Oh? and what about things like share buybacks? The Federal Reserve QE, etc...those don't play a massive part? It's all regressive taxation?
Those have definitely played a part. That's not regressive taxation. However, that's obviously inflated the equities market where many billionaires derive their wealth.
My point is, if you're going to go after disparity, attack disparity. Don't tax it, because those with the ability to get around your silly taxation policy will easily do so.
I think the rates should be consistent. And I think the answer should be close the loopholes that let them get around paying taxes. I'm not for Biden's tax rates though. He wants a 39.6% income tax plus 6.2% SS on income above 400k. That's 12.4% if you're 1099. Plus the Medicare tax at 2.35%. That's over 50% if you're on 1099. However, billionaires aren't paying those rates. Doctors, pro athletes, day traders like me are lol.
"...“I think a tax bill can be made effective at a time when we think the economy will be sufficiently robust that some increase in taxes will have no detrimental effect,” he said..." This is one of the stupidest things I have ever read in forever. The only reason the economy becomes robust is when taxes are lowered, not raised. Instead, what needs to stop is all the damned wasteful SPENDING SPENDING SPENDING on pork-barrel projects, and other miscellany BS by Washington. Just flat tax everyone at 20% of all earnings, income, cap gains...the whole ball of wax. That's it. For example, if the government knew that on average it's citizens will earn $100 billion each year, and so knew they would get an average of $20 billion in taxes each year, then that is the budget they would have to work with. No surprises, and no excuses to go over that budget. You work within yer means, not exceed it. (I know this is a very simplistic example, but I think the idea is worth deeper and more serious study than it has been afforded in the past. I am sure there have been a thousand studies as to why it would never work due to the complexities of how the GAO and CBO work. It doesn't make the idea any less valid than the shitshow that has been our fiscal management for the last 70ish years). P.S. Social Security, Disability and Medicare should be on a voluntary basis, with the default when you get your SS# to be opted-out. You should have to sign forms in blood, in quadruplicate, to opt-in. FUCK FDR!