These people are depraved wastrels.
Check out Professor Scott Galloway's view of them.
(I only fault Galloway for his understatement.)
Here is the prior "incarnation" of this post.
The Oligarchy-Plutocracy-Kakistocracy's Death Wish, And The Need To Tax "Unrealized Capital Gains"
Don't be deluded by all the chatter about individual tax rates.
The ultra-wealthy hold almost ALL of their wealth in investments categorized as "Non-Taxable Capital Gains."
In comparison with "unrealized capital gains," income tax hikes -- even if the income tax rate were raised to 100% -- would be (relatively) trivial in comparison with the staggering, unimaginable amount of wealth that is shielded by the non-taxability of "unrealized capital gains."
All the capital needed to set Uncle Sam's ledger in order is "hiding" in those "unrealized capital gains."
There is no wealth -- anywhere else! -- that can be tapped in order to balance the budget and reduce America's national debt.
The only source of wealth we tap is the wealth shielded by "Capital Gains" tax laws.
Hear me well: THERE IS NO WEALTH ANYWHERE ELSE THAT CAN PUT AMERICA'S FISCAL HOUSE IN ORDER.
And, despite all the hullabaloo about "chasing the ultra-rich away if we decided to tax unrealized capital gains, "just" make a law declaring that those multi-billionaires who emigrate (and there will be far fewer than Republican "scare tactics" claim) those multi-billionaires will have to pay their back taxes -- principally their "unrealized capital gains tax (with interest) -- in order to re-enter the United States -- EVER AGAIN.
And those few who do flee -- thus surrendering their ability to EVER return to the United States without paying their back taxes upon entry -- will I think find themselves confronting taxes imposed by their host countries all across Europe, Latin America (and other possible tax havens) that are nearly as onerous - or maybe more so.
And don't forget that it is only billionaires who will be subject to unrealized capital gains tax.
Their are 902 billionaires in the United States, and AI tells me:
- As of September 30, 2022, the wealthiest 400 billionaires were collectively worth $3.89 trillion, with an estimated $2.18 trillion (56%) in unrealized capital gains.
- One estimate suggests that unrealized capital gains for billionaires and centi-millionaires could total $10.7 trillion, which represents 21% of the national total.
*****
It is not that real solutions don't exist; it's that we lack the political will to enact them.
And here's how to set things straight.
No comments:
Post a Comment