2% Wealth Tax on Just 3,000 Billionaires Could Raise $250 Billion a Year: Nobel Economists | Common Dreams
procrastitron @ procrastitron @lemmy.world Posts 0Comments 51Joined 2 yr. ago
procrastitron @ procrastitron @lemmy.world
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That's not good enough because the vast majority of their wealth will never be spent. It will just be used to accumulate more wealth.
That's why all of these billionaires have real tax rates in the low single digits (or less). Even with opulent spending habits they keep most of their gains unrealized, so they are never taxed.