eli5 what do people mean when they say billionaires dont get taxed
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Most of the most wealthy keep their wealth invested. They don’t keep piles of money in banks accounts nor do they necessarily have huge salaries. To have wealth in the billions typically means significant (fairly permanent or not easily traded) ownership in a company.
These fixed assets when simply held are not taxed as personal income even if the value increases. The corporations are taxed though so, in a sense, the billionaires assets are taxed indirectly.
As a general rule, people who make blanket statements like “billionaires are not taxed” are not being honest, don’t (want to) understand wealth or economics and have an agenda of their own.
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