115
Twelve U.S. Billionaires Now Have a Combined $2 Trillion
(inequality.org)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 04 Dec 2024
115 points (99.1% liked)
United States | News & Politics
1945 readers
766 users here now
Welcome to !usa@midwest.social, where you can share and converse about the different things happening all over/about the United States.
If you’re interested in participating, please subscribe.
Rules
Be respectful and civil. No racism/bigotry/hateful speech.
Post anything related to the United States.
founded 2 years ago
MODERATORS
Right, but then a CEO like Jensen Huang already has a paycheque to cover that sort of thing.
The question is what is it really like to have your stock holdings go from $5 billion to $120 billion as a result of the company you run getting caught up in the AI hype bubble? Honestly I think not much. Just a number changing on the computer screen, like a new high score in an arcade game.
How much do I think it affects his daily life? Pretty much not at all. Yet if it went back down to $5 billion people would be screaming at the company and he might be fired. It’s very strange!
If he’s smart he’s not taking a pay check. They get bank loans backed by stock. They never part them of and the bank just assumes the estate will settle it.
They have to bet on Nvidia staying valuable enough to cover the loans though. (Or not, hence the adage about owing the bank a billion dollars).
That’s a consequence of capital gains tax being structured the way it is.
I think one of our biggest issues as a society is the way we try to use tax to target specific people. It never works out! They just find ways around it.
We should be trying to set up a tax system that’s very simple, straightforward, and easy to enforce, such as land value taxes.
You mean income tax.
His stock options would be capital gains. But the loan trick works on either one. No selling stock, no capital gains taxes, paycheck/salary, no income taxes.
But you still get mansions, compounds and mega yacht fleets.
And land value taxes work on both. I mean, unless he wants to live on that yacht and not own any mansions of course. But the land value tax is still going to get him (indirectly) when he pulls into the marina.