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JayhawkSD

(3,163 posts)

3. You are talking about what they own, not income.

Reply to Maraya1969 (Original post)

Fri Aug 7, 2015, 09:49 AM

Aug 2015

There is generally no tax on ownership in this country. Local governments tax real property, but a billionaire has a very small portion of his wealth in real property (homes and other real estate) and is paying tax on it at the seme rate that everyone else does. His wealth is in the form of stocks and other financial instruments, and there is no tax on merely holding those.

You are thinking that a billionaire has an income of a $1 billion/year on which he pays income tax, but his income is more likely to be $100 million or so.

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Can someone check my math please? [View all] Maraya1969 Aug 2015 OP

I think the problem is the small businesses that would be yeoman6987 Aug 2015 #1

But I am talking about small businesses. I'm talking about Maraya1969 Aug 2015 #2

You are talking about what they own, not income. JayhawkSD Aug 2015 #3

Thanks Maraya1969 Aug 2015 #4

Because "They earned every cent of that money!" Oneironaut Aug 2015 #5

There's a reason a lot of it is called "unearned income." Igel Aug 2015 #6