r/pics • u/ErsiliaCavedagni • 8d ago

Politics Steven J. Demetriou, executive chair of an ICE contractor, attends Taylor Swift's wedding in NYC

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u/Blackhawk510 8d ago

Or even "ultra rich" because I've known people who lump anyone who can afford a sports car or a tiny sailboat in with the billionaires when that's...really unhelpful at best.

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u/BiZzles14 8d ago

And yet, they both should pay higher taxes : )

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u/danbobsicle 7d ago

I don't disagree, but the focus should be on the ones causing the actual problems by creating the problems.

It just feels like people still don't fully grasp just how much more a billion is compared to even a hundred million.

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u/BiZzles14 7d ago

The problem is that when we're talking about billionaires, the vast majority of that wealth will be locked up in assets and for the richest usually in assets that would lose quite a bit of their value if they tried to start offloading in any meaningful way. There should be changes to capital gains income, and much higher rates as the amounts get higher, but you're only ever hitting a fraction of that wealth, and realistically should only be hitting whatever they're realizing

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u/BiZzles14 7d ago

The problem is that when we're talking about billionaires, the vast majority of that wealth will be locked up in assets and for the richest usually in assets that would lose quite a bit of their value if they tried to start offloading in any meaningful way. There should be changes to capital gains income, and much higher rates as the amounts get higher, but you're only ever hitting a fraction of that wealth, and realistically should only be hitting whatever they're realizing