Comment on 'Millionaires tell me every day that they want a wealth tax'

Visstix@lemmy.world ⁨1⁩ ⁨month⁩ ago

• echodot@feddit.uk ⁨1⁩ ⁨month⁩ ago

  They want it to go out as tax so they can then claim a bunch more on top of their existing charitable donations.

  You don’t pay tax on charitable donations, and it’s a good way to hold off some money if you don’t want to pay tax on it, at least until such time as you can relocate your money to a less taxing nation, but there is a limit to how much you can tax exempt in a year. For normal people this limit is irrelevant because it far exceeds the amount of money they would ever get in a year like alone amount they would be able to give as charitable donations.

  If there was a millionaire tax they could pay that and essentially offset the tax they pay by reducing their charitable donations. They would end up in exactly the same position as they currently are, but society would be slightly less pissed off with them. All to their benefit.

  The only millionaires and billionaires that don’t want this other ones that are doing weird dodgy tax things so they don’t pay anything. Most of the wealthy 1% do actually pay their fair share of tax (although it isn’t high enough) because it’s so little money to them that it’s not worth fighting about it. Likes of Elon Musk a special breed of narcissist who actually put more effort into not paying tax in its worth.

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