Greenpeace International13,335 millionaires in France paid ZERO income tax in 2024.
The system is broken.
It’s time for a UN Tax Convention to make the super-rich pay their fair share and fund climate action. #TaxTheSuperRich
RantingCanuckSimply putting a $1M limit on unrealised gains not being subject to taxation would immediately subject the super-rich to taxation because they would no longer be able to stash their hoards of wealth in stocks then borrow against them.
Patch You Up@RantingCanuck @greenpeace Agree 100%
Once you use an asset as collateral, it should immediately be classified as something that has that value (a "realized gain") and therefore subject to capital gains taxation. I get that (in the USA at least), capital gains tax is much lower than it should be, but simply reclassifying what counts would be a big step forward.
Once you use an asset as collateral, it should immediately be classified as something that has that value (a "realized gain") and therefore subject to capital gains taxation. I get that (in the USA at least), capital gains tax is much lower than it should be, but simply reclassifying what counts would be a big step forward.
I'd 100% support that policy