They need to make the choice: pay a lot more taxes, or take the second option. I’m not threatening violence, but as our society gets more desperate the targets on their backs get larger.
There are 756 billionaires in the US and 330 million of us. Once that becomes clear to people things might change, one way or the other. All other “culture wars” are noise generated to distract from this one.
Former tax professional here. The problem is that the billionaires aren’t really billionaires. Elon Musk does not have a quarter trillion dollars in his bank account. His net worth is calculated from what other people think his holdings are worth. He cannot be taxed on this.
Unless someone is game enough to pass legislation enabling taxation of “unrealised gains” (while not allowing credits/offsets for unrealised losses), billionaires will continue not paying their fair share of tax.
They need to make the choice: pay a lot more taxes, or take the second option. I’m not threatening violence, but as our society gets more desperate the targets on their backs get larger.
There are 756 billionaires in the US and 330 million of us. Once that becomes clear to people things might change, one way or the other. All other “culture wars” are noise generated to distract from this one.
Former tax professional here. The problem is that the billionaires aren’t really billionaires. Elon Musk does not have a quarter trillion dollars in his bank account. His net worth is calculated from what other people think his holdings are worth. He cannot be taxed on this.
Unless someone is game enough to pass legislation enabling taxation of “unrealised gains” (while not allowing credits/offsets for unrealised losses), billionaires will continue not paying their fair share of tax.