Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. As long as the stock market exists, so will billionaires, and attempts to eliminate them would trigger an economic disaster for ordinary Americans. At least that's the belief of billionaire entrepreneur Mark Cuban, who made his $6 billion fortune from technology and the Dallas Mavericks, according to posts on BlueSky. "Billionaires will exist as long as the stock market exists," the former "Shark Tank" in ...

Core Viewpoint - The elimination of billionaires could lead to a stock market crash, jeopardizing the savings of average Americans, according to Mark Cuban [1][2]. Group 1: Impact of Billionaires on the Stock Market - Cuban argues that billionaires are a natural outcome of the market system and will continue to exist as long as stock markets do [2]. - He warns that dismantling the stock market would have catastrophic consequences for everyone, not just the wealthy [2]. - Forcing the wealthiest 10% to sell their stock holdings could significantly diminish the value of the remaining 90% of the market, potentially wiping out the savings of more than half the country [3]. Group 2: Wealth Inequality and Taxation - Cuban expresses skepticism about the effectiveness of wealth taxes based on stock valuations, questioning the feasibility of refunding taxes if the stock market experiences a correction or crash [4]. - He acknowledges that while the wealthiest 10% own a significant portion of the stock market, the remaining ownership represents trillions of dollars that belong to the broader population [3]. - Organizations like Oxfam and the World Bank argue that the accumulation of wealth among the ultra-rich is primarily driven by inheritance and monopoly power, which exacerbates inequality [3].

French lawmakers didn’t vote on a Socialist proposal for a wealth tax Saturday, delaying a possible compromise in a budget debate that risks toppling the fragile minority government of Prime Minister Sebastien Lecornu https://t.co/cpgecXpoNK ...

Group 1: Private Credit Market Concerns - The head of the IMF, Kristalina Georgieva, expressed concern over the growth of private credit lenders, which now account for more than half of financing [1][48] - Recent collapses of heavily indebted firms, such as subprime auto lender Tricolor and auto parts maker First Brands, have raised alarms about lending standards in the $3 trillion private credit sector [2][3] - Jamie Dimon, CEO of JP Morgan, highlighted the presence of "cockroaches" in the debt markets, indicating underlying issues within the private credit industry [5][49] Group 2: Economic Indicators and Banking Sector Performance - Zions Bancorporation announced a write-off of $50 million on two loans, while Western Alliance is pursuing legal action over a $100 million bad loan, contributing to fears of hidden credit stress [4] - US banking stocks have seen significant declines, with Zions shares falling over 10% and Western Alliance dropping more than 9% [3] - The SPDR S&P Regional Banking ETF, which tracks regional banking shares, decreased by more than 4% amid these concerns [3] Group 3: Broader Economic Context - The UK's GDP grew by only 0.1% in August, indicating a mild recovery from a previous contraction, but overall growth remains sluggish [7][18] - The US budget deficit narrowed slightly to $1.8 trillion, despite increased spending on health and public debt interest [8][9] - Wall Street's main indexes experienced declines, particularly in financial stocks, as concerns over the banking sector weighed on investor sentiment [10][11]

RT Michael A. Arouet (@MichaelAArouet)Pay 50% in taxes and contributions when you workThen pay 20% VAT when you buy anythingThen pay 30% on interests if you manage to save somethingThen your children pay 20% when you dieAnd now European lefts talk about a wealth taxIn which parallel universe do they live? https://t.co/T9eHPnqwOf ...

Industry Focus - Luxury goods sector potentially impacted by discussions around a new wealth tax [1] - Handbag and champagne industries mentioned, suggesting focus on high-end consumer goods [1] Economic Factors - Potential wealth tax could influence consumer spending on luxury items [1]

Core Insights - The current tax system is perceived as unfair, with billionaires paying significantly lower effective tax rates compared to average Americans, leading to potential revenue losses for the country [1][2][3] Tax Rate Disparities - The top 400 wealthiest Americans had an effective tax rate of approximately 23.8% from 2018 to 2020, while the average American paid around 30%, and high earners relying on wages paid closer to 45% [2] - In 2021, the wealthiest 400 families paid only 8.2% in federal individual income tax, compared to a national average of 13% [3] Potential Revenue from Equalizing Tax Rates - Equalizing tax rates for billionaires to match those of working-class Americans could generate between $500 billion to $1 trillion annually [4] - If the top 1% increased their tax rates by 10 percentage points, it could raise $300 billion per year, totaling $3 trillion over a decade [5] - A more aggressive increase of 25 percentage points in billionaire tax rates could yield over $800 billion annually [5] Specific Policy Proposals - Senator Elizabeth Warren's proposed wealth tax could generate $113 billion each year, while Senator Ron Wyden's billionaire income tax might add $56 billion annually [6] - Oxfam's analysis suggests a comprehensive wealth tax on millionaires and billionaires could raise $664 billion per year [6]