Forbes has published an article, “Don’t Tax The Wealth Of The Rich, Tax What They Borrow”, which discusses a more efficient method of taxing the wealthy. The article begins as follows:
ProPublica recently reported on a “trove of IRS data” that showed “the incomes and tax rates of the 400 Americans with the highest incomes from 2013 to 2018.”
“First, for scale, this is the typical American’s income compared to what it took to get into the top 5%, e.g., a primary care doctor’s salary, or the top 1%, e.g., a successful law firm partner’s haul,” they wrote. That was $40,000 to at least $198,000 to at least $485,000 a year. And none of that comes close to big wealth.
To get on the top 400 list meant an average annual income of $110 million a year, ruling out even top sports and entertainment figures, who are relatively wealthy, but not overwhelmingly loaded the way those at the top of the economic pyramid are.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal