alt Hacker NewsImagine, poor person, if you had to pay an additional 20% in income tax! That would not be fair!
Fuck off paul. Billionaires aren’t paying anything in income tax when they should be paying 60 or even 90.
So, yes, let’s hit them with a 5% wealth tax.
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This just isn't true, unless you're the president.
Who is the single largest taxpayer in US history? I'll wait while you google it.
This seems like such a poor understanding of reality. If you want to rank order people who contribute net taxes, you would put billionaires at the top, as they not only pay taxes themselves, but their businesses pay taxes, and their employees pay taxes, and their customers potentially pay taxes (VAT) as well.
The bottom of the list would be anyone who works for the state, as they are a massive net tax negative, followed by benefits recipients and pensioners, followed by low income workers, followed finally by the middle classes.
Are you sure you want that to be your guiding principle?
I recently read 'the second estate' and reading about the number of loopholes the ultra wealthy exploit to pay almost no taxes and establish dynastic wealth does boil the blood.
Off the top of my head:
* 'Income' generated from loans using shares pledged as collateral should be treated the same as if you sold those shares.
* Someone receiving an inheritance over x million dollars (carve out 95% of family farms and small businesses if you want), should pay taxes on it as if it were any other windfall
* Donor advised funds should have a 5% distribution / yr requirement, same as private foundations
* capital gains should probably be treated as regular income. I have no idea why 50k in gains on INTC is somehow privileged over the salary paid to a roofer working in the hot sun.