Millionaires at Davos say 'tax us more' | Hacker News Reader

Millionaires at Davos say 'tax us more'

bbc.com

24 pointsbelter25 comments

They do say this -- often. But, efforts to tax them always end up mostly targeting the rank of people below them on the hierarchy. The Davos set have enough wealth and power to be able to avoid all the taxes -- but the up-and-comers who would replace them generally don't.

Davos should have an award celebration for the attendee that paid the most taxes to their own government. It can be opt-in if privacy is a concern.

Kind of like a Forbes 500 Richest list but instead of celebrating an often ficticious net worth metric - it should celebrate patriotic contributions made via just paying taxes.

That would be a reasonable thing to do if the Davos set actually wanted to pay more taxes.

But, then, the U.S. Treasury accepts donations to the general fund, if you feel your taxes are too low. Your contribution is even tax-deductible.

The drumbeat of "raise millionaire taxes" from the Davos set is mostly about maintaining themselves as the mostly-hereditary global elite and minimizing the rise of newcomers by taxing them enough that they can't rise to the lofty heights.

I agree with your skepticism about Davos and it being about "thought leadership" and a vanity virtue signaling game.

I think the case for making an award for patriotically contributing the highest taxes is that for the most part paying taxes is done privately and is therefore rewardless for the contributor. And then you (as the contributor) see on the flip side - politicians rewarded for boosting taxes and praised for legally taking from you.

Celebrating tax contributions and rewarding the contributor (on an opt in basis) could be hugely beneficial for certain types of wealthy individuals. Often times wealthy people enjoy being on these lists as it helps their business, PR, etc. - not to mention just plain vanity.

Since its for the most part audit-able, it isn't as easily gamed (unlike net worth) and can't just be empty virtue signalling.

I think it would lead to healthier discourse as the tax contributor would be in a public position to effectively be saying - of all the philanthropic causes I could support, I am purposely choosing to give up that right and instead contribute it via taxes to my country because I believe in its people to vote intelligently and the elected politicians to act in the best interests of those people.

I somewhat support this idea. I think it will not work -- none of the right people will join the list, because I think they actually don't care at all, but it probably won't make anything worse, and might help shine a light on their hypocrisy maybe.

My hunch is you could probably get a critical mass of folks in the Forbes 490 to 1000 Richest range that'd love to be on some sort of list since they didn't make the Forbes 500 cut. Particularly if it was published in conjunction with a major publication that loves rankings (i.e. US News, Fortune, etc.).

And maybe these are the right people that society should laud?

A bit about the group - Patriotic Millionaires - discussed in the article [1] - and interesting interview with one of founders[2].

[1] https://patrioticmillionaires.org/who-we-are/ - George Zimmer of Men's Wearhouse fame is an advisor.

[2] Millionaire argues for Higher Taxes, Fox Host Throws Temper Tantrum! https://www.youtube.com/watch?v=agHkrhws5Lo

[3] https://patrioticmillionaires.org/about/ The group is chaired by Morris Pearl, a former Blackrock executive... members include investors and business owners filmmaker Abigail Disney; technologist Steve Silberstein; lawyer Roberta Kaplan; investor Lawrence Benenson of Benenson Capital Partners; textile entrepreneur Great Neck Richman; philanthropist Molly Munger; corrugated cardboard magnate Dennis Mehiel...

This point about donations comes up on literally every single one of these posts. Them throwing their wealth into the treasury maw would be a meaningless blip. They are arguing for the real systematic change that would bring in substantially more revenue than a few one time donations. Supposedly.

If that is true, though, then they're not actually talking about taxing them -- they're talking about taxing others more heavily too -- otherwise all of them donating would have the same effect as increasing their taxes.

This is millionaire BS. I've been hearing this for years yet we are still in the situation that we were 20+ years ago. Where every time a tax bill is presented we hear the never ending roar of millionaires yelling at congress not to pass any tax bill. Even the estate tax, a tax for money that a dead person will never need, gets gutted every few years.

If they are truly willing to change their ways then start lobbing congress along with their fellow millionaires and act on it rather than talk about it.

“Posers” as the kids might say.

Y’all feel free to donate your millions to the government why wait for tax laws?

So it applies to tens of thousands of people, not just the few brave enough to take up a stance.

I'm continuously amazed at the number of people who excuse those who 1) have the capability to do an altruistic thing 2) wouldn't be immediately inconvenienced by it and 3) will only perform said altruistic thing if everyone else must also do altruistic thing irrespective of #2.

The general idea is "Hate the game, not the player."

However, I doubt the Davos people are being altruistic with this line either. There is something else going on there.

Another idea so good it has to be enforced by law, eh?

Taxes have to be, yes, because humans can be freeloaders, especially the wealthiest.

If only the decent participate, it is ineffective.

Absolutely, very few people are going to willingly pay money. What reality are you living in?

So far it doesn't appear anyone is brave enough to make a stance.

Nah, they want more power. If these people were ok with disposing of their money in a generous way, they wouldn't have accumulated such wealth to begin with. Nobody stopping them from donating or funding companies with actual solutions.

It's alarming how people are increasingly calling for more government solutions, when they're literally non-experts who need everyone else to do the actual solutioning.

There isn't enough money in millionaires and billionaires. That's why they shout "Tax the Rich", because they don't care, and just want to tax the middle class with VAT and income tax etc.

They want control, and they want to spend YOUR money.

Oh hey! Here is a pencil, you can have it! Can I have your sandwich in return?

Lowly millionaires? They can't get in the door at Davos.

I mean they keep saying this every year and they keep dodging taxes every year

It ends up always being the well off "rich", hard working, 9 to 5, 5 days a week, person that gets taxed

The millionaires/billionaires in their private yacht on a sunny island, just donate their millions to a non-profit in their name, and have a tax write-off

Or send them off shore

Millionaire just seems too poor to even be invited.

Billionaires need to be taxed more, not just millionaires. Therein lies the rub.

Wow, these wonderful virtuous billionaires. After this stunning act of selflessness it's clear now that they aren't the problem, it's the middle class that's the problem.

There's nothing stopping them from donating their money right now.

Since they haven't done that, it seems like they're disengenously trying to say or do something else.

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