this post was submitted on 19 Mar 2024
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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.