Well since the last post got five comments I will go into a little more detail of how regressive and oppressive the Biden tax plan really is.
Note: These numbers are for illustrative purposes only and are meant to show the concepts of greedy marxist regressive oppression.
If Biden raises the income tax rate to 50% on higher incomes this is what happens.
If you have no wealth and you make $1,000,000 you will pay income taxes of 50% of $1,000,000 or $500,000 and you are now left with $500,000 in wealth after taxes.
So $500,000 income tax/ $500,000 wealth = a wealth tax rate of 100% on your wealth.
Now if Bill Gates who has $100,000,000,000 in wealth makes $1,000,000 in income and pays a 50 percent tax rate he will have $500,000 more after income taxes.
so Bill Gates will now have $100,000,500,000 in wealth and he will have paid a wealth tax rate of $500,000/$100.000,500,000 or 5/10,000 (five ten thousandths) of a percent on his wealth. That's pretty d@mn regressive wouldn't you say?
So if all the newcomers have to play under a different and more oppressive set of tax rules it means that is harder for middle class deplorables to gain elite status.
So, of course Bill Gates will say that he should pay more in income taxes. Gates is known as a fierce competitor and would welcome the chance of using the federal government to suppress his competition.
This is just one more way the entrenched elites swindle the deplorables and maintain their grip on power.
(errr...truckers)