Almost all of the biggest billionaires’ wealth is stock-based. You want to tax them? Raise the corporate tax rates and close loop-holes and exemptions.
It doesn’t matter where they move. Any company that earns money in the country has to pay taxes on that revenue. Its the win-win we don’t talk about.
I may have used the wrong term. Still, that’s where closing loop-holes comes in. If you want the government to be an engine that funnels wealth back down to the lower classes then you have to attack the upper economy that is the stock exchange. The easiest way to do that is corporate tax.
Individual taxes wont work because, again, most of their wealth is tied to investments by design. Same is true for retirement funds. God help us if they ever manage to get entitlements tied directly to index funds.
But anyway, corporate tax would decrease stock value, decrease billionaires net worth and put more debt pressure on billionaires I would assume, since their physical assets are usually purchased on credit granted based on their stock value. It would a a double whammy right? Their networth goes down and so does their credit score while theyre paying back the banks. Win-win
No matter how you slice it we have to cut through the bullshit and the first firewall protecting all that money is the low corporate tax rate and tax dodging.
Almost all of the biggest billionaires’ wealth is stock-based. You want to tax them? Raise the corporate tax rates and close loop-holes and exemptions.
It doesn’t matter where they move. Any company that earns money in the country has to pay taxes on that revenue. Its the win-win we don’t talk about.
Companies pay taxes on profits though, not revenue. It’s easy to avoid taxes by spending down your profits.
I may have used the wrong term. Still, that’s where closing loop-holes comes in. If you want the government to be an engine that funnels wealth back down to the lower classes then you have to attack the upper economy that is the stock exchange. The easiest way to do that is corporate tax.
Individual taxes wont work because, again, most of their wealth is tied to investments by design. Same is true for retirement funds. God help us if they ever manage to get entitlements tied directly to index funds.
But anyway, corporate tax would decrease stock value, decrease billionaires net worth and put more debt pressure on billionaires I would assume, since their physical assets are usually purchased on credit granted based on their stock value. It would a a double whammy right? Their networth goes down and so does their credit score while theyre paying back the banks. Win-win
No matter how you slice it we have to cut through the bullshit and the first firewall protecting all that money is the low corporate tax rate and tax dodging.