While we're in agreement, I'm not sure that billionaires even pay 3 to 7% certainly not all of them. Worst case, many companies earning billions paid absolutely nothing, it was legal, our tax laws are what's at fault, you can't blame the people or companies from using them. I wish they'd throw them all out and start fresh with laws written at about 10th grade level. If it were up to me everything would be so simple it could be done in under 100 pages, 12 pt. double spaced.
I'm a boater, but if you look at big yachts today many are the size of smaller cruise ships. I'm sure there are huge tax advantages, and most are available for charter, probably losing millions a year in that business. The paid crews often outnumber the passengers they can accommodate, and they're the ones really enjoying the mega-yachts. So many other things have similar tax advantages, I can't blame the wealthy from taking advantage, I blame the laws for allowing it. Our govt. has confiscated many of the yachts owned by Russian Oligarch's and we're now paying the millions it takes to keep them up. After the war in the Ukraine is over those Oligarch's will probably be able to reacquire the yachts, but of course many of them have fallen out of tall buildings, etc. and are no longer with us. The Govt. will probably have a difficult time selling these units unless there are big tax benefits for purchasing them.
Personally I'd feel very wealthy with equity of a few million, however for the people in the billionaire class, a few million is pocket change.
Gary
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