reproduction, and distribution.

2 ( +4 / -2 )

Musk owns a house in Texas.

not unless he bought it since 9 December 2021 when " Elon Musk sold a San Francisco mansion, which was his last remaining home, for $30 million"

-5 ( +0 / -5 )

The rich pay enough in taxes, they also generate enormous wealth in the terms of employees, spinoff businesses, and so on. Hell, Musk just paid $11 BILLION in income taxes, isn't that enough for one man to pay?

We need to encourage entrepeneurs, not shackle them.

-3 ( +3 / -6 )

not unless he bought it since 9 December 2021 when " Elon Musk sold a San Francisco mansion, which was his last remaining home, for $30 million"

He does. But he appears to be chilling at a friend's mansion, lol.

https://www.dallasnews.com/business/real-estate/2021/12/23/tiny-house-or-lakefront-mansion-theres-a-mystery-around-elon-musks-texas-home/

2 ( +3 / -1 )

The rich pay enough in taxes, they also generate enormous wealth in the terms of employees, spinoff businesses, and so on. Hell, Musk just paid $11 BILLION in income taxes, isn't that enough for one man to pay?

No.

0 ( +3 / -3 )

Wealth and income are diffeent zichi, as you I am sure know. His wealth could just as easily be half of that in 6 months. Which is why wealth taxes are hard to calculate and inefficient.

So 11$ billion in capital gains isnt enough?

-4 ( +0 / -4 )

So 11$ billion in capital gains isnt enough?

No.

Elon Musk has wealth of roughly $300b. If he wanted, he could make everyone in Tallahassee into a millionaire and STILL have nearly $100b left.

For a billion dollars, if you spent $10,000 every single day, it would take you 2,74 years before you ran out. So, even after turning a decently-sized Florida city into a city of millionaires, he would still have enough money to spend $10,000 per DAY to last 2,740 years.

And you think he should have MORE money?

3 ( +4 / -1 )

Who made the factories?

Banks loaning depositors money made the factories.

-3 ( +0 / -3 )

Banks loaning depositors money made the factories.

Factories are made of dollar bills that spontaneously transform into metal, plastic, concrete, and everything else a factory needs?

Huh. News to me.

1 ( +3 / -2 )

If I ask you to lend me ¥1,000 for art supplies, and then I just put it on my desk and wait for art supplies to appear, it's not going to work. I need to do the work of going out and buying art supplies. And then I actually have to physically use them to make art.

A ¥1,000 bill can't do those things.

2 ( +3 / -1 )

Doubled. That is an incredible amount of money. I don't think most people grasp the enormity of that much money.

1 ( +1 / -0 )

So much misleading about articles like this. These "rich" do not sleep on a gigantic pile of cash under their mattress, which can be confiscated. They are rich because they control successful enterprises. And the question is who is better at allocating the value of these enterprises.... the rich who run them or bureacrats with no idea about how to create wealth but lots of ideas how to spend it? Ask yourself.

-1 ( +2 / -3 )

Sister- do I think Musk should have MORE money? ...strange question, I never think about wealth in those terms. Doesn't really bother me one way or another if he is more or less wealthy. It isn't for me or you to say how much is "enough". And it certainly isn't for the government to send men with guns to take it from someone just because THEY suddenly want it.

So if he and Bezos and Sir Richard want to pump billions into space exploration as a vanity project, more power to them. They are employing people, funding the economy, and providing a spot of entertainment from time to time. And again, they are doing it with THEIR money, so it has no impact on you or me or world hunger or the price of beans in Bangladesh.

-2 ( +2 / -4 )

Musk just paid $11 BILLION in income taxes, isn't that enough for one man to pay?

Read this. You are stuck on the amount paid, but fail to look at the amount he "earned"!

Earlier this year, ProPublica published an investigation showing Musk and several other billionaires paid no federal income taxes in 2018.

Between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion of income, according to ProPublica, despite his wealth growing by $13.9 billion over that period.

https://www.cnbc.com/2021/12/20/elon-musk-says-he-will-pay-over-11-billion-in-taxes-this-year.html

0 ( +2 / -2 )

So he paid roughly a third of his income in taxes in addition to the $11b in capital gains. Seems pretty fair to me.

His wealth growing is not relevant until it is converted into cash.

Zichi: what would a "fair share" of the profits be for, say, Tesla workers? If they had bought stock in their company last year, they would be very happy indeed as Tesla has increased 50%. If they bought stock a year earlier, they would be ecstatic as it rose by more than 700% in 2020.

But the company might just lose money too- do you think the workers should then shoulder their 'fair share' of the losses?

-2 ( +1 / -3 )

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