That’s not good enough because the vast majority of their wealth will never be spent. It will just be used to accumulate more wealth.
That’s why all of these billionaires have real tax rates in the low single digits (or less). Even with opulent spending habits they keep most of their gains unrealized, so they are never taxed.
That’s not good enough because the vast majority of their wealth will never be spent. It will just be used to accumulate more wealth.
That’s why all of these billionaires have real tax rates in the low single digits (or less). Even with opulent spending habits they keep most of their gains unrealized, so they are never taxed.