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Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
(www.businessinsider.com)
this post was submitted on 14 Aug 2023
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A European here. Aside from going in the right direction, I have a question: Don't the rich already pay most of their earnings as taxes? So the problem is not that they are not getting taxed, but rather that they avoid paying them through loopholes? Or is that a billionaire problem?
Don't let anyone tell you high income earners don't pay tax. I'm a CPA (tax) and most of my individual clients are high and ultra high net worth.
One of my biggest clients is a group of four hedge fund managers in NYC for example. They earned about $50 million each in the last few years. Idk what their net worths are but I'd imagine it's at least a few hundred million each. They pay at least 37% federal, plus investment income tax (Obamacare), plus 10% to the state of NY plus NYC. It's a lot and winds up being over $25 million a year. I don't shed any tears for them because they are left with $25 million to play with (each, per year), which they should be able to scrape by on.
You can certainly argue it should be higher or lower or whatever but there's this idea out there that wealthy people don't pay tax and it's just absurd. Also frankly it makes my job harder because people think I'm a magic anti tax wizard that just makes it go away, I'm just sitting here like you made a fuckton of money and owe a fuckton of tax, what's the question? ¯\(ツ)/¯
The issue is more likely that taxes aren't being used in ways that benefit the public, like they are in other countries. But also many Americans don't want that because grrr filthy socialism