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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
(www.commondreams.org)
this post was submitted on 27 Jul 2023
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The cap gains tax that the richest people in the world never end up paying?
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
From 2014-2018 Warren Buffet alone grew his personal wealth by 24.3B, reported 125M in income (0.51% of wealth), and paid 23.7M in taxes (0.1% of wealth). Over 4 years, this man paid taxes on a tenth of a percent of his income. Similar tax numbers under 5% apply for other billionaires.
The ultra rich never pay capital gains tax, loopholes allow them to have their income in portfolios, which isn't taxed. Capital gains is only for realized gains. When your portfolio is worth billions, you don't need to sell it to have spending money, you can take a loan against the value of portfolio.
Capital gains tax only affects those who don't have a bank's worth of money in their portfolio.
My post was specifically that we should increase amount paid via cap gains so I'm not sure where you're going here
These are laws we've written, not magic. We can change them
Edit: also wealth taxes, historically, are among the easiest to avoid via accounting, and the hardest to "fix" as laws
My point is that increasing the amount paid via cap gains does absolutely nothing if the mega rich don't need to pay it in the first place.
If you increase the amount paid, you are inevitably closing loopholes they use to avoid cap gains.
The two best ways to tax money are money in nnd money out because all of that is significantly harder to hide than wealth taxes.
Here's an in-depth look at why:
https://johnhcochrane.blogspot.com/2020/01/wealth-and-taxes-part-iv.html?m=1
And a good, more generalized piece, on cap gains surging:
https://www.theguardian.com/uk-news/2021/oct/26/why-capital-gains-tax-reform-should-be-top-of-rishi-sunak-list-budget