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Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
(www.businessinsider.com)
this post was submitted on 14 Aug 2023
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A European here. Aside from going in the right direction, I have a question: Don't the rich already pay most of their earnings as taxes? So the problem is not that they are not getting taxed, but rather that they avoid paying them through loopholes? Or is that a billionaire problem?
Yeah. The problem is that the richest people have many loopholes to avoid paying taxes. Getting a minimal salary and then just taking loans against their assets is one of them.
This.
And to add to it. If you were making 10 million dollar and someone approached and said that they could make it so that you keep 1 million in taxes if you pay them 100 thousand you would most likely be one of the ones doing it.
If you make enough money you can afford hiring people to find new ways to keep your expenses down. Tax is an expense as any other to many rich people.
"After all, you made your fortune without getting any help so why should your earnings go to p1eople who use the system"
Is this the Steve Jobs $1 special??
Yes