And how exactly do you intend to oblige them to sell their stocks and investments? Nevermind that "wealth taxes" don't just effect billionaires, but anyone who makes 6 figures. Until the powers that be decide that upper 5 figures is rich.
It’s complex isn’t it? Who is “rich?” Because there are places making $100,150k is barely middle class single and doesn’t go far with kids and family. I’ve rarely met a person who didn’t have some sort of financial struggles. If we say: “above basic needs like home and food...” Well... what does that even mean? A couch in a flip house with 10 people is a home, and jobless homeless people manage to get enough food to not starve, folks feed families on dollars a day.. people in other countries consider toilet paper a luxury. So... what does “basic lifestyle” even mean? It means something way different in America than Haiti, Camden New Jersey or West tumbleweed Nebraska than in New York City.
I made six figures, saved well, and retired at 41. I never deducted more than the standard deduction and my mortgage interest from my tax returns. I think there is some room for people like me to pay more taxes. It wouldn’t hurt us in the least so I’m sure a billionaire who doesn’t even know his actual net worth from month to month won’t be too badly traumatized.
Who decides you are “too rich”? Who says how much space each member of a family should be allotted or what your counter tops should be made of, wether you get a mini van or an SUV and wether you need seat heaters or not? Who decides wether kids playing sports or going to camp is a waste of cash? How much money you “need” depends on what your life look likes right? Few of us live like monks. But at what point do we get to say: “no. You have too much money. We are going to take some because you don’t need it...”
Don’t get me wrong- I favor taxes and fines and penalties and perhaps even pricing based on income. If a fine for littering is supposed to stop littering- a $300 fine will cripple a poor man who’s food wrapper blew away, but a multi millionaire can throw garbage on the ground whenever they like. The lawyer or doctor or CEO with the $100 speeding ticket doesn’t care when being late costs thousands to them. So those who benefit most from a country and it’s social services like roads and commerce stability owe a larger debt- they rely more heavily and burden those systems the public pays for more so their share should be more, and they can afford to share more. But HOW we do that is VERY important. WHO we leverage what against are very important. There is lots of possibility for abuse.
I think he’s playing off how “older” or “more financially established” people will often tell others to stop buying frivolities, save, and work harder to make more. This would be as a response to wealthy folks who say that additional taxes on them would cause them a burden in affording their lifestyle.
Thusly- I believe his overall message to be 2 fold.
1: the wealthy have far more money and resources than those with less, and those with less have survived, even lived well, and been expected to manage with less- so the wealthy can’t/shouldn’t complain about a small tax.
2: Since the wealthy etc. have so often told people with less resources and in far worse conditions than themselves to self actualize solutions to their problems, that they simple need to suffer through and work harder, give things up, make unpleasant but practical choices in money management- that the wealthy worried about the burden of more taxes on them should take their own advice.
3: short version- he’s saying he favors a wealth tax and if poor folks can deal with their problem a wealthy person can deal with having less money than now but more than most people still. But he obviously seems a little bitter and enjoys rubbing their faces in what he sees as hypocrisy.
1: the wealthy have far more money and resources than those with less, and those with less have survived, even lived well, and been expected to manage with less- so the wealthy can’t/shouldn’t complain about a small tax.
2: Since the wealthy etc. have so often told people with less resources and in far worse conditions than themselves to self actualize solutions to their problems, that they simple need to suffer through and work harder, give things up, make unpleasant but practical choices in money management- that the wealthy worried about the burden of more taxes on them should take their own advice.
3: short version- he’s saying he favors a wealth tax and if poor folks can deal with their problem a wealthy person can deal with having less money than now but more than most people still. But he obviously seems a little bitter and enjoys rubbing their faces in what he sees as hypocrisy.