To think billionaires shouldn’t exist?

[ThisIcyWriter]

No one earns a billion through hard work alone - it’s exploitation. AIBU to think billionaires shouldn’t exist in a fair society?

I agree that no-one needs that kind of money but how do you stop people earning that kind of money? Once Microsoft, Apple or Tesla hit a certain number of sales/level of profits does the government just take all future profits these companies make?

But doesn't that just show a lack of undertstanding about what a non dom is? A non dom pays just as much tax on the income generated in the UK as a person domicilied in the UK does. The UK government just doesn't tax them on their assets held / income generated outside the UK, in exchange for an annual fee. And at one level, why should they pay tax in the UK? That income and those assets will be taxed in the country that the UK non dom is domiciled in for tax purposes.

Unless you are saying that, having already stripped out huge wealth from our ex-colonies, we should also then deprive them of tax revenue today as well ;)

In Mrs Sunak's case, the vast majority of the wealth was generated outside the UK, and is taxed outside the UK. Why is HMRC more deserving of that tax income than the Indian government, or if more tax is due becuase our tax rates are hgigher, on what basis is HMRC entited to it?

Back to the billionaire question, I don't think all billionires are the same. Look at Bill Gates, who has said he is giving away most of his wealth...which at one level is the US / tech version of all those Victorian philanthropists who spent their money on libraries, museums, housing etc for the masses. Is he a 'good' billionaire? But then what about Musk...?

I suspect that becoming a billionare, for most of them, is a side effect of them being exceptionally good at what they do. The question is, would they still do it if the return was less. Becuase if not, the world as a whole would be worse off

If the billionaires achieved and then used their wealth productively - owned businesses which employed people fairly and paid their taxes - even their homes and yachts etc create employment then yes we do justify having them.

Communism is not the only model for fairness, why don't you take your straw man off with you.

😂

But she wasn’t tax dodging - she was paying the taxes due but they were just not due in the UK.

gen. I've used that website with my dcs. The Bezos wealth is obscene.

And yes, we need libraries, vaccines (although Gates is doing that), schools etc.

Personally I don’t care how much money people have as long as they pay their dues and contribute to society but when you have people like Sunak paying tax at an effective rate of 23% it sticks in my craw. Time was when mega rich people were philanthropists, now they just hoard.

Because her husband was PM of this country

Both extremes are just as bad. Why can’t there be something approaching the middle? Until the day all hunger, poverty and homelessness are eradicated for ever, absolutely no one needs 1billion plus, no one. Also, look at who stood behind Trump, at his inauguration - 3 of the richest men on earth. That kind of money buys global power and influence, as we are seeing this right now to many people’s detriment. No one should be allowed to have that kind of money.

Oh I see. So we are back to the old days when a woman is defined by what her husband does ;)

yes, the existence of billionaires is simply working marvellously in America. Once they run out of yachts and rockets, they buy the government.

massive inequality is a recipe for social unrest. Billionaires need to be taxed much more heavily. There's a huge space in between having Elon Musk and Peter Thiel, and then communism.

At least after Andrew Carnegie exploited his workers, he gave it to charity.

And for contemporary billionaires, it's not simply being good at what they do. It's timing and the ability to manipulate financial markets.

Yes, and pass a law that states that anything and over 1 billion goes to various causes and charities, and relevant government departments, that will work toward eradicating poverty, hunger and homelessness.

Caesar’s wife and all that.

This thread is so depressing. I had no idea there were so many temporarily embarrassed billionaires out there.

£1,000,000,000.

a thousand millions.

if you spent £10 every minute, you would spend £14,400 a day. It would take around 190 years to spend £1,000,000,000.

Anyone defending billionaires is a complete knob!

the alternative to billionaires is not communism, ffs. The politically illiterate are the scaffolding that keep the mega wealthy in their rarefied air.

just depressing.

Those problems are not for individuals to sort out governments should be helping with that.

ive read das kapital so im all with karl marx. up the revolution !!!!!

Weeeelll, we do.👍

You're right, it was no business of Carmelas how Tony made his money.

It shows that there's something very wrong with society when a tiny minority own the vast majority of land and wealth and we've got millions using foodbanks. A third of children are in poverty but we have more billionaires than ever.

Obviously the only alternative is a Communist dictatorship - so it looks like we're stuck with it.

There were the equivalent of greedy billionaires in the days when philanthropic employers like Josiah Salt built homes and schools for their workforce. That was before the Welfare state existed.

Our taxes are supposed to ensure no one starves, all children are educated and we don't die of the diseases that once were rife. Unfortunately the balance has become skewed. Too many takers, too few contributors.

Honestly? I can see why you say so but how involved do you want the government to get in your life? Would it literally be that anyone with assets of £999,999,999 couldn’t keep any more?

How would you define a billionaire? Chances are that their net worth fluctuates day by day - particularly when someone holds assets like cryptocurrency. Assets are only worth anything when they are sold. If someone holding billions of pounds’ worth of a particular stock tried to sell it all, the stock would be pretty much worthless.

Totally agree. I have no problem with wealth discrepancy. If someone wants to work hard, take risks etc and earns enough to buy nice holidays, pointless bags, overpriced wine then brilliant, they fully deserve it. I do have an issue with there be ample resources and children literally starving death.

Also, at billionaire level, they arent playing the same game as us. Tax them at the same level, no gov bailouts, no hiding income, then ill be impressed.

I read an internet post that said when someone has say 100 million. An absurd amount, more than you could reasonably spend. Then we all get together, put up a statue that says best business boy/ girl and clap. Theyve won, well done but you can't have anymore money. Thats it. I found that amusing.

I was going to write that JK Rowling deserves every penny of her billionaire status and has not exploited anyone to get there.

But it seems she is possibly no longer a billionaire due to her charitable donations!