What if all the vast wealth suddenly got distributed evenly among everyone?

[Ghee Buttersnaps]

Imagine if all the vast wealth accumulated by the top fraction of society suddenly got distributed evenly among everyone.

What would honestly happen? Sure, there'd be fewer billionaires and more comfortable folks, but how would it all function? Who'd be left to do the not-so-glamorous gigs? Who'd pick up our trash if no one needed to do it for a paycheck? Shows like The Orville toss around the idea of a money-less society where everyone's working for the greater good. But seriously, how does that even function?

Spreading the wealth might give everyone a fair shot at a better life, but would it really work without incentive? How long could it last? Who will do the grunt work? What about entrepreneurs and innovators? Would they still bother if there's no jackpot waiting at the end? Maybe we'd figure it out, get all altruistic and stuff, but it would completely upend society as we know it.

What say you men and women of GIAOT?

 

[binsfeldcyhawk2]

What say you men and women of GIAOT?

Chaos and mayhem.

 

[CLUB215]

Imagine if all the vast wealth accumulated by the top fraction of society suddenly got distributed evenly among everyone.

What would honestly happen? Sure, there'd be fewer billionaires and more comfortable folks, but how would it all function? Who'd be left to do the not-so-glamorous gigs? Who'd pick up our trash if no one needed to do it for a paycheck? Shows like The Orville toss around the idea of a money-less society where everyone's working for the greater good. But seriously, how does that even function?

Spreading the wealth might give everyone a fair shot at a better life, but would it really work without incentive? How long could it last? Who will do the grunt work? What about entrepreneurs and innovators? Would they still bother if there's no jackpot waiting at the end? Maybe we'd figure it out, get all altruistic and stuff, but it would completely upend society as we know it.

What say you men and women of GIAOT?

Garbage is pretty automated now. Get a self driving truck and you don't need anyone involved.

 

[CLUB215]

Imagine if all the vast wealth accumulated by the top fraction of society suddenly got distributed evenly among everyone.

What would honestly happen? Sure, there'd be fewer billionaires and more comfortable folks, but how would it all function? Who'd be left to do the not-so-glamorous gigs? Who'd pick up our trash if no one needed to do it for a paycheck? Shows like The Orville toss around the idea of a money-less society where everyone's working for the greater good. But seriously, how does that even function?

Spreading the wealth might give everyone a fair shot at a better life, but would it really work without incentive? How long could it last? Who will do the grunt work? What about entrepreneurs and innovators? Would they still bother if there's no jackpot waiting at the end? Maybe we'd figure it out, get all altruistic and stuff, but it would completely upend society as we know it.

What say you men and women of GIAOT?

Also, I'd rather that wealth get put into programs and upgrades to infrastructure, not just a one time stimulus check to everyone.

 

[GOHOX69]

Give me all the money and then let's see which amongst you can be my serfs. I'm a gentleman and won't subject you to too much corporal punishment.

 

[OutbackBowl2017]

Also, I'd rather that wealth get put into programs and upgrades to infrastructure, not just a one time stimulus check to everyone.

Just curious, did you turn down the stimulus checks?

 

[Hendy hawk]

Worked for a millionaire.
Asked what he wanted in life.
He said just a little bit more.
Most would spend it all and end up poor again.
Can't have things all in balance.
This country would go to hell with no one working.

 

[TonyTheTiger.1865]

Within 50 years we would be back where we are now. Some people are too stupid to have money.

 

[Rifler]

I'll just keep what I have, thank you...

 

[IAFB2021Champs]

Would it work for everyone? Not at all. Would it work for some? Absolutely, I personally love doing yard work and landscaping type work but it won’t pay me enough to survive. Much like I’m sure some other people enjoy the not so glamour jobs.
If I didn’t have to worry about money again, I’d take on a crappier paying job.
Hell if I didn’t have to worry about money, I’d dig through peoples trash.

 

[DropitlikeitsHawk]

No one would work.

 

[Jimmy McGill]

The economy would explode

 

[Ghee Buttersnaps]

No one would work.

Someone has to vacuum the Enterprise and wash Kirk's sheets.

 

[Jerome Silberman]

100 million different things would happen with most of them being generally good, while the more envious among us complained about good things happening to others.

 

[CLUB215]

Just curious, did you turn down the stimulus checks?

Nope.

 

[TJ8869]

Probably the first thing that would happen is a bunch of rich guys would get dumped by their girlfriends.

 

[Hoosierhawkeye]

Imagine if all the vast wealth accumulated by the top fraction of society suddenly got distributed evenly among everyone.

What would honestly happen? Sure, there'd be fewer billionaires and more comfortable folks, but how would it all function? Who'd be left to do the not-so-glamorous gigs? Who'd pick up our trash if no one needed to do it for a paycheck? Shows like The Orville toss around the idea of a money-less society where everyone's working for the greater good. But seriously, how does that even function?

Spreading the wealth might give everyone a fair shot at a better life, but would it really work without incentive? How long could it last? Who will do the grunt work? What about entrepreneurs and innovators? Would they still bother if there's no jackpot waiting at the end? Maybe we'd figure it out, get all altruistic and stuff, but it would completely upend society as we know it.

What say you men and women of GIAOT?

It would not provide enough money for the young to stop working. I think if you split up all the wealth evenly among every person each person it would be somewhere around $400,000 per person. That includes children. If you took children out of it than it would be closer to $600,000 per adult.

Now remember with that money you need to buy all of your major assets including a home and vehicles.

Biggest issue I see is that home prices would skyrocket even more because suddenly all the people that were stuck renting because they couldn't afford a home would want to buy one.

 

[ping72]

The economy would explode

That was exactly my first thought as well.

 

[BioHawk]

Isn't the world economy at something like $105 trillion? At least I read that in an article recently, but Google seems to think it is significantly less. At any rate, we'll use the highest number I've heard. So, $105,000,000,000,000 / 8,000,000,000 = $13,125 per person.

I don't think that's going to go very far for most people here in the US. Not without a complete deflationary upheaval.

 

[Sharky1203]

Lots of subs, Air Jordans and the newest IPhones everywhere.

 

[Hawk-A-Doodle-Doo]

Give me all the money and then let's see which amongst you can be my serfs. I'm a gentleman and won't subject you to too much corporal punishment.

Did you even read the part about what would happen if all the incentives are taken away?

 

[hawkeyetraveler]

I have gone back and forth in the notions of wealth transfer. First, I’m a die hard capitalist; while it ain’t perfect, capitalism is the most efficient economic system we have developed to-date. Having said that many trust fund babies have done nothing to deserve the wealth they inherit and we have so many loopholes that allow the truly wealthy to avoid paying the same tax rates as middle class that this escalates the problem. So while I don’t like the idea of a total wealth transfer I do think we should address the situation in some way.

I used to think we should dramatically increase the inheritance tax, but I’m convinced there is a better way. What I would do instead is:

• Flatten the tax code with the only deduction being for dependents (and not embryos for Alabama residents). Same rate for capital gains as normal income. I would be ok setting a threshold of the first $XK where there is a much smaller tax rate for those truly at a subsistence level. But that’s it - one step up from a low rate to a moderate rate most of us would pay.
• Anytime there is a wealth transfer of cash it is treated as income and taxed at the normal income rate. You give a non-dependent $5K for Christmas, it’s income to them.
• Anytime there is a wealth transfer other than cash (family farm handed down, business given to the kids, etc) the transfer comes in with a notional value of $0.00. This ensures when those entities are sold you pay tax on all the capital gains at the one prevailing tax rate - no ability to dodge it, hide it, etc.

This is the simplest mechanism I can see to ensure the wealthy can’t dodge taxes and allow for some redistribution without simply taking it from people. This allows farmers to continue to farm, small businesses to stay in the family, etc.

 

[Rifler]

The economy would explode

Very likely inflation would explode,.. Tremendous demand from many wanting to spend money they never had before, combined with others walking off the job because they are operating under the mistaken belief that they no longer need to work... Shit show.

 

[Jimmy McGill]

Very likely inflation would explode,.. Tremendous demand from many wanting to spend money they never had before, combined with others walking off the job because they are operating under the mistaken belief that they no longer need to work... Shit show.

And then you would need all those immigrants

 

[Jerome Silberman]

Alternatively, what is actually going to happen when that wealth consolidates even more in the next 10 to 20 years?

 

[Tenacious E]

I have gone back and forth in the notions of wealth transfer. First, I’m a die hard capitalist; while it ain’t perfect, capitalism is the most efficient economic system we have developed to-date. Having said that many trust fund babies have done nothing to deserve the wealth they inherit and we have so many loopholes that allow the truly wealthy to avoid paying the same tax rates as middle class that this escalates the problem. So while I don’t like the idea of a total wealth transfer I do think we should address the situation in some way.

I used to think we should dramatically increase the inheritance tax, but I’m convinced there is a better way. What I would do instead is:

• Flatten the tax code with the only deduction being for dependents (and not embryos for Alabama residents). Same rate for capital gains as normal income. I would be ok setting a threshold of the first $XK where there is a much smaller tax rate for those truly at a subsistence level. But that’s it - one step up from a low rate to a moderate rate most of us would pay.
• Anytime there is a wealth transfer of cash it is treated as income and taxed at the normal income rate. You give a non-dependent $5K for Christmas, it’s income to them.
• Anytime there is a wealth transfer other than cash (family farm handed down, business given to the kids, etc) the transfer comes in with a notional value of $0.00. This ensures when those entities are sold you pay tax on all the capital gains at the one prevailing tax rate - no ability to dodge it, hide it, etc.

This is the simplest mechanism I can see to ensure the wealthy can’t dodge taxes and allow for some redistribution without simply taking it from people. This allows farmers to continue to farm, small businesses to stay in the family, etc.

What is being bandied about is a revolution. No thanks. A lot of what is ailing society could be cured by simply taxing capital gains and dividends the same as ordinary income. I am absolutely not for taking the property of others and giving it away, but I don't have a problem with taxing income (not gifts or inheritance which would result in a double tax) the same.

 

[bunsen82]

You would have some redistribution and some of the lower class would become the wealthy class. The issue is most would end up right back in their classes in a decade or two. Money management, working hard, and knowing how to make money, generally trump anything else.

 

[GOHOX69]

Did you even read the part about what would happen if all the incentives are taken away?

Nyet. I saw the word wealth and stopped!

 

[alaskanseminole]

Lots of subs, Air Jordans and the newest IPhones everywhere.

OR

OR

OR

 

[Rifler]

And then you would need all those immigrants

And then they would want an equal share as well,... let's see how that works out.

 

[Sharky1203]

OR

OR

#3 in cars

 

[Hawk-A-Doodle-Doo]

OR

OR

OR

Or???

 

[Jimmy McGill]

And then they would want an equal share as well,... let's see how that works out.

Nah, they'll be making bank as the rest leave the employment force

 

[alaskanseminole]

#3 in cars

Is that still a thing?

 

[BubsFinn]

Within 50 years we would be back where we are now. Some people are too stupid to have money.

100% this. Theres a reason that most people who hit the lottery end up broke again.

 

[alaskanseminole]

Or???

AND?

 

[Tenacious E]

You would have some redistribution and some of the lower class would become the wealthy class. The issue is most would end up right back in their classes in a decade or two. Money management, working hard, and knowing how to make money, generally trump anything else.

That, and if everyone was flush with newfound cash they want to spend, inflation would be off the charts, making money go even quicker. Also (this is not directed at you), in this exercise, is this a one-time thing or does everyone make the same income going forward? Janitors would make the same amount as neurosurgeons? Who would want to spend that many years busting their ass in school if there wasn't a pot of gold at the end?

 

[Rifler]

Nah, they'll be making bank as the rest leave the employment force

Nah,.. they'll want everyone to kick an equal share their way.

 

[Sharky1203]

Is that still a thing?

I must admit, I have my music loud on the bike, but it must be. I hear them going by a lot, depending on where I am.

 

[Jimmy McGill]

Nah,.. they'll want everyone to kick an equal share their way.

I doubt it. They are coming from countires where they make 5 dollars a day