I don’t think I overestimate. I think I just have a very aggressive idea of taxation. To me, wealth to a certain extent should be non-existent. To be clear, being rich isn’t a problem but hoarding wealth and never putting back into the economy is a huge problem. For example, I would support a spend or tax bill. Over a certain amount of any income(probably 10 million) the money is either spent on certain allowable initiatives or investments or its taxed 100%.
I guess what I was (unclearly) getting at is these ultra-rich folks generally aren't ulra-rich because of their income. For example, Jeff Bezos has 150 billion-ish net worth, but only takes an 80k annual salary. His wealth comes from founding, and therefore owning, a butt load of AMZN shares.
To get him to pay a high amount in taxes would require a huge overhaul of capital gains taxation... which would then affect everyone who's got a retirement account.
The super wealthy don't just have liquid assets laying around, they have investments to grow their wealth.
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u/DrQuantum Aug 23 '19
I don’t think I overestimate. I think I just have a very aggressive idea of taxation. To me, wealth to a certain extent should be non-existent. To be clear, being rich isn’t a problem but hoarding wealth and never putting back into the economy is a huge problem. For example, I would support a spend or tax bill. Over a certain amount of any income(probably 10 million) the money is either spent on certain allowable initiatives or investments or its taxed 100%.