Here’s a tax proposal. Billionaires like Warren Buffett like to beg for higher income taxes while pretending they would actually have to sacrifice anything. The problem is their official income is actually in the hundreds of thousands even though their wealth is counted in billions so an income tax on them is also a tax on small business. Instead, let’s create a 1% asset tax on billionaires. Instead of paying a few thousand dollars, they have to pay $10,000,000 per billion in assets.
Buffett had an outstanding idea recently. If the budget deficit was over 3% of current revenue, all members of the house would be ineligible for reelection next term.
How about not? Let’s drop the whole business of taxing INCOME and tax purchases instead. Then Billionaires millionaires and six-figure-aires will pay taxes on their new purchases, along with the poor, middle class, illegals, drug dealers, foreigners, visitors, and everyone else I forgot.
THEN we’d all have “skin in the game.”
Did you forget a sarcasm tag? Or are you seriously suggesting asset confiscation?
Instead, let’s create a 1% asset tax on billionaires.
Yeah! You and Joe Stalin!
Theft of earned wealth already taxed - GREAT idea