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Politics/Government / Re: Under Biden Tax Plan, Capital Gains Tax Will Exceed 50% In 11 States
« Last post by banddag on Today at 05:23:22 pm »Only applies to people making 1 million or more in taxable income and according to Forbes there are loopholes in the plan-it will only affect a very small amount of people. . Vast majority of Americans, even Republicans, believe billionaires should pay a higher tax rate.
Yes they have the top tax rate but they have so many ways to take income as loans at the top tax rate is never met or avoided entirely
Forbes article top 400 billionaires only paid 23% of their wealth in taxes each year due to loopholes and such.
https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html
Yes they have the top tax rate but they have so many ways to take income as loans at the top tax rate is never met or avoided entirely
Forbes article top 400 billionaires only paid 23% of their wealth in taxes each year due to loopholes and such.
https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html