Billionaires don’t receive much income through W2 payrolls. They receive it as capital gains and loans against assets. The first is easy to manipulate and the latter isn’t counted as income.
They can stretch rules about business expenses vs income, using their businesses to buy things for them.
They physically move between several homes, ensuring to never meet tax residency status anywhere expensive.
They are playing a game with a lot of complicated rules but can hire pros who know how to exploit them.
Regular people can hardly afford this, let alone hire anybody to tell them how.
How to write such laws?
Billionaires don’t receive much income through W2 payrolls. They receive it as capital gains and loans against assets. The first is easy to manipulate and the latter isn’t counted as income.
They can stretch rules about business expenses vs income, using their businesses to buy things for them.
They physically move between several homes, ensuring to never meet tax residency status anywhere expensive.
They are playing a game with a lot of complicated rules but can hire pros who know how to exploit them.
Regular people can hardly afford this, let alone hire anybody to tell them how.
Wealth tax