We need taxes for all - also the super-rich.

“Tax the rich” is an official EU petition. The EU Parliament has to deal with it when successful.

7 EU countries must reach the quorum. And in total 1M Votes are needed. Check yours in the chart and share, cross post etc.!

The petition calls for the introduction of a wealth tax on very large fortunes. Sign the petition here

        • 7eter@feddit.orgOP
          7·
          2 months ago

          is it fair being born with wealth that pays you a daily interest that others work for a whole month?

          • BlackLaZoR@fedia.io
            116·
            2 months ago

            If this wealth was legitimately earned by your parents? Yes it is fair. Supporting your children is your sacred right.

            • barsoap@lemm.ee
              8·
              2 months ago

              Hey ho I have a paper for you

              We demonstrate that chance alone, combined with the deterministic effects of compounding returns, can lead to unlimited concentration of wealth, such that the percentage of all wealth owned by a few entrepreneurs eventually approaches 100%.

              …note no skill required. Conversely, hustling won’t get you there.

              We show that a tax on large inherited fortunes, applied to a small portion of the most fortunate in the population, can efficiently arrest the concentration of wealth at intermediate levels.

              So we don’t even have to hit millionaire kids. Inheriting 5-10 million a head is fine, systemically speaking. And if you think that your kids are better off with more money I sincerely feel sorry for you.

              • BlackLaZoR@fedia.io
                110·
                2 months ago

                …note no skill required. Conversely, hustling won’t get you there.

                You didn’t read that paper. From fast skimming I can clearly see that their simplified model didn’t check for impact of skill at all.

                It says nothing about real world except there’s a wealth concentrating factor of being ahead. Other factors are ignored

                • barsoap@lemm.ee
                  8·
                  2 months ago

                  This result is robust to inclusion of realities such as differing skill among entrepreneurs.

                  The key thing is that this paper looks at generational wealth accumulation. Even if families which consistently churn out stellar business people were in any way common (data says otherwise) that effect is still completely overwritten by already being ahead. As a billionaire kid, the extent of business skill you need to have to not lose everything is to hire people who have business skill and then slurp Caipirinhas on your yacht from your ample, ample dividends. And if you lose everything, well, you’re losing it, on aggregate, to other billionaires, so wealth concentration still proceeds.

              • redisdead@lemmy.world
                49·
                2 months ago

                10millions is not an insurmountable amount if you are smart enough to get a good job and are smart enough when investing your money.

                • 7eter@feddit.orgOP
                  81·
                  2 months ago

                  we are talking accumulated savings not turnover. Either way 10M is well above average lifetime earnings.

                  • barsoap@lemm.ee
                    11·
                    2 months ago

                    It’s also way below what you can earn with a single album or game hit. Sportsball players. GRR Martin makes 10m from book sales each year.

                    No, those aren’t average cases but they’re also not examples of ill-gotten wealth.

              • BlackLaZoR@fedia.io
                19·
                2 months ago

                Usually by starting a company that produced valuable goods and services benefitting everyone and profiting off of it.

                You can also gamble but thats by definition a losing game

                  • BlackLaZoR@fedia.io
                    17·
                    2 months ago

                    sounds quiet unusual to be honest

                    I think it’s the most common road to be a millionaire.

                    Microsoft - Bill Gates Amazon - Jeff Bezos Berkshire Hathaway - Warren Buffet CDProjekt - Adam Kiciński, Marcin Iwiński (They started from absolute nothing, bazar stand with bootleg software) TOYOTA - Akio Toyoda, branched out from family buisness in textile industry

                    Literally every single successful business made it’s founder a fortune