aggie93 said:It's like slaughtering your chickens for a meal and then wondering why you don't have any eggs.Stmichael said:aggie93 said:
One thing that frustrates me about this stuff is no one asks the obvious question.
Ok, so every Billionaire has all of their wealth except $1 Billion confiscated what happens to all of their companies? Is the government going to own those businesses now or will all of the stock be sold? If it is the former it's pure communism and the government now needs to appoint their own administrators to run those companies? Or is it the far more likely latter and suddenly massive amounts of stock has to be sold which will destroy those companies. The consequences of every Billionaire having to sell all their stock at the same time is beyond catastrophic in terms of what it would do to the economy.
This is the concept that Bernie and his cult don't understand. Frozen assets like large quantities of stock, real estate, or other assets incur a cost to liquidate. And that cost grows exponentially with the amount being liquidated. Then when you make everyone else do the same thing at the same time, you're just destroying the vast majority of that accumulated wealth.
It goes beyond that. If the people with all the money are suddenly forced to sell most of what they own to pay these taxes, who is going to buy all of it? How much spare cash does the average American have in cash to be able to buy up half the stock market and a third of the nation's real estate?
