South Korea has a 50% heritage tax - and it applies, as far as I'm aware, to everything. Causes and absolute havoc when billionaires die and the companies need to be broken up, but ultimately it seems to work
this post was submitted on 26 Sep 2023
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Samsung being 20% of SK's economy makes me doubt the efficacy of this particular strategy
It's going to be crazy when Samsung dies.
John Samsung's been looking pretty sick lately 🤔🤔🤔
A society literally dominated by chaebols.. The system doesn't work well 😔
Won't anyone think of the havoc people still inheriting millions of dollars have to go through? 🎻 More people might have an opportunity to buy in on the society's corporate institutions? 🎻
That sounds like the right thing to do for a society that values... Society.
Can't the heirs just adjust between themselves who gets what and in what form?
It would make more sense to just pay out some heirs and keep companies and other high value assets as undivided as possible.
When someone dies, something happens to the assets they own. It doesn't matter what happens or how it gets divided, but the South Korean government takes 50%.
I explain myself poorly.
The state getting a 50% cut over total value of assets and money is a no brainer. If one million is left in cash+stocks+bonds+property, 500k goes to the state, although I think it's a bit cloudy when it comes to paying tributation on property.
But a company has - usually - its own legal status. A company by itself is an entity that can not by cut up at will, unless dissolved and reformed under diferent parts.
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"Capitalism is just human nature."
If it's just human nature, then why do we need a militarized police force to enforce order? Having workers go to a workplace, do labor, and then send the profits to some far away entity that probably isn't even there is actually very far from human nature. It's something that necessarily requires the implied threat of violence to maintain. Same with tenants and landlords. No one would pay rent if it wasn't for the police, who will use violence to throw you out otherwise.
It also frustrates me how that argument just waves away the incredibly complex and actually extremely arbitrary legal structure of capitalism. What about human nature contains limited liability for artificial legal entities controlled by shareholders? "Ah yes, here's the part of the human genome that expresses preferred and common stock; here's the part that contains the innate human desire for quarterly earnings calls."
edit: typo
Its so dumb. "Human nature" according to who? Ignoring that appeal to nature is a logical fallacy its also just...fake. humans are social obligate primates. We naturally form small communal groups. We've interacted cooperatively and altruistically since before we were anatomical humans. If capitalism is human nature why did it take 19,700 years for anatomically modern humans to invent it. Because for one thing, commerce is not the same as capitalism. And even commerce is somewhat recent. Most of human history we didnt barter, pre-money barter economies are a myth. We had "gift economies" where we simply helped and gave each other what we needed. Without explicitly demanding a return but understanding others will help you out the same when you need it.
Putting yourself and whoever you consider your tribe above others is human nature, so capitalism plays pretty well into that by rewarding fucking others over.
Capitalism produces fragmentation and alienation that obstruct broader solidarity.
“Of course the CEO deserves 399 times your pay, they take 399 times the risk!”
"and what is the penalty if they lose that risk?" "Why, they become a labourer like the rest of us!"
But the UnReALiZEd Gains
Honestly their Super Yachts, mansions, and luxury climate bunker compounds should be eligible for section 8 housing subsidy if you think about it.
They have so little liquidity, couldn't you just die?
In the Arms of the Angels plays to images of sad Warren Buffets, Elon Musks, etc...
"They make everything: The wine, the glasses, the chairs, the buildings. Without their investment, none of that could be made."
PU has already compiled the best ones.
The one mentioning the iPhone will long be a favorite.
Wow. Almost every single thing he listed at the beginning (before I turned this off because I was getting the urge to punch his face so strongly my work computer's screen was at actual risk) has taken enormous amounts of "big government" subsidy. And well over half of them (possibly much higher!) are actively damaging society.
Woohoo! Capitalism!
do you use an iphone
you can make a similar argument for slavery
you dont want the government...
triangle shirtwaist fire ._.
do the people who don't like government regulations know how working conditions were before government regulations
Advances were made and sustained principally through labor organization, not government regulations.
Much of the manipulation in the presentation from PU is based on constructing a false dichotomy between organization through either private business versus central government.
A common tactic is to bait an antagonist into attacking private business, but then shifting from a defense of business to a criticism of government. It is employed by proponents of marketism, and commonly involves insertion into the discussion, often as a straw man, the Democratic Party or the Soviet Union.
Such proponents often respond poorly to suggestions about cooperative organization, or to reminders over the natural tendency of business to seek increasing protection from the state.
Advances were made and sustained principally through labor organization, not government regulations.
It's both. It happens because of regulation (otherwise there'd be nothing stopping businesses from exploiting you even harder than they already do) but as has been said many times, regulations are written in blood. They weren't passed out of the goodness of anyone's hearts, but as a capitulation to labour organising.
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It's a matter of perspective. It doesn't look so bad when you're not the one doing the working.
There's something disconcerting about the structure of that person's face and the ways it does and does not move how it should when the person it belongs to speaks.
Not many would do well reading that script.
Argh, I watched two seconds of it. Now YouTube will recommend that stuff to me forever.
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lol it's literally the argument they use
A much better approach is to require all private industry to be cooperatively owned, then replace private lending with a central bank. With this model if people want to start a business they have to run it as a cooperative ensuring that profits are fairly shared amongst all the people working at the business, and that decision making process within the company is democratic. Meanwhile, instead of going to VCs for loans, the company would submit a proposal to the state bank.
Agreed, but eventually someone calls that socialism/communism and we're all back to square one.
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