It is easy for them to have 0 income, and we should fix that. The means by which they can access ‘value’ of their wealth to pay for stuff without actually incurring a taxable event need to get closed. Primarily this seems to be about borrowing against wealth, which should be a taxable event, with an option to eventually get credit for loan repayment to assuage the ‘but but double taxation!’ crowd.
If it were 2% wealth tax, I’d agree with you. Like this it’s worth nothing. It’s incredibly easy for rich people to have an income of essentially 0.
It is easy for them to have 0 income, and we should fix that. The means by which they can access ‘value’ of their wealth to pay for stuff without actually incurring a taxable event need to get closed. Primarily this seems to be about borrowing against wealth, which should be a taxable event, with an option to eventually get credit for loan repayment to assuage the ‘but but double taxation!’ crowd.