Facebook Co-Founder: Plan to fix income equality

[Knight_Light]

He wants to give every person earning less than $50,000 per year, $500 each and every month by raising the tax rate of those earning $250,000 to 50%.

Welcome to Amerika!

https://www.cnbc.com/2018/07/03/facebooks-chris-hughes-tax-the-rich-to-fix-income-inequality.html

 

[The Branch]

He wants to give every person earning less than $50,000 per year, $500 each and every month by raising the tax rate of those earning $250,000 to 50%.

Welcome to Amerika!

https://www.cnbc.com/2018/07/03/facebooks-chris-hughes-tax-the-rich-to-fix-income-inequality.html

There is so many things wrong with what he said in that interview that I don't even know where to start. Almost every sentence he uttered was screwed up. Wow.

 

[UCFKnight85]

Since he has asserted that his wealth is 100% undeserved to make this argument, why doesn't he take it up himself to re-distribute his own earnings that amount to nothing more than "luck"? If he's got $500M in assets then he can make a difference by sending $500 to 1M people in this country.

Then he'd be able to rid himself of his white rich guilt and actually do the things he claims to believe in, while not demanding that everyone else be taxed to support his plans.

 

[UCFWayne]

what i never get about these people is why dont they just do it themselves? if they actually believed what they said, they would volunteer to give their money away right then and there.

 

[The Branch]

Since he has asserted that his wealth is 100% undeserved to make this argument, why doesn't he take it up himself to re-distribute his own earnings that amount to nothing more than "luck"? If he's got $500M in assets then he can make a difference by sending $500 to 1M people in this country.

Then he'd be able to rid himself of his white rich guilt and actually do the things he claims to believe in, while not demanding that everyone else be taxed to support his plans.

It's always easy for a guy worth 500 million to say "tax me more". All he has to do is take his 500M, pair it with a few of his buddies 500M, and create a billion dollar fund. Then he should run an experiment in one location (not silicon valley) and see if it works.

Why these guys always want to "experiment" on a mass scale using other people's money is beyond me.

 

[UCFKnight85]

Notice that he wants to stick it to families making $250,000. Not the mega millionaires that he always claims are the problem (like all of his friends).

If this plan was actually put in place, we'd have a system where up to $249,000 in taxed at 28%, and then anything above $250,000 would be taxed at 50%. It would create a massive disincentive for families hovering at the $250K mark to give a shit about making more money since they're just going to be hammered for it, and the incremental benefits will be marginal.

Ironic since he's from the San Fran valley cesspool where a family making $250K is by no means rich.

 

[Knight_Light]

There is so many things wrong with what he said in that interview that I don't even know where to start. Almost every sentence he uttered was screwed up. Wow.

I thought it was interesting that a person of his wealth thought people who work hard and earn 250k were suddenly rich and could easily handle 50% tax rate.

 

[Crazyhole]

Notice that each time these rich guys propose something like this it is always built around taxing future incomes and doesnt touch the massive wealth they have already accumulated.

Maybe somebody should take his idea and run with it, get a whole bunch of people excited about it, and then at the last minute change the funding source to confiscation of existing wealth over 10 million dollars. It would be fun to watch these hypocrites squirm.

 

[bqknight]

Cool. Won't happen. Next.

 

[The Branch]

I thought it was interesting that a person of his wealth thought people who work hard and earn 250k were suddenly rich and could easily handle 50% tax rate.

Interesting that a guy with a programming background that got a "lucky break" and got rich on "3 years of work" now thinks he knows economics and how to fix wealth inequality.

 

[The Branch]

I thought it was interesting that a person of his wealth thought people who work hard and earn 250k were suddenly rich and could easily handle 50% tax rate.

But the most amazing thing he said was "At the same time stories like mine create an illusion of economic opportunity," .... umm... huh? "illusion of economic opportunity"???? Does he think he is the only one to start a company and get rich? He got lucky but nobody else can really do it?

What an idiot. Clueless.

 

[fried-chicken]

Since he has asserted that his wealth is 100% undeserved to make this argument, why doesn't he take it up himself to re-distribute his own earnings that amount to nothing more than "luck"? If he's got $500M in assets then he can make a difference by sending $500 to 1M people in this country.

Then he'd be able to rid himself of his white rich guilt and actually do the things he claims to believe in, while not demanding that everyone else be taxed to support his plans.

1M people for 1 month. Pointless.

 

[UCFKnight85]

1M people for 1 month. Pointless.

It's still $500 that they didn't earn and weren't entitled to.

 

[fried-chicken]

It's still $500 that they didn't earn and weren't entitled to.

Welcome to America where the only people who are entitled to free money they didn't earn are corporations.

 

[UCFKnight85]

Welcome to America where the only people who are entitled to free money they didn't earn are corporations.

Yawnnnnn

 

[Crazyhole]

Part of the problem with GMI proposals is that they always propose doing it with additional funding instead of redirecting funds that are already being spent and when its tried they do it for such a short period that its impossible to see what kind of long term results it would bring.

GMI is probably going to be needed in the future thanks to automation in so many industries. From a fiscal standpoint, the only way it can be solvent is if it replaces other social safety net programs and doesnt rely on redistribution from income taxes on high earners. To that end, good luck coming up with a plan to make it work.

 

[The Branch]

Welcome to America where the only people who are entitled to free money they didn't earn are corporations.

The "evil corporation" line again. Maybe we can talk about "big oil" next?

 

[UCFBS]

Since he has asserted that his wealth is 100% undeserved to make this argument, why doesn't he take it up himself to re-distribute his own earnings that amount to nothing more than "luck"? If he's got $500M in assets then he can make a difference by sending $500 to 1M people in this country.
Then he'd be able to rid himself of his white rich guilt and actually do the things he claims to believe in, while not demanding that everyone else be taxed to support his plans.

This is how and why 'Occupy Wall Street' went wrong.

They started with a valid argument about C-level and 8-10 figure wealth in single hands, and then let the C-level and 8-10 figure wealth individuals 'deflect the argument' to these types of 'universal income' arguments. That's how not just socialism, but the greater issue with authoritarianism, always comes into power.

When Americans stop arguing left-right and how to 'tax/redistribute,' we can start actually talking about solving this country's problems. But until the, the US media wants their ratings, so they will play this level of inventive BS over and over and get people arguing over it.

It's things like this that made me happy that we didn't have kids.

 

[sk8knight]

Interesting that a guy with a programming background that got a "lucky break" and got rich on "3 years of work" now thinks he knows economics and how to fix wealth inequality.

Exactly! This is the same problem with the young tech rich, athletes, and celebrities who go from poor to rich relatively overnight. They don’t realize they’re the exception. That most that are making 250k sacrificed and worked hard their entire lives to get there and then you want to go and give it away. Because they have no idea of the real value of money.

Also, redistribution like this is the surest way to incentivize all of the wrong things.