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Does this plan make sense?
(lemmy.world)
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this post was submitted on 21 Feb 2024
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Here, if you'd actually like to learn why income tax doesn't work and why it disproportionately impacts the poorest workers: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
This is incredibly misleading. I thought propublica was better than this. They calculated these billionaires “true tax rates” based on unrealized gains. Until they cash out they don’t actually make the money.
You can argue for higher income tax brackets, or a more progressive capital gains ladder, or regulations in banking stopping rich people from using other peoples money based on equity they have or any number of way more complicated things that aren’t income related, but outside of just a wealth tax which is something entirely different, these true tax rate numbers are nonsense.
His idea that an income tax is super regressive because the wealthy can live off "unrealized gains" is wrong. But so is your assertion that they don't actually make money until they realize the gains.
Wealthy people live off of low interest loans that use their stock as collateral. However as long as the green line goes up, they never need to really worry. And when payment comes due it just gets rolled into another loan. The primary mistake the merely rich make when trying to move up is transitioning to this model too early or too aggressively and losing their stock collateral.
This is also how billionaires take a 1 dollar "paycheck" and afford to fly private jets everywhere. "Unrealized gains" is a lie and a giant loophole in our tax system.
I know, and that’s what I was vaguely describing. It’s something entirely different than what’s being talked about.
The poorest workers have an effective tax rate of 0%, and are given extra money when they file their returns if they have kids. How does income tax hurt people who don't pay it and only receive the benefits from it?