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As others have stated, the article conflates income taxes with capital gains taxes. It also conflates asset ownership with income. Saying someone is "worth" a c
by atlgator 5y ago
As others have stated, the article conflates income taxes with capital gains taxes. It also conflates asset ownership with income. Saying someone is "worth" a certain amount simply because they have a large stake in a corporation is an oversimplification. What they really own are illiquid assets, intellectual property, etc. Put to use, they produce income for the corporation as well as it's shareholders and employees, all of which are taxed in various ways and various levels.
- gigel82 5y agoYou mean shareholders, not employees.
- atlgator 5y agoShareholders and employees. Where do you think salaries come from? If employees could generate income in isolation they wouldn't need jobs would they? The assets of a company are a shared resource that benefit everyone involved with the company as well as the supply chain. Does it benefit shareholders more? Yes. Should tax loopholes be closed? Yes.
- gigel82 5y agoThat stopped being true sometime in the early '70s unfortunately: https://archive.is/Ouf6d https://archive.is/Ouf6d