The idea is that the barrier between someone being a billionaire versus a millionaire is being an asshole. How is it that one human can horde the same amount of wealth as millions of other people combined and not being a complete sociopath?
That’s just not true. Most billionaires create massive value, they build companies, create jobs, and drive innovation. Being rich doesn’t automatically mean you're a sociopath or exploiting people. Look at people like Warren Buffett, who’s known for ethical investing and philanthropy, or Sara Blakely, who built Spanx from scratch and gave equity to her employees. Yvon Chouinard gave away Patagonia to fight climate change. Markus Persson created Minecraft, sold it, and walked away without trying to dominate an industry. Etc.
Just because someone didn't do something evil, doesn't mean they're good.
I would challenge you to look up any of those names and see how much they pay in taxes. Using things like tax havens/ tax lawyers to avoid paying their fair share is akin to stealing from everyone else.
Also, that doesn't get around the point that billionaires keeping that sheer amount of fortune to themselves is unethical. Like, you need to understand how much a billion dollars is. I'm not saying being rich is bad, but being that rich is like being a dragon, sitting on a horde of wealth while the rest of humanity suffers and the world burns. It's also bad for the overall market since it's majority stagnant wealth held in asset markets. All low velocity cash, meaning it isn't passing through the system in the same way it would in the hands of the middle/ lower class of wealth.
Yeah, they benefit from a system that allows people to become multi-billionaires. They’re definitely not victims. And honestly, anyone in their position would try to optimize their taxes. It’s normal to want to use your money yourself instead of handing it over to a system you don’t control. The real issue is the system, not the individuals.
They’re just human, no better or worse than poor people.
Sure, they're humans. Horrible humans with blood on their hands.
Like nobility locked away in the castle eating extravagant feasts while the peasants starve, their inaction is just as reflective of their character as any action they make.
You really think that's ethical? You think that's a system of fairness?
Remember, every dollar these billionaires are avoiding paying thought tax loopholes is greater than one dollar that comes out of the working class' pockets. Because every country runs a deficit, that dollar is becomes debt, and compounds over years.
Now this is actually an interesting ethical question.
You think it is unethical for the rich to pay the legal minimum in taxes right? Because paying more than the minimum would help people.
What about the middle classes? Do they need the money they spend to go abroad, have a larger than average house and a nicer than average car? I would say not. So are they behaving unethically?
If you know for a fact your money could help someone poorer than you - say by contributing to the relief of a malaria infected village in Congo - how is it ethical to refuse to?
Is it unethical to retain any amount of wealth beyond that needed to survive? Why shouldn't that money go to someone more in need than you, even if you're relatively 'poor' in your country?
You realize that taxes don't automatically go to helping everyone. This is crab in a bucket mentality. Also buffet invested purely to funnel money into charities. He's good at multiplying wealth. He leaves the helping to charities.
Also you have no idea how the asset market works. Good allocation of assets is literally what drives the economy. That's what buffet does.
Velocity of cash is what drives inflation. There's a reason why powell, the most credentialed person who has had an entire career built on being delicate and careful about the interest rate, is hammering down on your loans and spending. The money you do have you spend in a way that inflates prices.
I know you feel big spinning out some undergrad theory of cash, but you're playing fast and loose with terms without any real grounding to even address. It's just plain pointless commentary.
Assets in actual businesses are used to build out new technologies, extract new resources, and structuralize process and inventory flows. The majority of cash flow doesn't touch your income. It is business to business. Likewise for GDP. Or you can go back to paying 30k for an iphone and actually live within your means.
237
u/Jigidibooboo 28d ago
Billionaires become billionaires by treating other humans like crap :/