this post was submitted on 19 Mar 2024
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What about making the highest tax bracket immutable.
Basically, anyone earning more than that amount, for every dollar of earnings above that amount, taxes cannot be exempted, refunded or otherwise redirected.
Say that tax bracket is 500k/yr, and some rich fuck earns 2M. They must pay the tax, whatever percent of tax that is, on the final 1.5M of earnings. So if it's 50% taxes, they must pay $750k, plus whatever taxation is applicable to the first $500k. They can't skirt it by putting that money into a tax shelter or by donating it to the corrupt charity that they run.
Then they buy stocks and assets and borrow money and carry debt based off of their overvalued assets. They already do that now to pay 0 taxes.
In order to combat this you would either have to tax debt/loans, tax unrealized gains, and/or tax assets like houses and vehicles more highly than income tax.
All of which have staggering implications for normal people also. It really is a tricky thing to get right.
Maybe ban using stocks as loan collateral and make capital gains taxes have a progressive bracket from 0% for <100k per year up to 90% for more than 1 billion or something. Rich people will always find ways to dodge having to pay what they owe for the labor they exploited.
Well, I would want to see capital gains and dividends be included in the gross revenue calculation. If they bring in money, it is income regardless of where it comes from.