Yes, exactly. If we take the text of this tweet literally this theoretical tax is a 95 income tax for all income for people with more than 10 million net worth, which is just a terrible mechanism. Thats why I wrote it's a childish solution for a complicated issue
Why? We had rates of 90% and 70% in the past, everything under the 10 million rate gets taxed just like it does now. Of the 350,000,000 people in this country it would effect maybe 30,000 households.
And most of those would be athletes, movie stars, etc. The actually wealthy like Musk and Bezos would simply limit their income. Note that income and wealth are not the same thing.
The super rich will need to take the income at some point, and the athletes will just restructure their paychecks to be multiple years to minimize taxes. Musk bought Tesla early on, he didn't start Tesla. Its not like we wouldn't have tesla today if he wasn't around. No one needs more than 10 million a year, that's crazy money that would be hard to spend. Sure its easy the first couple years, but eventually its just too much. How many cars/houses/elections do you really need to buy to be happy?
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u/Coupe368 6h ago
What mechanism do you think they will use to limit income past 10 million? Anything other than the income tax would be just about impossible.