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Topic: Should there be billionaires? A test.

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847badgerfan

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Re: Should there be billionaires? A test.
« Reply #84 on: July 09, 2025, 12:06:49 PM »
Or retired.

0
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Cincydawg

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Re: Should there be billionaires? A test.
« Reply #85 on: July 09, 2025, 12:08:51 PM »
Quote from: grillrat on July 09, 2025, 11:59:21 AM
N/A then?

While I am sure that at least one of those exists, I suspect it is pretty rare.
A fair number of billionaires have no employees, they don't own some company, they invest in many.  Even Elon only owns 12% of Tesla.  

Warren Buffett doesn't own anything directly.  I'm sure he has a lot of Berkshire shares.  What about the Walmart family?  I'm sure they have a lot of WMT shares, but do they have employees?  The ones who are just passive investors don't, maybe one or two are in management.  

And by and large, the lowest paid employee of large corporations still make decent money.  These aren't burger flippers.  We had secretaries retiring as millionaires.

I'm obviously nowhere near being a billionaire, but I own tiny pieces of companies, do I have employees?  I don't think so.
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grillrat

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Re: Should there be billionaires? A test.
« Reply #86 on: July 09, 2025, 02:35:45 PM »
I guarantee that those mentioned (Elon / Buffett / Waltons) have employees.  I know a few millionaires in the 9 figure area.  Every one of them has executive assistants that handle alot of the minutia that occurs in their lives.  Even beyond work-related assistants, all of them also have multiple properties and those each have "house managers" that take care of all the catering / decorating / invitations /details for when said millionaire wants to throw a super-bowl party., etc.

Elon Musk aint driving his own yacht.

(For the record, I don't actually agree with this concept, it was just my wife's belief that I am throwing out there for discussion). 
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Cincydawg

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Re: Should there be billionaires? A test.
« Reply #87 on: July 09, 2025, 02:41:43 PM »
Oh, yeah, good point, I wasn't thinking of those employees, no doubt about that.  
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OrangeAfroMan

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Re: Should there be billionaires? A test.
« Reply #88 on: July 09, 2025, 03:13:31 PM »
Quote from: FearlessF on July 09, 2025, 09:16:34 AM
an aggressive sales tax on items billionaires purchase

I think we tried a tax on expensive boats

European sports cars ?
private jets
Caviar
wagyu beef
wine and liquor over $200/bottle
jewelry

long list
escorts
limo drivers
baby oil delivery drivers
tax lawyers
private island realtors
scrotum washers
yes men
mistresses
'friends'
yacht captains
private chefs
personal trainers
golf swing coaches
tennis pros (to keep the wife busy and fulfilled)
apartments for mistresses
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MikeDeTiger

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Re: Should there be billionaires? A test.
« Reply #89 on: July 09, 2025, 05:34:13 PM »
Can we tax the NIL and other slush funds they buy players with?
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utee94

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Re: Should there be billionaires? A test.
« Reply #90 on: July 09, 2025, 05:50:57 PM »
Quote from: MikeDeTiger on July 09, 2025, 05:34:13 PM
Can we tax the NIL and other slush funds they buy players with?
NIL yes.

Slush funds... 
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FearlessF

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Re: Should there be billionaires? A test.
« Reply #91 on: July 09, 2025, 06:02:24 PM »
what slush funds????
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Mdot21

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Re: Should there be billionaires? A test.
« Reply #92 on: July 09, 2025, 06:10:20 PM »
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OrangeAfroMan

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Re: Should there be billionaires? A test.
« Reply #93 on: July 09, 2025, 09:54:47 PM »
Just shrug about it and get back to screwing poor people.
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FearlessF

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Re: Should there be billionaires? A test.
« Reply #94 on: July 09, 2025, 10:34:49 PM »
it's deplorable but, it's how the world works and has been working since the dawn of mankind
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Cincydawg

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Re: Should there be billionaires? A test.
« Reply #95 on: July 10, 2025, 09:27:53 AM »
I actually don't think billionaires bother "offshoring" money, much, except as an emergency fund.  Political leaders do.  Billionaires just don't need to evade taxes, they can avoid them easily enough.  I wouldn't take the risk were I wealthy, it is just not nearly worth it.  

I'd have property somewhere half decent in central America for sure, legally, and might have some gold bars there in a safe, silver coins, etc.

I wouldn't illegally try and hide income, the slight chance of getting caught is just too high when I can avoid taxes easily.
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OrangeAfroMan

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Re: Should there be billionaires? A test.
« Reply #96 on: July 10, 2025, 02:48:52 PM »
I didn't think "offshoring" your money was illegal.  It just meant it's in some place that doesn't tax them like the Caymans or wherever.

It must be nice to be able to put $10 million in 100 different places.
Talk about diversifying!
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

Cincydawg

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Re: Should there be billionaires? A test.
« Reply #97 on: July 10, 2025, 03:09:04 PM »
The illegal part is not reporting income from an offshore account.  
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