It is impossible to defend democratic rights or any of the social interests of working people without seizing the unearned wealth of the billionaire parasites.
That feels like an easy loophole to patch- Treat loans as income. Maybe tax it at some separate progressive rate so people using small loans as intended don’t get fucked. But if Muskerberg has $100 million in loans taken out against his stock, taxing $90 million of that as income would make a difference. Especially if the top rate is like 90%.
So a loan of $10 million has like $5mil taxed right away? You get $5mil to spend, and still owe the bank like $12mil? Those interest rates are insane, and will definitely affect the working class more than the ultra-wealthy. Specifically businesses, which will increase giants’ monopolies. And you can’t make businesses an exception, because then the ultra-wealthy will borrow through those.
The money is not the problem. Money isn’t real, it’s just a tool that represents power and resources. There’s nothing you can do to tax or control money itself because what wealthy people have is all the resources, and they can leverage them with or without money.
You can’t tax your way out of hierarchal Capitalism. The rich are paying as much tax as the current system legally asks of them - which is very little, when your wealth is in resources and not money.
The poor and workers are more affected by taxes and costs because most of our worth is in money. Once you have enough to start investing and have resources, your worth can grow rapidly.
That feels like an easy loophole to patch- Treat loans as income. Maybe tax it at some separate progressive rate so people using small loans as intended don’t get fucked. But if Muskerberg has $100 million in loans taken out against his stock, taxing $90 million of that as income would make a difference. Especially if the top rate is like 90%.
So a loan of $10 million has like $5mil taxed right away? You get $5mil to spend, and still owe the bank like $12mil? Those interest rates are insane, and will definitely affect the working class more than the ultra-wealthy. Specifically businesses, which will increase giants’ monopolies. And you can’t make businesses an exception, because then the ultra-wealthy will borrow through those.
The money is not the problem. Money isn’t real, it’s just a tool that represents power and resources. There’s nothing you can do to tax or control money itself because what wealthy people have is all the resources, and they can leverage them with or without money.
You can’t tax your way out of hierarchal Capitalism. The rich are paying as much tax as the current system legally asks of them - which is very little, when your wealth is in resources and not money.
The poor and workers are more affected by taxes and costs because most of our worth is in money. Once you have enough to start investing and have resources, your worth can grow rapidly.