Are there too many billionaires for a healthy country? World?

I neither envy nor begrudge others their material success. What people DO is more important than what they HAVE. To believe that material wealth automatically causes people to be evil and that poverty automatically causes them to be virtuous is naive. Having wealth by itself does not incline people to do what is wrong, but craving wealth does.
 

fuzzybuddy said:
I don't think it matters much to me that someone has many $billions and I don't. That's the way our economy works. That said, I'm quite sure there are special tax credits that apply to only them.
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Most of the wealth tends to be in the form of unrealized capital gains on the stock that they own, often in the companies that they created.

It’s the same for us underachievers. 😉🤭😂
 
Packerjohn said:
Timewise 60+ your smarter than most people. For me, I'd rather have a completely paid for 8 year old car in my driveway than the neighbour with the brand new shiny toy that is going to be making big monthly car payments for the next 7 or 8 years and then it will just be an old vehicle. I call that a VERY POOR INVESTMENT and I call that man/woman a REAL SUCKER!
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I buy certified pre-owned or older cars because I don't like the feeling I am driving an iphone.
 
"The top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021."
 
The wealthy basically buy who they put in Governement. They also have access to better living conditions. Is this because those who compete at their interest do better than others, and society gets the best people in the right positions?
 
fuzzybuddy said:
I don't think it matters much to me that someone has many $billions and I don't. That's the way our economy works. That said, I'm quite sure there are special tax credits that apply to only them.
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Of course there are tax credits that apply to business made millions and billions and not us non-million/billions earners.

My income is less than many, and even I get tax credits as well as deductions as well as some states don't even tax some or all of my income. My DH pays business taxes and has credits and deductions different than our income taxes. Schedule C filing I believe.

ALL Americans get tax credits and deductions if you have income to report
To name a FEW:

(FROM2024IRSWEBpages)
"The standard deduction for 2023 is:
$13,850 for single or married filing separately
$27,700 for married couples filing jointly or qualifying surviving spouse
$20,800 for head of household
Find the standard deduction if you’re:
Over 65 or blind
A dependent on someone else’s tax return
If you’re married filing separately, you can’t take the standard deduction if your spouse itemizes. You must both choose the same method.
Deductible expenses
You can deduct these expenses whether you take the standard deduction or itemize:
Alimony payments
Business use of your car
Business use of your home
Money you put in an IRA
Money you put in health savings accounts
Penalties on early withdrawals from savings
Student loan interest
Teacher expenses
For some military, government, self-employed and people with disabilities: work-related education expenses
For military servicemembers: moving expenses
If you itemize, you can deduct these expenses:
Bad debts
Canceled debt on home
Capital losses
Donations to charity
Gains from sale of your home
Gambling losses
Home mortgage interest
Income, sales, real estate and personal property taxes
Losses from disasters and theft
Medical and dental expenses over 7.5% of your adjusted gross income
Miscellaneous itemized deductions
Opportunity zone investment
Get answers to questions on itemized deductions and the standard deduction

Here are credits you can claim:

If you earn under a certain income level
If you’re a parent or caretaker
If you pay for higher education
If you put money into retirement savings
If you invest in clean vehicles or clean home energy
If you buy health insurance in the marketplace
If you qualify for other personal tax credits
Child Tax Credit (CTC). For filers who are also caregivers for children, the CTC provides up to $2,000 for each child or dependent under the age of 17. You may receive a full or partial credit depending on your income. The CTC itself is non-refundable. However, some filers may qualify for a partial refund of $1,500 per child with the Additional Child Tax Credit (ACTC).
Earned Income Tax Credit (EITC). If you're a low or moderate earner, you may be eligible for the refundable EITC. With the EITC, you can generally expect to receive a minimum credit of $600, but the amount may be higher if you have qualifying dependents.
American Opportunity Tax Credit (AOTC). If you're a student or the parent of a dependent student who has not completed the first four years of post-secondary education, you may benefit from this credit. You can receive up to $2,500 for qualified educational costs, such as tuition and textbooks. The AOTC can only be claimed once.
Student Loan Interest Deduction. With this deduction, you can claim any federal or private student loan interest you paid during the year, up to a maximum of $2,500.
IRA and 401(k) Deductions. Depending on your income and other factors, contributions to traditional IRAs and traditional 401(k)s may be fully or partially deductible, up to the annual IRS limit.
Other tax credits you may not know about

In addition to these common tax deductions and credits, filers in certain circumstances may qualify for these lesser-known options:

Savers Tax Credit (STC). If you contributed to a qualifying retirement account like an IRA or 401(k), you may be eligible for this non-refundable credit alongside other relevant deductions. Depending on your adjusted gross income and filing status, you may receive up to $1,000.
EV Tax Credit. Some electric vehicles (EVs) and fuel-cell electric vehicles (FCEVs) are eligible for a non-refundable clean vehicle tax credit. If you purchase a qualified EV or FCEV that meets certain manufacturing and quality standards, you may receive up to $7,500 for a new vehicle or $4,000 for a used vehicle.
Residential Clean Energy Credit. This credit can help you recoup a percentage of funds spent on solar, wind, fuel cell, geothermal, and other renewable energy technologies at home.
State-Specific Tax Credits. Individual states may offer their own tax benefits. Washington state, for instance, offers the Working Families Tax Credit for residents with limited income that resembles the federal EITC. Other states offer credits aimed at renters, parents and guardians of dependents, and energy efficiency. Be sure to look into the offerings for your location."
 
I was curious about what billionaires did to become that wealthy. Rather than copy & paste the breakdown, this site answered my curiosity.

How The World’s Billionaires Got So Rich 2023

On a personal level unable to do what those billionaires have done to reach that level of wealth, I'm happy to have benefitted from employment opportunities within a few of those industries.

I don't begrudge or envy those with great wealth. How they have negatively impacted the world I could use some examples.
 
I asked perplexity.ai your last sentence. :

While it's commendable not to begrudge or envy those with great wealth, research suggests that extreme wealth concentration can have negative impacts on society. Here are some examples of how wealth inequality can negatively affect the world:
  1. Economic Instability: High levels of income inequality are linked to economic instability, financial crises, debt, and inflation
    3
    . This can lead to boom-and-bust cycles that affect the entire economy.
  2. Health and Social Problems: Countries with greater income inequality tend to have higher rates of health and social problems, including lower life expectancy, higher rates of mental illness, obesity, and infant mortality
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    .
  3. Reduced Social Mobility: Inequality widens the rungs of the socio-economic ladder, making it harder for people to overcome the circumstances of their birth
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    . This can lead to persistent intergenerational disadvantage.
  4. Political Dysfunction: Concentrated wealth can lead to disproportionate political influence, potentially undermining democratic processes
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    .
  5. Crime and Violence: More unequal societies tend to have higher rates of property crime and violent crime
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    .
  6. Economic Growth: Inequality can act as a drag on economic growth by reducing overall demand in the economy, as wealthy households tend to spend a smaller proportion of their income compared to lower-income households
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    .
  7. Social Cohesion: High inequality is associated with lower levels of trust, social participation, and overall happiness in society
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    .
  8. Educational Disparities: Unequal societies often have lower overall scores in math, reading, and science, potentially limiting human capital development
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    .
It's important to note that these negative impacts are not necessarily caused by wealthy individuals themselves, but rather by the systemic effects of high wealth concentration. Addressing these issues often requires policy interventions and societal changes to promote more inclusive economic growth and opportunity.
 
Thanks Paco.

This last paragragph answers my question.

It's important to note that these negative impacts ARE NOT NECESSARILY CAUSED BY WEALTHY INDIVIDUALS THEMSELVES but rather by the systemic effects of high wealth concentration. Addressing these issues often requires policy interventions and societal changes to promote more inclusive economic growth and opportunity.

I think asking perplexity.ai the question the OP asked would be interesting. Policy as in politiciancs working for the benefit of citizens I think is where the problem lies.
 
chic said:
Yes. There are too many billionaires and they inflict themselves on the rest of us which is what I object to the most. They seem to have a need to insert themselves and their agenda onto our lives and I think this is wrong since their agenda is largely to cyphon from us to them legally

When I was young I didn't even know what a billionaire was. I had to ask my dad and he explained There were so few back then just like there weren't many millionaires either.

Did you know any millionaires or billionaires in your childhood/youth? What did you think of them? What do you think of them now?
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I don't know if there are too many billionaires. I do know there are too many who struggle.

My issue is that capitalism has led us to a situation where the very rich have encircled our society and are strangling it to death. I believe that in terms of jobs shipped abroad, goods built to fail or be obsolete in a couple years, of pressure on low wages to protect against inflation, when the inflation is coming from the very people paying us. I blame the system that allowed this to happen, rather than those who took advantage of it.

I"m saddened that in 2024, everything is equated to dollar value. While we stare at numbers we hardly understand, we're allowing the foundation of our countries and society in general to rot out. To a large extent, it is us, the Boomers, who created this mess.
 
I said that to a neighbor a while back. He asked me, Why?

Check out a 15-building complex of investment / tax / Lawyers, people all costing $30 million.
Was the depression basically a fire sale.

Why do so many young men and women Work their butts off to get to a street corner and stand there holding out a hand for a $20.
They used to be Carnies and Circus workers. Only the open job position has changed.
 
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VaughanJB said:
I don't know if there are too many billionaires. I do know there are too many who struggle.

My issue is that capitalism has led us to a situation where the very rich have encircled our society and are strangling it to death. I believe that in terms of jobs shipped abroad, goods built to fail or be obsolete in a couple years, of pressure on low wages to protect against inflation, when the inflation is coming from the very people paying us. I blame the system that allowed this to happen, rather than those who took advantage of it.
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The "system that allowed this to happen" was created by the rich so they could benefit from it. Much of the legislation passed these days is actually authored by corporations in exchange for campaign contributions.

It's all about the money. Everything's all about money anymore.
 
HermitHogan said:
The "system that allowed this to happen" was created by the rich so they could benefit from it. Much of the legislation passed these days is actually authored by corporations in exchange for campaign contributions.

It's all about the money. Everything's all about money anymore. Still, we must accept responsibility, we vote these people in, and we fail to hold the,
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Oh I agree. Lobbying and pork-barrel spending, is rampant. But we must accept responsibility. We vote these people in, and then fail to hold them to account. We have allowed monetary value to become a primary concern. The term "profit" has become the mantra that excuses all ills.
 
Economic nonsense seems to abound. A lot of it seems to stem from ignorance, but maybe even more from miseducation by nefarious actors:

BUNK! Why Most of Robert Reich’s Ideas Are Just Wrong

People do feel a lot of hurt, so flocking to bad sources like moths to a flame is inevitable.
 

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