what would happen if governments made billionaires actually pay the appropriate amount of tax based on their income?

Question

what would happen if governments made billionaires actually pay the appropriate amount of tax based on their income?

In: Economics

Answer 1

They have expensive lawyers/accountants to minimise the tax they have to pay, and their wealth is tied into their assets and not their income. Eg Jeff Bezos could be paid $1 in income but he’s rich because his shares in Amazon are worth $200 billion.

The fairest system would tax them a % of their assets in addition to income tax – eg 1% per year. A person with a million dollars in assets would only have to pay $10000 a year in asset tax … but someone like Bezos would have to pay $2 billion