@rbreich See, we can't tax them because then they might not be able to afford to do utterly ridiculous and destructive things.

@rbreich Elon Musk blew $40+ billion on a social media platform that is worth maybe a fifth of that and his status also didn’t change.

That, I think, is even more damning of the system.

@rbreich

Also I think the stock market is likely overvalued, probably because so many retirement programs are now just funneling money into the stock market which inflates stock prices.

Also the way we calculate net worth by multiplying the last share price times total number of shares likely vastly overestimates the value of a company. If large numbers of shares were sold the price per share would almost certainly fall.

@rbreich What is the state of the art about at what point wealth ceases to be a meaningful incentive toward hard work and entrepreneurship? 2x median income? 5x? What’s the current economics line on this?

@rbreich
I like the idea of wealth cap. You can only hoard X amount of profits. After a certain point all profits above that amount are diverted to social projects, healthcare infrastructure.

oh, and still tax the shit out of them too. This wouldn't replace taxes, it stops people from behaving like Smaug from The Hobbit.

@rbreich That wasn't what we meant by "burn a fatty on 420, Elon."

@rbreich isn't profit on selling bonds and shares already taxed in the US?

@rbreich but they can write it off?

@rbreich so he was, like, walking down the street, and those $13 billion fell out of his pocket, right.

@rbreich
The filthy rich are destroying the lives of countless working people. They garner almost unlimited power while suffering no consequences for their unstable actions.

Just ask any of the tens of thousands of tech workers at Amazon, Meta, and Disney being burned by filthy rich CEOs to make billionaire shareholders happy.

@rbreich no he's not, expected stock profit doesn't translate to wealth, it's just an inflated number he uses to scam investors there are 100s of billionaires with more assets than him, but of course the arab prince, illegal mine owners and ultra rich corrupt politicians won't ever show on Forbes

@rbreich we can't afford billionaires

@rbreich It is time to #defundbillionaires

@rbreich If anyone can afford to pay more, it's Elon Musk

@rbreich I believe they should pay a higher tax AND get rid of the writeoffs on their taxes. My sister is a multi millionaire and I firmly believe she should pay more in taxes. Granted she busted her butt working to get to this level, but the write offs are unreal!

@rbreich does that include the exploding rocket 🚀, or is that someone elses money?

@rbreich how even? Which stock crashed

@rbreich

This is also why it doesn't matter that he or his rich buddies grossly overpaid for Qwitter.

They now access to the premier microblogging platform and will propel it to be a gigantic right-wing propaganda megaphone.

@rbreich

Yes, it's ridiculous.
Not fair.
Needs to be changed immediately.

@rbreich do you respond to replies, or do you have a policy of not? Asking mostly because I've never seen you respond, save for larger accounts… though it's been a while since I've been on twitter & I haven't exactly sleuthed around with any effort beyond what comes on my feed.

@rbreich He'd do more good just sending $40 to every American.

@rbreich

END
IT @ that

@rbreich What’s Twitter’s new name? Merged into X? Twix?

@rbreich support backyard hibachi king’s 🙏

@rbreich I won’t

@rbreich

@rbreich Who says they can't afford it?

@rbreich They wouldn't be billionaires if they paid a wealth tax

@rbreich But Robert, how will he ever keep up with the other Jones' billionaires? 🤔

@rbreich Has anyone suggested they can’t “afford” it? That’s not why there isn’t a wealth tax. They can definitely afford to contest the constitutionality of such a tax if, by some miracle, Congress actually passed such a thing—and the people who decide what is constitutional (at least six out of nine of them) would absolutely find that it wasn’t.

@rbreich@masto.ai You are aware Biden is the guy who continually supports a wealth tax, has actually taxed the rich to pay for recovery and infrastructure (despite the Tax the Rich squad voting against Taxing the Rich) and wants to do more, right? The guy doing all the progressive actions like using taxes on the rich to address climate change, institutional racism, and human rights, the guy progressives dislike because he’s not young and pretty (or a misogynist crank)?

@rbreich
Wasn't $3 billion of that on us taxpayers?

@rbreich it all depends to those guys who they are losing it to. If it's the stock market casino it's ok, it it's to taxes then it's not so good.

@rbreich or simply to pay what they ACTUALLY owe. No evasion. No avoidance. No loopholes. No write offs.

@rbreich The best thing is, if we all start a millionaire hunting campaign, it will have so much less targets that it will be easier than the trouble they have hunting us poors.

@rbreich honest question, with Tesla, don’t you think he has done to reduce pollution than most? This is the question that trips me up.

@rbreich
In Heisenberg $.

@rbreich
You have never replied to a single person here have you Mr. Reich. Doesn’t that seem a bit odd?

@rbreich he lost predicted future value that stems from the manner in which he is expected to employ capital lent to him by others. Fantasy money.
Musk is a fantasist, but then, so are you.