8 ms·
Surely the most wealthy are not paying 50% income tax on their annual increase in net wealth (see what I did there)? When there are so many ways to avoid it.
by quickthrower2 3y ago
Surely the most wealthy are not paying 50% income tax on their annual increase in net wealth (see what I did there)? When there are so many ways to avoid it.
- fsckboy 3y agoincome is realized capital gains, not unrealized, and "increase in net wealth" doesn't mean anything. see what I did there? used the words for what they mean.
- quickthrower2 3y agoExactly my point! Rich people can control how much income their investments pay, and ideally they aim for growth not income which can compound forever without paying any tax. Because they are rich they have no need to sell most of the investments and so can defer paying tax forever. On the other hand poor people have no tax-free compounding subsidy and have to pay tax on every hour of labour they do.
- oneshtein 3y agoWhat we can do with these poor drunkers? Can we tax them to death?
- fallingknife 3y agoWhy would they pay a tax on that? You don't.
- hgsgm 3y agoThey can convert it to income via loans, tax-free.
- fallingknife 3y agoLoans aren't income. When you get a mortgage is that income? Also anyone with a brokerage account can get one of those loans. It's not remotely exclusive to rich people.