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What is this obsession people have with the taxation of billionaires? There aren’t many billionaires. Expropriating all their wealth wouldn’t move the needle f
by mercutio2 2y ago
What is this obsession people have with the taxation of billionaires?
There aren’t many billionaires. Expropriating all their wealth wouldn’t move the needle for any of our budgetary problems.
I’m all for closing the step up in basis on death, which is what allows billionaires (and of course only moderately rich folks) to avoid paying much tax over their full life cycle.
But LVT is a good idea, regardless of whether billionaires get some extra punishment for having the temerity to create successful businesses.
- danielmarkbruce 2y agoI'm with you. But that means little. Society has a warped view of "fair" an always has. Any tax idea that you want to put in practice has to account for it. Else you may as well be counting horse teeth.
- c22 2y agoOne of the largest drivers of social issues is the magnitude of the wealth inequality that is present. Taxing the high end should help to address this. Also, I think there's a general sense that they can afford it.