this post was submitted on 08 Jul 2023
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Their wealth is almost entirely in assets which gets taxed at a much lower rate compared to income, and only when they sell. And don't forget about all the write-off, tax tricks their armies of lawyers and accountants can set up for them. So if you work for your wages then the system is definitely stacked against you.
The "system" includes many tax breaks for the lower income. I do agree that we could look into taxing billionaires more but that won't fix the bigger issue.
The government needs to work on balancing its finances
There is some support for lower income brackets but my personal opinion is there should not be "billionaires" in the first place, and that's where the system falls short. "Billions" is an obscene amount of wealth to be had by one person.
Edit: Here is a visualization on how much billions of dollars really is. Truly mind-blowing.