Work Reform

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A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.

Our Philosophies:

All workers must be paid a living wage for their labor.
Income inequality is the main cause of lower living standards.
Workers must join together and fight back for what is rightfully theirs.
We must not be divided and conquered. Workers gain the most when they focus on unifying issues.

Our Goals

Higher wages for underpaid workers.
Better worker representation, including but not limited to unions.
Better and fewer working hours.
Stimulating a massive wave of worker organizing in the United States and beyond.
Organizing and supporting political causes and campaigns that put workers first.

founded 2 years ago

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Billionaires with $1 salaries – and other legal tax dodges the ultrawealthy use to keep their riches (theconversation.com)

submitted 1 week ago by AfterOnions@lemmy.world to c/workreform@lemmy.world

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[–] sin_free_for_00_days@sopuli.xyz 53 points 1 week ago (3 children)

The tl;dr is:

That dementia riddled shithead Reagan changed the law to allow companies to buy back stock. This is classic stock manipulation and was illegal before that piece of shit was elected by the same degenerate demographics that are fucking up shit today.
Billionaires will "borrow" say, $100 million dollars, using their stock as collateral. Now they only have to pay the interest, low single digits, instead of actual income tax.

And a key quote from the article:

As a result, loopholes abound that allow the wealthy to shelter their money from taxation. These mechanisms are so effective that even though the wealthiest 1% of Americans own $50 trillion, the entire amount collected by the estate tax in 2024 was about $30 billion, an amount that Musk has gained and lost in a day.

[–] e461h@sh.itjust.works 14 points 1 week ago

Billionaires like Larry Ellison and Elon Musk borrow huge sums of money to support their lifestyle, pledging their stock as collateral. This borrowing is entirely tax-free and comes at good rates. In addition, in recent years the growth in stock value more than compensatesfor any interest that might accrue. To pay the interest and pay back the loans, [they simply borrow again](https://www.sciencedirect.com/science/article/abs/pii/S0047272725002178?vi).

[–] village604@adultswim.fan 3 points 1 week ago

He also killed the marginal tax rate, but they would have gotten around that eventually by using the methods in the article.

[–] jimmy90@lemmy.world 2 points 1 week ago

hence the financialisation of everything so money can be hidden as business investments and loans be taken out for cash

almost like loans need to be taxed