posted by CenterBHSFan
And Mark Cuban on CNN saying that Kamala Harris has called him to get an idea of how to tax wealthy people/business owners.
LMFAO!
That's likely just so she can claim they consulted with business leaders in crafting the policy.
It's been tried before in a few places, all failures I think, so there are methods already out there. Finding one that works, though, will be tricky.
Problem with public companies, like someone like Musk, is it could require them to sell a bunch of shares to pay a tax bill, eventually losing control as their ownership stake gets reduced every year. Far more difficult for private companies - they'd have to find private equity or individual investors to buy equity, likely at a pretty steep discount.
It also isn't really necessary. The gubmit will get its "fair share" when you die. So just eliminate the various loopholes and tax dodges that people might use to get around the inheritance tax.
Just a tired old deflection when the question arises "how will you pay for all this new spending you propose"? Why, increase taxes on the rich, of course.
I'd also point out these promises not to raise taxes on people making less than $400k are probably BS. You might be able to make that claim on a very simple return with no itemized deductions and exemptions. AMT is entrapping more and more people every year. And if you eliminate SALT, you'll be raising taxes on people making well less than $400k.