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."
rajatsonifinance / RajatSoniFinance
npub1ew…4k3yt
2024-03-15 19:49:59
Author Public Key
npub1ewjtrpve0y42ak0tj4r0esp62p6uvpx57sukfaphtqlzedrfl04sl4k3ytPublished at
2024-03-15 19:49:59Event JSON
{
"id": "67bb521e2d802942a689ab0ff0c672f66d136ea85009f5a697f85c0c3d86479a",
"pubkey": "cba4b18599792aaed9eb9546fcc03a5075c604d4f43964f437583e2cb469fbeb",
"created_at": 1710532199,
"kind": 1,
"tags": [],
"content": "Joe Biden wants to tax billionaires 25%.\n\nHe says it would raise $400 Billion over the next 10 years.\n\nHe forgot to mention something important though:\n\nThe US government's problem ISN'T related to income (it just borrows more whenever it needs).\n\nThe problem is SPENDING.\n\nThe US government is adding $1-3 trillion to its debt EVERY YEAR.\n\nIt pays $1 TRILLION in interest alone each year.\n\nTaxing billionaires will make absolutely no difference, other than leading to a flight of capital to other tax-friendly countries.\n\nWhen billionaires are taxed, do you think the US government will just randomly stop spending more than it earns?\n\nThis seems more like a way to get more votes than anything by appeasing the people who don't understand finance.\n\n$400B is NOTHING when it comes to how much the US government is spending.\n\nAt some point, instead of \"tax the billionaires,\" we will see a new narrative forming:\n\n\"Tax the millionaires\"\n\nThen: \"Tax the thousandaires\"\n\nThen: \"Let's just keep everything.\"",
"sig": "3520878bca7a432e285fe224e251e6ead11121c7808401fe29e0380d6dd1a6a6eb08a6fcd8dfd38b0b833355216ee417e92a7dc8b2688d5173f075a6060cbf16"
}