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Yeah, true, I def agree the gov should fund it more
which equates to more taxes from the ultra-rich
How, exactly, do you tax the ultra-rich? I’ve never seen anyone actually have a plan to do this. I’m not against it, but they already pay over 50% in income taxes.
no they don’t. warren buffet pays a true tax rate of 0.1% (1/10 of a percent). they hide their money in shares/stocks, which are largely untaxed.
So do you want to tax stocks?
I don’t think it’s reasonable to tax unrealized gains. It’s a good idea to tax unrealized gains on selling the assets or when they are inherited, but not to do it every single year.
What if someone doesn’t sell their stock for years? They pay taxes (likely a very large amount) for years and years, and pay even more taxes when selling the stock. Someone could pay more than the actual value of the stock just in taxes, before even realizing those gains. They’re not actually spending or making any cash money, but they’re still getting taxed.
Therefore, I think it makes no sense to tax them that way. Just because they have a ton of stock doesn’t mean it should be taxed every single year. It would do nothing except drive billionaires away from the USA. Only tax it when it’s sold, it’s much more fair.
Maybe, instead of taxing the ultra-rich and relying on that to solve all the economic problems, find some other way to save money. What about cutting spending?
Another thing to note is that a lot of the ultrarich evade taxes. Including business too. Just look at things like the panama or paradise papers for example.
+1 (the ultra rich and corporations should pay their fair share to the country and workers which provide things like the mail service, police protection, roads, etc. which they all rely/depend on.) not taxing stocks is a loophole that should be closed.