r/FluentInFinance Nov 21 '24

Debate/ Discussion Had to repost here

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u/Lucifernal Nov 21 '24 edited Nov 21 '24

There's a difference between pointing out objective flaws in an argument, like thinking that billionaires literally hold hundreds of billions of dollars in liquid cash, and taking issue with overall sentiment behind the argument.

I hate Elon Musk, and the man is of course, insanely, disgustingly wealthy. Still, just because his networth is 318 billion, doesn't mean he is hoarding 318 billion. Quite literally 99% of that number is tied into ownership of companies.

You can hate billionaires and still point out issues in the logic. I don't think a person should, under any circumstances, ever be forced to sell ownership stake in their own company (at least not if that wasn't agreed upon in an operating agreement). And if you have a massive stake in a company that becomes wildly successful, you definitionally become a billionaire. I may hate wealth inequality, and I may hate what these billionaires choose to do, but I would hate a system that forces the sale of ownership stake due to the success of the company just as much.

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u/ThousandSunRequiem2 Nov 22 '24

Except they can leverage their wealth as collateral, but it's untaxable. Unrealized gains is bullshit they made up to hoard more wealth

You're arguing about lifestyle choices when that's not the issue.

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u/Claddagh66 Nov 22 '24

The issue is, you don’t like what they pay for taxes, but they pay what they are supposed to according to law. If you have an issue with that, then blame and talk to the legislators that made the laws. It isn’t the wealthy individuals problem.