this post was submitted on 30 Nov 2024
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A million seconds is 11 days. A billion seconds is 31.5 years.
But also, billionaires don’t have billions of dollars sitting in the bank. While I don’t think any individual should be that wealthy, it’s important to understand what wealth actually means. My own wealth is much more than just the money I can scrape together for next week.
No, but some have billions of dollars in the stock market which they can use as a 'bank' anytime they want to buy something. Conveniently for them, all of that stock is unable to be taxed until it's cashed out. Though, why would they ever cash out when they have the free money glitch using it as collateral? If they had it in the bank, then at least the interest could be taxed, I guess.
Most of my wealth is on the stock market as well but I've already paid income tax on the money I've invested and when I decide to cash it all out I need to pay income tax on the profit too. I don't see why someone should be taxed for having invested on the stock market.
Unless you are a billionaire, or close to one, you aren't doing what I was referring to.
Billionaires commonly use their stock as collateral to get low interest loans. Then they use these loans to buy investments with better returns than the low interests loans that they took out. They leverage this additional capital from the investment to take out an another lower interest loan to pay off the original loan.
They get to rinse and repeat this, unless the economy takes a huge nosedive. In that case, the amount of loans they have exceed the gains they are making and they actually have to liquidate assets and actually have to pay a lot of tax. The thing is, this doesn't really happen often.
Unless they get real unlucky, most of them eventually die and pass down these investments to an heir before the economy ever nosedives. The heir can cash out without paying capital gains tax, because they get a fresh starting point at whatever the accumulated wealth was.
Basically, the capitalist class gets to avoid ever paying capital gains tax, and that sucks. This is just one of the ways they avoid paying anything back to the working class, there are plenty of others. They also use lots of legal loopholes to avoid estate tax, but that is another topic.