this post was submitted on 01 Nov 2024
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Work Reform

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[–] UnderpantsWeevil@lemmy.world 10 points 3 days ago

Billionaires don't have taxable income because they've successfully lobbied for carve outs that exempt them from taxation.

That's what makes a wealth tax impractical. How do you pass it through a Congress that's been wholely co-opted by a billionaire friendly caucus?

Chuck Schumer, the senior senator from Wall Street, isn't going to author a wealth tax. Kamala Harris, the former Senator from Silicon Valley isn't going to sign it. And the SCOTUS majority that's on the Harlan Crow payroll isn't going to uphold it.