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Originally Posted by kermitology
Just wondering.. did you watch the video? One of the loopholes is that guys like Musk and Bezos are able to borrow using their unrealized stocks as collateral, which gives them liquidity without taxation and allows them to further buy things, real estate, etc. and just continue to increase their wealth.
The plebes on this site will never be in a situation where we can do the same thing. The biggest issue I have is with wealth hoarding. There should be some limits on things like this. You get to a certain point and your actual wealth is meaningless to you.
Additionally, these billionaires should be investing in projects to do things like revolutionizing energy, transportation, fighting climate change, etc. instead of going to space. Space travel is meaningless while our planet burns.
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Again, I am completely in favor of increased taxation on billionaires who use their money to do anything else with other than invest in business or create jobs.
I also know they are all finding unique ways to fund the purchases of their billion dollar yachts & fancy houses. To me that is part of what we get with the super rich.
On the other hand, Bezos has helped created Amazon which has probably resulted in trillions of dollars in economic activity, hundreds of thousands of jobs and billions of dollars in taxation. We can argue the way the company is run and how it treats employees isn't right, but that is an issue for a different department, and I'm all for increased worker right and better working conditions.
The problem is part of that creation makes him insanely wealthy. Thankfully he is choosing to spend part of that money on Blue Origin & hundreds of other endeavors that are creating jobs.
Your point about space travel is completely moot and quite ignorant. The space race has resulted in significant positives for human kind.
If you need an example, Starlink, which is happening because of some rich billionaires space endeavors, is bringing high speed internet access to parts of the world that have up till now not had that privilege. That alone should help create jobs and revitalize communities, increased educational opportunities, etc, etc.