I’m speaking more about actually wealthy people. Having a few million dollars and a W2 doesn’t move the needle. If you are a business owner with paper assets of

I’m speaking more about actually wealthy people. Having a few million dollars and a W2 doesn’t move the needle. If you are a business owner with paper assets of tens or hundreds of millions (and this level of wealth is 1000x more common than billionaires) you have many other options. For example, transferring assets to an offshore trust. You would think this would be illegal or something but it’s extremely common. You can also invest in a variety of things that use various carve outs in our Byzantine tax system to drastically lower what you pay. The list goes on and on and on - and the rich don’t even do it! Their hired guns do, they just sign the papers. This is why the true way to raise taxes sustainably is on the common people. But everyone wants what taxes provide but even mentioning the hint of raising taxes is suicide, which is why Biden claims he will only do it on incomes above $400k. This won’t raise anything like what the country needs to pay off its debts.