rajatsonifinance on Nostr: Joe Biden wants to tax billionaires 25%. He says it would raise $400 Billion over the ...
Joe Biden wants to tax billionaires 25%.
He says it would raise $400 Billion over the next 10 years.
He forgot to mention something important though:
The US government's problem ISN'T related to income (it just borrows more whenever it needs).
The problem is SPENDING.
The US government is adding $1-3 trillion to its debt EVERY YEAR.
It pays $1 TRILLION in interest alone each year.
Taxing billionaires will make absolutely no difference, other than leading to a flight of capital to other tax-friendly countries.
When billionaires are taxed, do you think the US government will just randomly stop spending more than it earns?
This seems more like a way to get more votes than anything by appeasing the people who don't understand finance.
$400B is NOTHING when it comes to how much the US government is spending.
At some point, instead of "tax the billionaires," we will see a new narrative forming:
"Tax the millionaires"
Then: "Tax the thousandaires"
Then: "Let's just keep everything."
He says it would raise $400 Billion over the next 10 years.
He forgot to mention something important though:
The US government's problem ISN'T related to income (it just borrows more whenever it needs).
The problem is SPENDING.
The US government is adding $1-3 trillion to its debt EVERY YEAR.
It pays $1 TRILLION in interest alone each year.
Taxing billionaires will make absolutely no difference, other than leading to a flight of capital to other tax-friendly countries.
When billionaires are taxed, do you think the US government will just randomly stop spending more than it earns?
This seems more like a way to get more votes than anything by appeasing the people who don't understand finance.
$400B is NOTHING when it comes to how much the US government is spending.
At some point, instead of "tax the billionaires," we will see a new narrative forming:
"Tax the millionaires"
Then: "Tax the thousandaires"
Then: "Let's just keep everything."