You Pay A Wealth Tax - Billionaires are different
"Most Americans pay an annual wealth tax on their largest asset. It’s called property tax. Each year, they pay an amount equal to a small percentage of the estimated value of their house, and a house is by far the most valuable item that most families own.
The very rich are different. While they pay property taxes too, their homes tend to make up a tiny share of their net worth. The bulk of their assets are not taxed.
In past decades, other taxes — like the corporate tax (the burden of which falls on stockholders) and the estate tax — served almost as de facto wealth taxes. But those other taxes have declined, causing the total federal tax rate on the wealthy to plummet:"
"Over the same period, wealth inequality has soared:"
"Today, the wealthy both own a much larger share of the country’s assets than they once did and pay less tax on each dollar of assets. This combination creates problems for everybody else. Many Americans own only modest assets, and the federal government struggles to raise enough tax revenue to pay for society’s needs, like education, health care, transportation, scientific research and the military."
Full Article: [nytimes.com]
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Feel free to reply to any comment by clicking the "Reply" button.This seems more common in the US than elsewhere and I find it unconscionable. The simple fact that crooks, scofflaws and POS' like tRump can go for years without paying taxes is criminal. Of course these people spend an enormous amount on hiring accountants to find the shakiest of loopholes to save them money is a big part of the problem and so is lobbying politicians to spread the 'trickle down' lie. Now Biden's huge infrastructure bill is being watered down as even Democrats don't want the wealth to pay even a small portion for taxes. In the end, we all suffer, the wealthy included. It's too bad the money blinds them into thinking they will overcome any national/global crises.
JackPedigo
Level 9
Oct 28, 2021
2
Leona Helmsley, the Queen Of Mean, already said it long ago. "Only the little people pay taxes". We should have brought back the gullotine long ago for her and her kind... They used to pay their fairer share, now they don't. The reason why is that long ago, pols in DC were not as bribed, so they actually had to be responsive to the people, in both major parties, now they don't. They just pretend to be right before fed elections, then go back to openly serving their masters among corporations and the rich.
TomMcGiverin
Level 8
Oct 28, 2021
1
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