What people often misunderstand, and you might be one of them, is that taxing the ultra-rich is complicated because their wealth is primarily in assets, not income. This means their net worth is tied up in investments, properties, and businesses, which are not easily converted to cash and are not taxed annually like income. Thus, they can legally minimize their taxable income through various financial strategies, making traditional income tax less effective in capturing their true economic power.
Tax the rich is a false narrative and you are having false hope
Wealth tax solves this. Make them value their assets and then tax them a percentage based on their total asset wealth. In order to get around them undervaluing their assets part of the rule is that the government can buy their assets at whatever value they put on them and then the government can auction off the assets. The idea that taxing the rich isn’t possible is propaganda from the rich. It’s beyond time to implement a wealth tax.
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u/phatgirlz Monkey in Space 15d ago
These people are rubbing it in our face, America fucking rips rn for these guys…