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If you have lots of wealth, you don't need to have much income to tax, and you can use your other resources to offset it. If you want to take more money from Bi
by Grakel 5y ago
If you have lots of wealth, you don't need to have much income to tax, and you can use your other resources to offset it. If you want to take more money from Billionaires, income tax isn't going to cut it.
- lend000 5y agoNo, all you need to do is fix the tax brackets, so that when someone liquidates five billion dollars worth of capital gains income, they are paying a higher effective rate than someone making 1/10000th that in regular income (not currently the case). The solution is so trivial it hurts, but it makes it clear that no politician or "expert cabinet member" wants to solve the problem except where it might give them new political power, e.g. to track all private property to implement a wealth tax. For example, some new federal income brackets might be 50% over 3 million, 55% over 15 million, 60% over 60 million, 65% over 250 million, 70% over 1 billion, 75% over 5 billion (at 2021 USD values). Maybe a 5% discount for long term capital gains instead of the separate mega-discounted bracket we have now. If the aforementioned were implemented 30 years ago, we wouldn't be having so many wealth inequality discussions.