Eventually something has to give...

[u/Veshaad]

The bill would provide a $3,000 direct payment to every person in households making $150,000 or less during its first year, which equals $12,000 for a family of four.

[u/Available_Reveal8068]

Its not about feeling bad for the billionaires. Its about the value drop of the stocks when they (and other billionaires) need to dump stock to raise billions of dollars in cash.

Stocks are allowed to go down. They do all the time. There is no 'infinite growth'. Everyone's 401k and pension fund drops along with it, so our net worth drops too.

[u/olivebranchsound → u/Available_Reveal8068]

Too fuckin' bad lol maybe don't keep your wealth in unrealized gains to avoid taxes. Maybe don't artificially inflate your stock price with buy backs if you can't afford the liquidity necessary to pay your taxes when they get assessed at their current unrealized price and you owe more.

Sounds like the wrong people are getting lectured about sticking to a budget to me lol

Don't get me started on stock market socialism where 401ks are potentially being forced to keep billionaire stocks afloat like SpaceX and Open AI

[u/Available_Reveal8068 → u/olivebranchsound]

Where do you keep your wealth? Mine's mostly in my 401k.

Where's the billions of dollars going to come from to buy the stocks they have to sell to pay the tax? Do you really think there are billions of dollars sitting around to buy these stocks?

[u/olivebranchsound → u/Available_Reveal8068]

So the stock is not even worth that amount in an open market sale, yet they have that valuation? You're reinforcing my point about artificial inflation of value lol are you seriously saying "no one would buy fortune 500 stocks if those companies sold shares to pay a wealth tax" You're a fool. Richie Rich would jump at the chance to get some more shares.

Pensions becoming 401ks is the issue. Who said workers 401ks should artificially inflate bad companies stocks like the recent SpaceX IPO where tax payer subsidy briefly made Elon a trillionaire? Trillionaires like Elon. What better way to insure corporate profits?

[u/Available_Reveal8068 → u/olivebranchsound]

Dumping billions of dollars of shares drops the price. The only ones that might afford to buy are other billionaires, but their wealth isn't liquid enough to afford it.

It wasn't taxpayer subsidy that made Musk a trillionaire, it was IPO driving value up.

[u/Available_Reveal8068 → u/[deleted]]

Tech leaders like Larry Ellison (Oracle) or Steve Ballmer (Microsoft) collect hundreds of millions of dollars annually in cash through corporate dividends. While these payouts are taxable as qualified dividends, they provide immediate, automated cash flow that can be used to settle tax liabilities without liquidating core equity ownership

Not nearly enough to cover the proposed $8 or $9 billion each would have to pay under Bernie's wealth tax.

"Following Facebook's IPO and in the subsequent years, Zuckerberg executed several multi-billion-dollar stock sales explicitly to fund tax liabilities. For example, in 2013, he sold over 41 million shares to raise roughly $2.3 billion to pay the IRS after exercising options for 60 million shares"

That's about 20% of what he'd have to liquidate under Bernie's wealth tax.

[u/olivebranchsound → u/Available_Reveal8068]

Boo hoo. RIch people problems lol oh noooo I'm worth 500 billion but can't pay 9

[u/Available_Reveal8068 → u/olivebranchsound]

That's how non-liquid assets work.