Well i brought up AOC cause I was trying to respond to everything Sug.
The rich do get taxed. Their yearly taxes is an obscene amount, more than some make in a lifetime. That being said they pay more in taxes than everyone.
The rich also have business expenses they write off for a better tax return.
After we pay income-tax the money we have left over will get taxed again whatever we spend it on.
See what happened to Wesley Snipes ? Tax evasion. The mainstream media also tried to pin Trump for tax evasion and he's rich too.
The rich give more than everyone and they are the only givers. They pay employees and they are also taxed per employee yearly. Taxed to have employees, and the rich also manages their employees taxes. All the employee has to do is file it and it's done.
You raise taxes on the rich, you're not taking money they already have and are entitled to keep. You're decreasing the sustainablity of their business income. Some employees will need to be let go.
From the time someone makes 400k, 62-68% will be taxed. Then we have crazy inflation. I saw cabbage going for $6. Two strips of chopped ribs $10. Millennials staying at home more and more cause they can't afford housing.
Raising taxes alone decreases economic activity, but after a pandrmic and a spike in inflation. Yo. The American dream isn't in the US.
i'm talking about the super rich who use loopholes to store their wealth in tax havens and end up effectively paying zero in tax.
also what is this rose tinted view u have of the rich? u understand many conmen and corrupt pieces of shit got rich being that way right? for example, hiring illegal immigrants to work for them, then calling it in on the day they're supposed to pay the workers so they get arrested/deported and they essentially make slaves of them. claiming bankruptcy to avoid paying out on lawsuits etc...u make it sound like the rich are this humble group of pious givers..
Jeff Bezos makes $86K per year. lives in a "corporate office" Seattle tried to tax him, he didn't make enough money.
exactly my point
Tax evasion and tax avoidance are two different things.
What Zuckerberg, Musk, Bezos, Buffett and a lot of the mega wealthy do is put a bulk of their personal earnings in stocks, then they hold a ton of money and they pay off the taxes for all of it.
Their networth will increase with the rise of the stocks. Zuckerberg is the largest shareholder of facebook stocks, payed for by his money. Musk holds Tesla stock, Bezos holds Amazon.
The stocks are not taxable until it's value is recognized, which it never is because the value of the shares are volatile.
If these billionaires are taxed then the IRS would be double dipping.
On the most part I do the same thing. We're taxed based on income, so I'll only cash out what I need from appreciating assets.
Stocks are not money, neither are cryptocurrencies. Government collects fiat.
They purchase their investments through their company. As for the billions they have, it's been taxed YEARS ago.
You see if you paid off your taxes and sitting on the same stash for years, that isn't income.
When they do sell their shares the income is then recognized for that year in particular.
Like imagine you had 10,000 shares of Alphabet stock just sitting there for years and years. It wouldn't be right for the government to force you to liquidate your stocks just because they went up in value.
Jeff Bezos can go the rest of his life without selling any of his holdings. Selling will come at a great price. More than 60% will be taxed very soon under Biden. AND these guys aren't paying himself.
That time Jeff Bezos made 13 billion in a day, it's unrecognized income. There's also inflation which contributes to the rise in value of his assets due to the dollar losing purchasing power.
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Bidens upcoming tax plan for the rich begins at 400k, and small business owners typically don't have all expenses paid billion of dollars from years ago, and even billions more worth in investments.
This is why I said mega corporations will be standing, but they will also be at capacity in te erms of jobs, while the majority works in small businesses.
Regardless if the wealthy is a nice person or not. They are the biggest givers in society. The middle class can be independent and also have employees, and they will get the same tax hikes as the mega wealthy who doesn't even manage money, they manage wealth.
The poor do not pay others, neither do most middle class. The mega rich have companies that can write off insane yearly expenses while generating enough money to pay thousands of employees. That is the business's money.
If it's up to you to pay yourself, and you won't have to pay yourself for several years, your business will have a bit of a surplus after expenses, which include taxes. Not personal taxes.
