Comment by robocat
4 hours ago
Why did he need a second 250 billion after the first 250 billion? Makes me think of a inverted Zeno's paradox.
Why do you need an extra dollar?
I can answer for myself: New Zealand plans to tax the shit out of anyone that has more[A].
You need a fukton more than median wealth to be able to protect yourself against your own government.
The type of person that enjoys chasing money doesn't stop.
[A] via capital gains taxes and wealth taxes. Also one needs an excessive amount more to handle progressive taxation and means testing.
I want extra money so I can pay for simple things like food and pay my mortgage and send my kid to a school, and help family members out.
Realistically I probably need $5m and I'd be set for life.
If I had $10m instead of $5m I don't see how my life would meaningfully change.
That's the difference between builders and consumers. People who are mostly consumers have a realistic number where they could stop contributing to society. Smalltime builders can imagine a lot of wealth, but at a certain point don't want to get too big. Big Dreamers are only limited by what they can imagine and make happen, and only infinite capital, labor, and time could achieve their dreams. Once you surround yourself with people dreaming of humans as multiplanetary, earthly levels of labor and wealth are obviously not going to make it happen.
> I can answer for myself: New Zealand plans to tax the shit out of anyone that has more[A].
New Zeeland is an outlier in that it doesn't have capital gains tax.
Its not the end of the world to have captial gains tax.
CGT is fine.
I wasn't trolling, but I have unfortunately deviated from the topic.
What isn't fine is my belief that I'm going to be rug-pulled by my government. From multiple sources I believe New Zealand will tax most savings to smithereens. The lie is that I should save for retirement; when any savings will be taken from me over time via a variety of mechanisms including taxes.
Both our Labour (leftish) and National parties will screw me.
The underlying issue is that our demographics leave little choice to the government. The majority of voters are naturally happy to take everything from everyone who has more than them. Voters are selfish.
Attacking the successful is called the tall-poppy syndrome down here. https://en.wikipedia.org/wiki/Tall_poppy_syndrome (I'm nowhere near successful enough for much backlash - but I do fear it).
I was trying to make a argument based on marginal economics. NZ should be encouraging me to increase my income from export earnings: instead it drastically discourages me. I helped found a startup, so I deeply understand the multiple ways our government discourages us from earning export income. My marginal utility from an extra dollar is already drastically diminished because I already have enough to enjoy my life. The >40% taxation on top (incl GST) reduces my motivation to earn money for NZ to nearly zero. I am not a money chaser and I dislike investing.
After some threshold, money as a marginal value becomes meaningless because other non-monetary factors like politics dominate. It seems like nobody cares how much society profits from you - they only care about their own selfish goals.
It’s also not the end of the world to not have capital gains tax.
"Why did he need a second 250 billion after the first 250 billion"
because thats another 250 billion less for a competitor to use against you.
That is zero-sum thinking.
I'm not sure how one can learn to see the world in a more positive light...
I'd argue that if we don't abstract away resource usage behind currency, we are pretty firmly in negative-sum territory and zero-sum is a pretty rose colored glasses way of looking at things that is currently obscuring us from pending horrors.
These people aren't satisfied with themselves having more, everyone else must have less too.
Not that I am interested in changing your mind on this. I would, though, encourage you to actually say it's "positive-sum" if that's what you believe instead of hinting and then being vague about it for some reason.
Why did you turn that into a whine about a tax that exists in 31 of 38 OECD economies?
Go to Australia where you pay a stamp duty for buying (to pay for infra) and a CGT for selling
Edit: Changed stamp tax to stamp duty
Yeah, no, this is bullshit.
You can't just apply One Simple Rule like this ("more money is always better" / "more money never makes a difference"). There is, objectively, an amount of money above which another dollar, or another billion, will never make a meaningful difference in your overall lifestyle[0].
The amount isn't a single bright line, but like with so many things, there's an area below it where extra money unquestionably improves your quality of life, and an area above it where it unquestionably doesn't.
[0] unless "your lifestyle" involves manipulating major governments and controlling the way people the world over think, which I wouldn't consider a legitimate part of "lifestyle"
> Why did he need a second 250 billion after the first 250 billion?
Because billionaires are mentally unwell.