ChatGPT knows billionaires game the system..... [View all]

[Delarage]

Saw a Yahoo article that showed what happened when ChatGPT was asked what would happen if billionaires paid their fair share of taxes. Interestingly, they are not out of line in terms of taxes on their incomes. Most of their money, of course, is from investments that they are able to borrow against w/out paying taxes (as opposed to us regular folk who have to pay interest on debts & repay the debts with already-taxed money). They use the free borrowed money to live their opulent lives, then are able to pass it all on to their heirs (who also get extremely favorable tax treatment).

And this led me to a more scholarly article about it:

]https://equitablegrowth.org/closing-the-billionaire-borrowing-loophole-would-strengthen-the-progressivity-of-the-u-s-tax-code/#:~:text=How%20is%20this%20possible?,and%20thus%20triggering%20income%20taxes.

Long story short---billionaires write our laws and live in opulence while everyone else struggles. We could have Medicare for All, tackle climate change, etc. All of our wish-list items could be easily addressed if there were any semblance of fairness.

The AI concluded that if we could successfully tax billionaires more like middle-class workers, the results would mean hundreds of billions in additional revenue annually and potentially better funding for health, education and climate programs. What’s more, it could have the power to reduce inequality and improve public trust in the tax system.

Maybe the real question isn’t whether billionaires should pay more taxes, but whether our entire approach to taxing work versus wealth makes sense in an economy where most billionaires’ fortunes come from asset appreciation rather than traditional income.

As ChatGPT put it: “The U.S. could significantly reshape its fiscal and social landscape” — if we can figure out how to make it work in practice.

https://www.yahoo.com/finance/news/asked-chatgpt-happen-billionaires-paid-170130161.html