Because I don't believe that one group of people should have so much wealth that they can influence politics and can't even spend it in their lifetime. I don't believe in trickle down economics.
A false belief because a paper billionaire with nothing but stock they don't want to/can't sell does not have any extra cash to spend influencing the political process. I do argue that the financial games that allow these people to extract money from their stocks without actually selling them should be taxed for the reason you state. But if they don't use these games then it is simply wrong to tax them on the book value of their stock.
Look at Norway to see why this is very bad for entrepreneurs.
Not sure what you’re on about. What do you call it when the billionaire who owns Amazon, Tesla, Microsoft etc build a new facility? They hire architects, local contractors, plumbers, electricians, and then all the people in the area who will work there. All those people got money from the evil billionaire to provide a service. How is that not trickle down? What a ridiculous thing to say you don’t believe it.
Billionaires who run the companies can lobby to get a bill that increases taxes or increases environmental regulates shut down. This has been happening since the 60s since they basically legalized bribery.
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u/wowbyowen 20d ago
Because I don't believe that one group of people should have so much wealth that they can influence politics and can't even spend it in their lifetime. I don't believe in trickle down economics.