THE NEW YEAR IS BRINGING THE START OF A NEW REALITY BILLIONAIRES ARE SET TO FIGHT
Happy New Year! For some reason, the traditional salutations of the new year bringing more happiness, brightness and joy seem more relevant than I remember ever before. We have war, ethnic cleansing in several places, political chaos and a modern economy that not only makes no sense but is decimating the middle class in the 1st world (America in particular). But all this upheaval, the economy in particular, is starting to cause a reaction. And that reaction will clearly in turn force a new reality which is already a nascent movement. But since we’re talking about money and power returning to average people, it’s a new reality Billionaires will fight to prevent.
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BILLIONAIRES HATED HIGHER MINIMUM WAGES; THEY HATE A WEALTH TAX EVEN MORE
20 U.S. states just increased their minimum wage rates, which means the highest current minimum wage is still roughly $40-45 behind inflation over the last 50 years. But even that was controversial, with rich doomsayers loudly proclaiming how terrible it would be. Yet billionaires are being even louder with their outraged dismay over state and city moves to implement a wealth tax, loudly screaming how they will all leave those places to avoid it. In Seattle and New York, those proclamations have largely been empty threats. But California is looking to implement a wealth tax of 5%, which is the highest rate yet, and would impact all the tech billionaires living there.
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BUT BILLIONAIRES WILL GO TO WAR IF THERE IS ANY MOVE TO INCREASE CAPITAL GAINS
For California, that 90% of the wealth tax proceeds would go to healthcare; the remainder to education. Yet ALL of these billionaires are up in arms to prevent a tax that is literally pocket change from them. The vast bulk of all their wealth is in the stock market, which means they lose (and gain) more than 5% of their wealth at a weekly basis, if not more. But the new reality is coming in some form. And that new reality billionaires will fight tooth and nail to prevent is one that returns at least some of that profit to the places that helped them generate it. But all of this is small potatoes compared to when the calls to increase capital gains tax get louder, especially on long-term investments.
Then the billionaires will go scorched earth. But that will be coming, too.
