I haven’t looked at any numbers, but surely if we taxed billionaires enough to turn them back into millionaires, we’d probably not have to tax anyone else at all.
The combined wealth of the ~750 US billionaires at the end of 2023 was about $5.2T. Total individual federal income tax revenue in 2023 was $2.2T.
So it seems non-billionaires could go federal tax free for 2 full years.
I think the better option is to close loopholes. Even if we increase taxes, they still have ways of avoiding taxes. We need to make it less avoidable for the rich.
Can’t hide land values
I recently read some fluff piece predicting that Elon would be the first “trillionaire”.
You have to be morally bankrupt to be that rich.
*eat
I’d prefer taking away most of their fake money and gaining back control over our economy
Yeah but let’s watch them get into the rocket and fly off into smitherines first. Then we can tax them real good.