Comment by netsharc 5 days ago
John Oliver analyzed state's tax rebates, 8 years ago: https://www.youtube.com/watch?v=8bl19RoR7lc , he concluded that giving 1000 people Ferraris to drive around a pile of $30 million cash on fire would be more fiscally responsible...
Jeff Bezos in FY 2024 filed for, and received, a $2k child tax credit.
While the company he was the founder of passed over a trillion dollars in market cap.
It’s really simple. Loans don’t count as income so you use your stock to get guaranteed loans. And you don’t take most of your income on a W2 you take it in stock.
>then everyone it applies to should get it; that helps social cohesion
You know what else helps social cohesion?
One person NOT being able to effectively rig the economic and political landscape because they were outsized beneficiaries of it.
You know what also helps social cohesion?
Someone who realizes that they've got more than enough money, and realizes that they don't have a life-or-death need for more, and is happy to pay their taxes.
>(and why shouldn't they?)
Because they've literally got billions of dollars, and the tax credit system was not designed with extreme outliers in mind. "Oh jeeze, I'm just a billionaire, woe is me, I'm not eligible for a $2k tax refund, the world will end".
> You know what also helps social cohesion?
> Someone who realizes that they've got more than enough money, and realizes that they don't have a life-or-death need for more, and is happy to pay their taxes.
Sure. And the best way to make that happen is to make a tax system that feels fair to everyone.
> Because they've literally got billions of dollars, and the tax credit system was not designed with extreme outliers in mind. "Oh jeeze, I'm just a billionaire, woe is me, I'm not eligible for a $2k tax refund, the world will end".
Why shouldn't they be eligible? If we think giving $2k to those who have children is in the public interest (and I do!), it's still in the public interest when it's a billionaire.
I found it pretty funny when Mayor Mamdani of NYC pointed out that the people opposing him spent more money trying to stop him being elected than they would end up paying in increased taxes. It really is a game to those people. They can't bear to give up one cent or one ounce of control.
Another funny story was that some substack writer (whom I forget sorry) noticed that Bill Ackman subscribed to their substack and used a 30% off coupon ha ha.