Should get mentioned daily that the biggest way Elon Musk could help taxpayers and balance our budget to is to get rid of all the tax dodges that keep people like him and his heirs from paying fair amounts of taxes.
Reposted from
davidrlurie
Meanwhile, Musk is setting up an entire fake government department to engage in lying.
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Democrats do that every time they are in power. But the price of eggs, blah blah....
But the billionaires are that way from owning (and selling) stock, not from direct compensation
Implement a tax like this and very easy to dodge it. I think reducing or removing the fact that capital gains are privileged over earned income and adding a confiscatory upper band on the income tax would be more effective.
Also, make capital gains tax payable immediately on sale.
The rules that require brokerages to track basis will help a lot.
I am certainly willing to be proven wrong though. And 1 billion is probably too high. Needs to be a pretty high rate too or the ultra rich will just out gain the tax.