Billionaires Rage About Biden’s New Tax Proposals
Even billionaires who voted for Biden are furious they’re being singled out “because of how much they have.”
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In my dreams, we have a flat tax of 30% over all income beyond 40k per year.
And wouldn’t it be neat if, on the tax return form, there was question:
Where would you like your tax dollars to go: • education • military • foreign aid • welfare programs • don’t care, equally distributed
To some degree taxes need to be tied to cost of living. Someone making $70k in rural Texas vs NYC is going to have a very different cost of living and quality of life.
Flat tax is nice in theory, but it's horribly regressive. 30% would be a nice reduction in taxes for anyone making $230k + or so, while a dramatic increase for anyone under 90k
The trick is what to tax when the ultra wealthy base most of their worth on stock.
Yah I don't remember the exact steps, but it involves getting loans with the stocks as collateral to avoid showing an income
This only would help if they would actually pay taxes at all.