this post was submitted on 08 Jul 2023
477 points (99.8% liked)
Memes
45172 readers
2171 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Who has a billion in income?
Elon, bezos, gates, the usual suspects
They do not have a billion in "income" otherwise they'd get taxed up their nose like regular people do. Their wealth is in their assets like stocks and properties which gets taxed at a far lower rate.
Isn’t that income?
Not income at all which and also the reason why it's taxed very differently (and perhaps unfairly).
Income is your wage or the actual money you make from your business. Most rich people generate wealth via their assets (e.g, the stock / property they own skyrocketed in value), and these are only taxed when sold and at a much lower rate.
None of them have billions in income, net worth isn't income- unless you consider someone who owns a $200,000 house but with a $40,000 a year job having $240,000 income