Then they buy stocks and assets and borrow money and carry debt based off of their overvalued assets. They already do that now to pay 0 taxes.
In order to combat this you would either have to tax debt/loans, tax unrealized gains, and/or tax assets like houses and vehicles more highly than income tax.
All of which have staggering implications for normal people also. It really is a tricky thing to get right.
Maybe ban using stocks as loan collateral and make capital gains taxes have a progressive bracket from 0% for <100k per year up to 90% for more than 1 billion or something. Rich people will always find ways to dodge having to pay what they owe for the labor they exploited.
Well, I would want to see capital gains and dividends be included in the gross revenue calculation. If they bring in money, it is income regardless of where it comes from.
Then they buy stocks and assets and borrow money and carry debt based off of their overvalued assets. They already do that now to pay 0 taxes.
In order to combat this you would either have to tax debt/loans, tax unrealized gains, and/or tax assets like houses and vehicles more highly than income tax.
All of which have staggering implications for normal people also. It really is a tricky thing to get right.
Maybe ban using stocks as loan collateral and make capital gains taxes have a progressive bracket from 0% for <100k per year up to 90% for more than 1 billion or something. Rich people will always find ways to dodge having to pay what they owe for the labor they exploited.
Well, I would want to see capital gains and dividends be included in the gross revenue calculation. If they bring in money, it is income regardless of where it comes from.