this post was submitted on 11 Jul 2024
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Except each billionaire is worth ~1000x that of a millionaire so their tax delinquency is probably in a similar magnitude higher, go after the billionaires fewer people to work on, and more "reward" for each one.
Only if you assume those people all have only one million dollars.
Billionaires also have 1000x times the resources to pay for accounting firms to back up their tax loop holes. They are often generational wealth so they learned to hide it from birth. The only option is to remove them from the ecosystem. Taxing them isn't even a half measure. They shouldn't exist, hence why they should be plated.
I don't want a few millions of a billionaires assets taxed. I might accept a taxation rate back to 99% like it allegedly was before Ronnie took us down this dark timeline back in the 1980's but the older I get, the hungrier I become.
And you are also assuming billionaires only have single digit billions.
Nope. The richest US billionaire has 500 billion. So the spread of billionaires exists only in half the space of millionaires. Assuming even distribution between both bounds the most it can be is 500x.
But that's only part of the problem. Billions buys an entire accountant team to protect their wealth. Billions buy one politicians to create tax loopholes leaving the IRS with nothing.
The IRS is not going to fix our billionaire problem.