cross-posted from: https://lemmy.world/post/13165402
this post was submitted on 16 Mar 2024
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This is just false. Those are the income tax rates for highest earners. Billionaires' wealth is mostly tied up in stocks, property, and other investments. Someone like Jeff Bezos does not have $196bln in his bank account, like you and I have a few $100.
If we want to really tax billionaires, we need a wealth tax on any homes you own after your first, luxury cars, private planes and yachts, a passive tax on holding stock and stock options, and also clamp down on tax loop holes.
The thing about it is they will lease everything because not owning saves more than credit costs.
Focused attempts on the 1% are what is needed, decide what amount we want to extract and hold them to it. Do not let residential properties be owned by companies, only people. Progressive taxation on each subsequent property. Ban private planes - set regulations around average per passenger co2 emissions, yachts are registered in tax havens so jack up docking fees and non public country entry prices.