Hack
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- #31
In my opinion it's not fair that wealthy people have to pay higher taxes than poor people. The top 1% of people pay more income tax than the bottom 90%. Wealthy people are currently paying far too much income tax.https://www.irs.gov/businesses/income-from-abroad-is-taxable
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
To prevent rich citizens from just renouncing their citizenship, there's a big tax imposed on you (treating you as if you'd sold all your assets) if you expatriate while being rich.
Most high income Americans can't just up and move nor would they want to. There's tons of money to be made in the US, even with slightly higher taxes. For any rich person who gets upset at having to contribute their fair share of taxes and leaves, there will be at least 2+ people fighting for that business opportunity. You think the oil and rail barons just left when we taxed the shit out of them, or how about large car manufacturers, Citi bank, etc. You think that only being #89 on the Forbes top 100 wealthiest individuals in the world instead of being #1 on that same list is somehow going to disincentivize people from trying to build a company? In either instance you have, for any practical life purposes, unlimited money. A relatively small tax is not going to destroy the best and brightest or stifle success if anything the Amazons, Apples, Microsofts are doing that by monopolizing literally everything. Plenty of geniuses and successful people have done far greater for far less.
The 4 most powerful companies in America are headquartered in CA which has some of the highest tax rates and regulations. You still can not fathom that large companies and wealthy people simply do not pay their fair share in taxes currently. Yes, I also understand business are moving out of CA, however, next to none are moving outside the U.S. nor will they ever. Many states have already called their bluffs.
https://www.investopedia.com/terms/d/double-irish-with-a-dutch-sandwich.asp
Crazy how only 0.0002% of Americans worked hard enough to become Billionaires. Can't believe we're so lazy. Also, we should scale regulations to help smaller businesses.
That is completely unfair. Income tax is completely unethical. It's theft.
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