Don_Dickle@lemmy.world to No Stupid Questions@lemmy.world · 2 days agoCan't find a decent math sub so asking here. If we killed all bad billionaires or all the 1%. How much would America clear it's debt or how much could be given to taxpayers?message-squaremessage-square22fedilinkarrow-up127arrow-down14file-text
arrow-up123arrow-down1message-squareCan't find a decent math sub so asking here. If we killed all bad billionaires or all the 1%. How much would America clear it's debt or how much could be given to taxpayers?Don_Dickle@lemmy.world to No Stupid Questions@lemmy.world · 2 days agomessage-square22fedilinkfile-text
minus-squareGold_E_Lox@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up1arrow-down1·2 days agoi think this is a poor understanding of how it works in practice, but in theory this is nearly correct
minus-squarevillage604@adultswim.fanlinkfedilinkEnglisharrow-up4·edit-22 days agoIt’s not a poor understanding, just simplified. The major problem is that banks will give them loans using speculative assets as collateral. Easy fix is to both tax the collateral as a realized gain, and the loan as income. But their wealth is mostly in non-liquid assets, not a bank account.
i think this is a poor understanding of how it works in practice, but in theory this is nearly correct
It’s not a poor understanding, just simplified.
The major problem is that banks will give them loans using speculative assets as collateral. Easy fix is to both tax the collateral as a realized gain, and the loan as income.
But their wealth is mostly in non-liquid assets, not a bank account.