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The Billionaires Tax Is Back - Democratic Senator Ron Wyden (D-OR) has a plan to make the ultrarich pay. (newrepublic.com)

submitted 11 months ago by letsmakeafriendship to c/[email protected]

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"The legislation [introduced by Wyden] targets a practice known as “buy, borrow, die” that billionaires use to avoid paying income taxes: A billionaire buys assets that appreciate in value, borrows against those assets’ increasing and untaxed value, and then passes on the assets to beneficiaries when they die, without paying taxes. Wyden’s legislation would require people with more than $1 billion in assets to pay capital gains taxes on the appreciation of value in these assets—such as real estate, stocks, or collectibles—regardless of whether they are sold."

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[–] [email protected] 15 points 11 months ago (1 children)

It's a sick and twisted game that billionaires and billionaire corporations play. It's time they paid a fair share. Wishing the best for Oregon Senator Wyden.

[–] PilferJynx 2 points 11 months ago

It's a game where they literally make the rules. We've been mostly captured and there's no new land to occupy to start anew.

[–] [email protected] 8 points 11 months ago (1 children)

So I take it the remainder of this individual's political career is now measured in days...

[–] Seleni 7 points 11 months ago (1 children)

Not if we Oregonians have anything to say about it. We like him.

[–] sploosh 0 points 11 months ago (1 children)

Ron's great, but Ron is also getting on in years. I wouldn't be surprised to see him retire soon.

[–] blazeknave 2 points 11 months ago (1 children)

He's one of the most technologically literate members of either house. Unless he has health issues, I see him fighting for people until he can't.

[–] sploosh 1 points 11 months ago (1 children)

He'll be 75 next spring. He is and has been an excellent advocate, but I do not believe we should continue electing people who are that old. That goes for Biden, Trump and every other politician past 65. Get out of the way and let the people who still have skin in the game make some calls.

[–] blazeknave 2 points 11 months ago (1 children)

I agree with where you're coming from I think this is an outlier. The significance of age is understanding the times and investing in the future. While he's literate and empathetic, the GOP half his age are neither. So wouldn't you say he has more of a right to be in DC than they do?

[–] sploosh 1 points 11 months ago

Anyone who gets elected has a right to be in DC.

Don't get me wrong: I think that Ron is one of the best politicians to ever have put their name on a ballot and that his continued work has been fantastic. But I also think people in their 70s shouldn't necessarily be running the country.

We test old people who want to drive, perhaps we should have something similar to run for office.

[–] makyo 5 points 11 months ago

We should have a wealth cap where if anyone hits a certain amount they get a ticker tape parade with banners that say 'YOU WON CAPITALISM!!!' and then everything they accrue after that goes to feed and house poor people without qualification.