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THREAD: There's a new plan in Congress to make billionaires pay their fair share in taxes like the rest of us do.
(President Biden has already given it his stamp of approval!)
It's called the "Billionaires Income Tax." Here's how it works 👇
wsj.com/articles/biden…
(President Biden has already given it his stamp of approval!)
It's called the "Billionaires Income Tax." Here's how it works 👇
wsj.com/articles/biden…
Every year, working people pay taxes on income they make from wages.
But most billionaires don't get paychecks or earn an income. They make money off the growing wealth of their stocks, businesses, real estate and other assets.
They also don't pay taxes the same way we do.
But most billionaires don't get paychecks or earn an income. They make money off the growing wealth of their stocks, businesses, real estate and other assets.
They also don't pay taxes the same way we do.
In fact, they can go years (or forever) without paying tax on their wealth gains at all.
As long as they don't sell their stock/business/real estate, they'll make money tax-free.
This is how they only pay an effective federal income tax rate of about 8%.
whitehouse.gov/omb/briefing-r…
As long as they don't sell their stock/business/real estate, they'll make money tax-free.
This is how they only pay an effective federal income tax rate of about 8%.
whitehouse.gov/omb/briefing-r…
