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Comment on How would you actually tax the ultra wealthy?

jpreston2005@lemmy.world ⁨2⁩ ⁨days⁩ ago

The problem lies in the top 1% using their shares of a company as their personal bank account. They can use these shares as collateral for a loan, bypassing all income tax. If accountant can figure out how a billionaire can avoid paying taxes on the entirety of their massive yearly income, then others can figure out how to tax it properly. If you’re income is more than 70% this weird untaxable thing, then congrats, we gon’ tax it now.

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damnedfurry@lemmy.world ⁨12⁩ ⁨hours⁩ ago

The problem lies in the top 1% using their shares of a company as their personal bank account.

There is no problem in someone using their own assets for their own benefit.

They can use these shares as collateral for a loan, bypassing all income tax.

There’s no income tax to “bypass”, because a loan isn’t income. You have to pay it back. Do you consider it “bypassing all income tax” when a homeowner takes out a Home Equity Loan too?

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