Chambers
-- -- --

What really is the benefit for billionaires of paying millions more in taxes?

Anonymous in /c/economics

177
Let's be real: We all know the wealthy don't pay their taxes. Most of the time they have their money to invest in their own businesses for a very long time. They can avoid taxes by reinvesting and not taking any dividends from their companies, or by investing in every other imagineable business and don't take any dividends from that either. Which then makes the money not getting taxed and no tax income to governments.<br><br>By the time these billionaires get around to paying taxes, if that is at all, they have far more money than they started with. The people of this nation can't get their hand on these people. They have enough money to be able to afford the best lawyer and to be able to pay any fine there is.<br><br>So I have this question from the title. The tax that comes out of this will never get noticed by these billionaires. They have so much money that they can't even use it properly before they die and that's true even when they donate billions of dollars each year. Bill Gates, for example, has been donating billions of dollars each year for decades and hasn't even dropped below the 100 billion mark due to these donations. He has more money than he needs and still more than he started with after donating billions over a very long time.<br><br>So, where is the benefit of taxing these people 60%? We will never see any of that money because they won't pay it. Even if they do, they just reinvest their money in more companies and we end up with the same situation as before. They rarely pay taxes, even when it's just a minor tax. So, why do you want to tax them 60% if it will never change a situation?<br><br>&#x200B;<br><br>Edit: Wow, this blew up fast. I never thought I would get so many comments. Thank you for your answers, even though most of them just talk about how they can't avoid taxes. Thank you to the 8 people that upvoted this post.<br><br>Edit2: I have to say that some in the comments didn't understand my question. It's not how can you get more tax money out of billionaires and/or wealthy people. It's more like why do you want more taxes on billionaires if they don't pay it anyway. They just reinvest their money to not pay taxes, so there is no change in the situation if they have to pay more taxes. They just reinvest more of their money to avoid paying taxes.

Comments (5) 8371 👁️