Assuming billionaires were going to get a special tax, how would you actually determine how much to tax them? Sure some would be straightforward like Musk where it’s entirely derived from a few companies with known ownership stakes, but what about all the others?
We don’t even know the names of most of the billionaires. With all the games they can play to hide money, now made even easier thanks to the changes Trump made in his first few months, how would you even figure out who and what amount to tax? They don’t have a normal salary or easily documented income like everyone else.
The problem lies in the top 1% using their shares of a company as their personal bank account. They can use these shares as collateral for a loan, bypassing all income tax. If accountant can figure out how a billionaire can avoid paying taxes on the entirety of their massive yearly income, then others can figure out how to tax it properly. If you’re income is more than 70% this weird untaxable thing, then congrats, we gon’ tax it now.
There is no problem in someone using their own assets for their own benefit.
There’s no income tax to “bypass”, because a loan isn’t income. You have to pay it back. Do you consider it “bypassing all income tax” when a homeowner takes out a Home Equity Loan too?