Two proposals—one in California, one in Congress—could finally do it. The alternative is an ever-more-powerful billionaire class that threatens democracy itself.
Yeah, especially considering that the ultra-wealthy don’t generally collect income. They use assets as collateral for low/zero interest loans and may even claim negative income as a result. We need a wealth tax and banking regulation that prevents the loan trick from working.
We can’t even close the loophole that allows fund managers to pay only capital gains taxes. Even Warren Buffet says this is ridiculous, and that if these leeches paid taxes, most of us would not need to pay taxes at all.
Yeah, especially considering that the ultra-wealthy don’t generally collect income. They use assets as collateral for low/zero interest loans and may even claim negative income as a result. We need a wealth tax and banking regulation that prevents the loan trick from working.
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We can’t even close the loophole that allows fund managers to pay only capital gains taxes. Even Warren Buffet says this is ridiculous, and that if these leeches paid taxes, most of us would not need to pay taxes at all.