TehBamski@lemmy.world to Political Memes@lemmy.world · 2 months agoThere are levels to Rich and every one of them should be taxedi.imgur.comimagemessage-square21fedilinkarrow-up1854
arrow-up1854imageThere are levels to Rich and every one of them should be taxedi.imgur.comTehBamski@lemmy.world to Political Memes@lemmy.world · 2 months agomessage-square21fedilink
minus-squareJoshuaFalken@lemmy.worldlinkfedilinkarrow-up20·2 months agoI haven’t looked at any numbers, but surely if we taxed billionaires enough to turn them back into millionaires, we’d probably not have to tax anyone else at all.
minus-squareelrik@lemmy.worldlinkfedilinkEnglisharrow-up13·2 months agoThe combined wealth of the ~750 US billionaires at the end of 2023 was about $5.2T. Total individual federal income tax revenue in 2023 was $2.2T. So it seems non-billionaires could go federal tax free for 2 full years.
I haven’t looked at any numbers, but surely if we taxed billionaires enough to turn them back into millionaires, we’d probably not have to tax anyone else at all.
The combined wealth of the ~750 US billionaires at the end of 2023 was about $5.2T. Total individual federal income tax revenue in 2023 was $2.2T.
So it seems non-billionaires could go federal tax free for 2 full years.