/biz/ - Business & Finance

>>24689377

Allow me to explain:

Let's say I inherited ten billion dollars worth of real estate and various trusts all over the world, I'm one of the richest people on the planet. More than likely, my inheritance, having been prepared by very brilliant and very expensive lawyers and accountants, is structured as trusts and shares in holding companies across various jurisdictions that exist to "own" all my houses, cars, jets etc so I don't get taxed on it. In fact, I only liquidate as much stuff, through my companies and trusts, in order to buy something that I want, when I want it. So, my actual taxable income (when I really feel like splurging) is under a million bucks.

If you raise taxes on "the rich" by even 50%, I do not give a fuck, because I am paying tax on 0.001% of my actual wealth. Go ahead and double capital gains tax! It's a rounding error for me, because again I already HAVE all my wealth and am only liquidating a tiny fraction of it. I do not give a fuck about taxes, because the elite do not pay taxes.

However, when YOU go to cash out your linkies, you are going to get fucked for 50% of your net worth. Capital gains taxes prevent middle class people from becoming rich people.