haa, They hide tax by opening anonymous offshore company in tax havens. Show their own personal property as owned by their company. They keep most of their money in stocks, so they pay a lot less tax than income tax. They donate in shady or bribe NGOs/Welfare Funds to get compensation in tax. and many more.....

[–] TheTwoSpiritedViking@lemmygrad.ml 2 points 1 year ago

Maybe where you live

[–] habanhero@lemmy.world 1 points 1 year ago (1 children)

Their wealth is almost entirely in assets which gets taxed at a much lower rate compared to income, and only when they sell. And don't forget about all the write-off, tax tricks their armies of lawyers and accountants can set up for them. So if you work for your wages then the system is definitely stacked against you.

[–] possiblylinux127@lemmy.zip 2 points 1 year ago (1 children)

The "system" includes many tax breaks for the lower income. I do agree that we could look into taxing billionaires more but that won't fix the bigger issue.

The government needs to work on balancing its finances

[–] habanhero@lemmy.world 2 points 1 year ago* (last edited 1 year ago)

There is some support for lower income brackets but my personal opinion is there should not be "billionaires" in the first place, and that's where the system falls short. "Billions" is an obscene amount of wealth to be had by one person.

Edit: Here is a visualization on how much billions of dollars really is. Truly mind-blowing.