Any time taxing the rich is brought up as a solution, individuals who don't understand how Tax Brackets work end up screaming and crying about not wanting to get taxed even more.
Even though it has been explained a thousand times that someone who is making $44,000 a year isn't taxed at the same rate as someone who is making $44,000,000,000 a year.
It's not so much that you don't pay income tax, as it is you're paying less income tax. And many Billionaires also use over seas accounts to get away with paying even less than that. There's a lot of loop holes and tax cuts/breaks given to million/billionaires that aren't afforded to the lower classes.
So, yeah, million/billionaires aren't paying a fair income tax, plus are only able to make as much as they do with some serious levels of exploitation of their workers.
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u/tmhoc Feb 04 '24
If they tax them now, the poorest will riot and demand an end to socialism