You’re assuming some worker earning a billion USD in income. This isn’t possible AT ALL (if you were paid 2000 dollars an hour from the time of Jesus, you still haven’t earned a billion if you worked 24/7).
Billionaires get their money through their company valuation, and corporate taxes are much less compared to income tax. Also they have tax attorneys who finds loopholes and such. If you are making high incomes (and not just business/stocks), you’d hire tax attorneys too and you’d be saving quite a lot in taxes. It’s why in the US it ends up the middle class getting screwed as far as taxation goes, as unlike Taiwan the US gets most their tax revenue not from business taxes, but from income taxes.
So if you are a billionaire, you would be starting businesses or parking money in places where the tax burden is lower, combined with philanthropy to offset this. You ever wonder why those billionaire have no income, it’s because of taxes.
Uh huh— and all that unearned income from stock dividends and CDs and what then? Nothing?
If I suddenly got a billion dollars, I wouldn’t change a whole lot of my day to day.
And people who just wanna give it all away are short sighted. You can’t fix the world with a billion bucks and you can’t put a halt to the suffering of everyone.
Change yourself, then help people. And you certainly don’t need a billion dollars to do that.
This is from the Power Ball website. It’s not anywhere near a billion dollars. It’s still a huge chunk of change but you’re going to lose a significant portion of it to taxes (which is not trivial). Also most people lack the financial literacy to deal with this much money, and it gets spent almost immediately.
Though to be fair, I think just giving a huge chunk of change to a large number of poor people might actually jump start the economy. I’d say something like 100,000 dollars or so to say 10,000 people. This would be about 10 billion (which is a drop in the bucket for the US government). They’d likely spend it all rather than invest or hoard it, and as a result luxury goods market would actually grow quite a bit.
It’s why Henry Ford paid his workers extremely well. It’s not because he was a nice guy, but because he realized it would improve worker retention quite a bit, and also the money would come back pretty soon because poor people would spend it.
This is a bullshit what if thread. What’s your point?
Your investment advice is nonsensical. You have you bias, rich people bad and greedy.
It’s a game. If you want to give all your money away to poor people and think it’ll jumpstart the economy I’ll sit back with my billion, double it in ten years and watch yours evaporate as the poor remain mostly poor.
I mean yeah if you’re setting up a non profit where all the profits are used to invest in the town, run charities, ECT… I think that’s a pretty useful and productive way to use the money. But to do that, you don’t necessarily need for all that money to stay in your name but rather as assets for the non profit. In that sense you’re still spending the money on the non profit right?
I said nothing about a non profit and I don’t need my name to be on anything.
Whose kid will wanna go to the Mr Poopy Butthole baseball fields?
If one keeps the money properly invested, a lifetime of philanthropy is doable.
No need to get caught up in a nonprofit legacy. I’ve seen NPs up close. They provide jobs for mostly lazy people with good intentions or no viable skillset— at the small local level.
