this post was submitted on 11 Aug 2025
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The problem with taxing billionaires out of existence is that the top 1% income earners in the US make up about 50% of all income tax revenue.
And because they're billionaires they can afford to just move somewhere else.
So if they leave you're left with less than half of your tax revenue, and they just carry on being billionaires somewhere else.
Don’t confuse high income earners with wealth holders.
Wealth holders don’t have to work. Someone with 500 million $ in assets gets 5% returns, ie. 25 million $ per year by doing nothing.
They then use this money to buy more assets from you. This is why you can’t afford a house. They have too much money to spend just from passive income.
They also can’t move away. They can, but their assets can’t. The assets are shares of businesses, houses, land, etc. they can’t take that with them.
Tax wealth not work.