Time to Tax the Billionaire Class

[Donkees]

Link to tweet

[brooklynite]

1. Millionaires are okay...

[OneMoreCupOfCoffee]

2. ...

[murielm99]

3. Yep.

[Hoyt]

4. This is the kind of junk that ticks me off about Sanders and Warren. Million/Billionaires pay more

in taxes than fast-food workers.

Their tax RATES might be lower in some cases, especially when you take into account social security taxes. But million/billionaires pay much more in taxes.

Heck, Bezo's x-wife just sold $400 Million in Amazon stock. She'll pay $50 - $75 million in taxes. No food worker has every paid that unless they won a big lottery or invented something spectacular. Similarly when Bezos or Gates sell stock, they pay millions in taxes unless they gave five or six times that in qualified charitable donations.

With that said, I think capital gains tax should be increased significantly, last several tax cuts should be reversed, a robust estate tax should be imposed, and some type of wealth tax imposed.

At least frame the issue honestly, and don't lie to gullible people.

[Blue_true]

5. We can make the tax code truly progressive so that

rich people pay both a higher rate and more dollars into the treasury. I am a little ambivalent to a concept of wealt due to the fungibility of a wealth value (the value of assets frequently change, capturing that with a wealth tax is a nightmare, but very much doable with a properly structured progressive income tax).