Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.
Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.
The issue afaik is that Jeff bezos’s $200B is in assets like stocks, and the buy borrow die strategy of getting loans using assets as collateral lets rich people spend money without actually cashing in said assets which would trigger capital gains taxes. Idk how to stop this prevalent strategy but between that and the corporate tax system ignoring money that goes back into the company letting corporations invest their profits to ignore taxes that’s why so few taxes are collected on those groups. Feel free to correct anything inaccurate.
I think an easy solution could be to start seizing anything over something like 100 million total value, with the value updating once every few years (otherwise people dumping their houses and stock would trigger devaluation enabling them to keep more than they should)
Tax wealth the same way it’s already taxed with estate and inheritance taxes. If the person doesn’t have enough liquidity, they can sell the assets, like regular people already have to do often to pay the estate taxes.
Seems pretty simple to me. Tax the collateral loans as income. And don’t allow the interest repaid to be tax deductible.
Be better to ban loans on financial assets. These are loans against stocks/bonds etc that they commonly use. In order to get a loan it has to be against a physical asset. Also set firm limits to how much any physical asset can be leveraged.
It’s called fiduciary duty
Wait what?