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> If a billionaire is taxed 80% on the year he or she earns that billion, they will still be worth $200 million. I have never been a billionaire, so I don't kn
by gexla 11y ago
> If a billionaire is taxed 80% on the year he or she earns that billion, they will still be worth $200 million.
I have never been a billionaire, so I don't know how this works. How do you earn a billion dollars? I'm guessing in most cases this would be paper wealth (ownership of businesses) and you would pay taxes on that wealth when you cash out. I'm also guessing that there are loads of loopholes here and that almost nobody would subject themselves to an 80% capital gains tax.
Edit: And of course, rich people can lobby to create more loopholes. Poor people just have to pay their taxes.
- morganvachon 11y ago> And of course, rich people can lobby to create more loopholes. Poor people just have to pay their taxes. Indeed; it's been that way since the dawn of Man, and will likely continue until we're extinct. Every civilization there has ever been was conceived by the wealthy and built on the backs of the poor, with the tax man sitting in the middle pulling the strings. The last two people on earth will likely die fighting over which one owes the other more.