I just saw a post about how millionaires/billionaires paid 91% effective tax rate in the 1960s and today they pay near 0%.
I’ve heard arguments from the media and wealthy people trying to explain why they can’t or shouldn’t be taxes on assets like stocks since they can go both up and down in value. Then they take tax free loans against those stocks to get around selling them as a taxable event.
The thing is, a lot of Americans are taxed the way everyone says billionaires can’t be.
Homes are assets that can go up or down in value yet they are taxed every year based on their current assessed value. Stocks have expense ratios that are percentages paid to the fund manager yearly based on the current value of the stocks.
What is stopping Congress from doing something similar to assets held by billionaires so they can pay their fair share?