Amish Super ModelI think it’s funny that billionaires think paying $25,000 in taxes on your $100,000 income is fair, but paying $25,000,000 in taxes on your $100,000,000 isn’t fair.
Darth Sandwich 🏳️🌈@AmishSuperModel There is a clever barrier in U.S. tax code that proves to be quite the challenge. Income from *labor* is taxed higher than other sources. So even a high paid doctor must fork over huge sums in taxes (rightly) but if you're a capitalist who doesn't sell their labor and your money does the work (investment) you pay a much lower rate (sometimes nothing). It's absurd and serves to maintain power with those that already have it.
Unabogie has voted Kamala!@darthsandwich @AmishSuperModel
Even worse, you can just take out loans using your wealth as collateral, and live forever tax free. People like Elon Musk haven't paid meaningful taxes in years.
Project 1789@darthsandwich @AmishSuperModel
I agree that the super rich game the system and a method should be found to tax them. Taxing unrealised gains probably ain't it unless you are going to tank all the successful startups that had share prices skyrocket for their founders. Musk paid 11b tax in 2021 so probably not the best example to cite.
Not sure of the answer. Maybe they can pay their tax with share transfers or something. Borrowings against shares should attract tax??
I agree that the super rich game the system and a method should be found to tax them. Taxing unrealised gains probably ain't it unless you are going to tank all the successful startups that had share prices skyrocket for their founders. Musk paid 11b tax in 2021 so probably not the best example to cite.
Not sure of the answer. Maybe they can pay their tax with share transfers or something. Borrowings against shares should attract tax??
Grassroots Joe@darthsandwich @AmishSuperModel
Artificially low marginal tax rates on unearned income is the biggest driver of wealth consolidation and inequality.
Cripes, the $ is unearned, it should (above a reasonable threshold) be taxed at *much* higher marginal rates than earned income!