Quote:
Originally Posted by Botten
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"Due to one of the code’s biggest loopholes, increased wealth enjoyed by billionaires and other members of the richest 1 percent—for whom such wealth growth is the primary source of income—can go untaxed forever. The virtual tax-free status of billionaire wealth growth was highlighted recently by a report from ProPublica. It estimated that 25 top billionaires paid on average just 3.4 percent of their wealth-growth in federal income taxes and that several, including Jeff Bezos (worth $188 billion on August 17, 2021) and Elon Musk (worth $175 billion on August 17, 2021), went multiple recent years paying zero federal income tax."
With the money received in stimulus went mostly to the rich.
"Not only did the wealth of billionaires grow, but so did their numbers: in March of last year, there were 614 Americans with 10-figure bank accounts; this August, there are 708."
You really don't get it Baler and you need to stop going by word of mouth from your kin or from opinion pieces on Fox.
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What sane economist would use tax on wealth growth as a metric? With stocks/investments you get taxed on profits (i.e. when you sell), called realized capital gains. If my portfolio doubles in 5 years but I don't sell anything, those are unrealized capital gains, and are not taxable, as they shouldn't be. Wealth is equivalent to unrealized until you sell!
https://www.investopedia.com/terms/c..._gains_tax.asp I haven't sold any of my stocks in the last 10 years, so my only taxable capital gains are dividends. If someone taxed me on my "wealth" that would be crippling to any investment whatsoever:annual negative compound interest working against the growth. Nobody would invest ever.
Billionaires have "wealth" in the billions, but typically not taxable income/gains. Also if they tried to sell billions worth at once (couldn't really) the value and thus their "wealth" would likely drop precipitously due to oversupply. Bezos has "gained/lost" billions in wealth in a single day.
All this talk about "wealth" or "wealth inequality" really is just commie/socialist dog whistling. Enough already. "Wealth growth" lol, there's a goofy one. People seem to forget that economics is not a zero-sum game... only fools/lazy care how big someone else's slice of pie is when they didn't steal it and you can make your own damn pie.