TUCKER CARLSON just now said billionaires love socialist policies because it will not effect them much.
I have been saying this for a long time.
We need to treat ALL INCOME as the same. Employment, capital gains, interest received, gambling, EVERYTHING.
Who is the most threatening to the billionaires? Millionaires.
What is the best way to make sure millionaires do not join the club? Progressive INCOME tax of say 70% on anything over 10 million.
This won't effect the Billionaires. They make all their money from stocks, real estate, interest, etc. Very little from "actual" employment.
The tax code should just be….
Three boxes.
Box [1]- revenue
Box [2]- expenses directly related to achieving revenue
Box [3]- Profit (Box 1 minus Box 2)
Some say this will stymie investment in the stock market because of the lower taxes from capital gains.
Well read the boxes above. Putting money into the stock market can be considered an expense at trying to gain more revenue. Thus, any money you put into the stock market cannot be taxed.
However, once you pull that money out….. It is then considered revenue. This you would pay tax on at the set rate for all income.