Billionaires aren't okay — for their mental health, time to drastically raise their taxes
salon.com
From threatening cage matches to backing RFK Jr., billionaires prove too much money detaches a person from reality
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From threatening cage matches to backing RFK Jr., billionaires prove too much money detaches a person from reality
It’s not as simple as raising taxes when they use creative accounting to live “at a loss” and pay for everything with loans while most of their holdings remain untaxable.
It's quite annoying that it is so plain to see how wealthy these people are, yet they're able to make themselves dirt poor on paper.
If only there was a way to force them to liquidate, rather than living on loans perpetually backed by their stock assets.
"Raise taxes" clearly also includes things like ending the 15% long term capital gains rate so they have to pay real income tax like the rest of us and fixing other things like that
It just means make them pay more by unspecified means
Those loans are drying up...
But just because that exists doesn't mean we can't stop it.
Just write a law that cumulative loans over $x get charged a tax due when the loan is made. Have the bank treat it like "sales tax" and process it themselves before making the payment.
Absolutely correct, increase their taxes, close the legal loopholes.
Look no further than Hollywood studios for a primer in creative accounting, they’ve kept tens millions for themselves over decades.
Net worth tax
Yes, which is why a wealth tax needs to be implemented.