Earlier quoted context omitted.
Some numbers https://www.sciencedirect.com/science/article/abs/pii/S00472... "The income tax base captures 60 % of economic income of the top 1 % of wealth-holders.". I would love if only 60% of my income was taxed. Heck I'm now even taxed on used junk I sell using Paypal (that I bought with taxed income dollars and paid sales tax on). But a tax that includes that other 40% of the top 1%'s economic income, guys, we c…
That article actually proves the opposite of what you’re saying: “For the top 1 %, new borrowing each year is fairly small: 1–2 % of economic income. ‘Buy, borrow, die’ is not a dominant tax avoidance strategy for the rich.” OP above said that billionaires pay for their lifestyle by taking loans they never pay lack, and the article says that isn’t a common approach. > 1-2% of 100 million is 1-2 million dollars a year…
1-2% of 100 million is 1-2 million dollars a year untaxed benefit (44x median income). That is substantial benefit for someone to receive. They are benefiting from buy, borrow, die. You asked for proof, I gave you proof that it is happening and is providing a substantial unfunded lifestyle (44x median income is a substantial income).
Hopefully I won't see further posts from you saying it isn't happening/we don't need to tax it/we aren't loosing revenue. You agree it is happening, and you are ok with taxing it. You don't think it will fund the entire budget. OK. But we have multiple tax streams that don't fund the entire budget, and when patterns shift, we address it, such as now tracking/taxing paypal payments and in the future loans on unrealized gains.