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That plus the vast majority of their "wealth" is unrealized, like stocks and properties where there is no profit until the sale, which, by the way, is already taxed at progressive rates.
This incarnation will not pass. And, anyone with unrealized gains should be thankful.
I do believe high wealth could chip in more... proportionally. Everyone should be obligated to pay... some percentage, if want to continue down the road of mutual taxation benefits.
HOWEVER, opening Pandora's Box of taxing unrealized gains would trickle down to all of us, sooner or later.
this is a lie that billionaires tell us so that we won't raise their taxes.
Yeah, like honestly the taxes would just apply to people who are literally billionaires through the amount of shares they own. Force them to sell some of their shares then. Realize their gains. This shit would only apply to the people who own our country. Remember once these centi-billionaires die, their children get to start at 0 dollars again regarding taxes and just get handed all the shares.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax/amp
So would this 20% be a one time tax or yearly?
Now your starting to ask the right questions, what do you think it should be for the actual owners/elite, my good sir.
If it was a yearly tax on unrealized gains unless they are getting a better than 20% return there wealth will decrease. It would likely continue to decrease until no one has more than 100M or they find new creative ways to get around the rules.