eli5 what do people mean when they say billionaires dont get taxed
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Nobody has an *income* of billions of dollars, and the in the US, we tax *income*, not holdings. Billionaires pay taxes on any salaries they get and any capital gains they “earn” by selling assets (in theory at least, ignoring fancy accounting tricks) but what makes them billionaires is usually stock or other property they own, which can increase in value exponentially thousands of times while they own it, but they don’t pay taxes on that wealth unless they sell that asset and it counts as a capital gain.
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