Consider a billionaire that doesn’t work but has passive investments that pull in about $100M per year.
They can borrow against the assets for close to 0%, or they could donate the gains to their own charities, keep the assets in shell companies that own hotels they live in, etc, etc.
This 4% millionaire’s income tax won’t touch any of that.
Consider a billionaire that doesn’t work but has passive investments that pull in about $100M per year.
They can borrow against the assets for close to 0%, or they could donate the gains to their own charities, keep the assets in shell companies that own hotels they live in, etc, etc.
This 4% millionaire’s income tax won’t touch any of that.