Tax the Rich?

[JokerofDeath]

 

[Shoot Summ]

No, the video basically explained how when politicians say they’re going to tax the rich, what they end up doing is raising taxes on the highest income earners, not their actual target — billionaires. The video used Bezos as an example, where he is worth hundreds of billions but only has an annual income of 1.6 million, so you’re only taxing a fraction of his actual wealth. The video made the argument that the “highest income earners are not the rich”, because the super rich don’t have high incomes.

The tax the rich mantra is just a political slogan anyway, as most in Congress are wealthier than any of us ever will be and they’ll never tax themselves more. Saw something recently where Michele Obama in her DNC speech laments how her parents didn’t trust rich people, all the while Michelle and Barack own 5 homes and Michelle is wearing a $3,000 dress on stage.

He is only subject to income tax on a portion of his wealth. I'm sure they have ways to skate many of the other taxes, but I bet you the property tax bill on that $175M house will make your eyes bleed.

 

[CoronaBorealis]

He is only subject to income tax on a portion of his wealth. I'm sure they have ways to skate many of the other taxes, but I bet you the property tax bill on that $175M house will make your eyes bleed.

The video mentions this - often the properties are not held in their personal name, but by a company they own, so the property taxes become tax write offs.

 

[HarryBear]

Tax the rich may not work.
Since the rich mostly own assets, not necessarily income (which is taxed). I'll never know, I work to make income therefore I'm taxed a lot and I ain't rich.

 

[Preacherman]

I am spiritually rich and will one day live in a mansion that money can't buy. Not my own since the Bible says "in My Father's house are many mansions." It does not say everyone gets their own.

 

[John6185]

Tax the rich and they'll pull back and lay people off. That is, if they don't just shut down and retire and then everyone will be out of work and there will be a major economic fall.