This West Is OUR West

Why Are Billionaires Eager to Back Socialist Candidates Who Want to Seize Their Assets?

Feb 22, 2019

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Billionaires back socialist politicians who are calling for higher taxes on members of the ultra-wealthy class because the rich understand they will never have to pay those taxes as the top federal income tax rate stops at $500.000, making it easier for millionaires and billionaires to avoid paying full freight. The very wealthy make far more money on capital gains than on income and capital gains are taxed at about half the rate of income tax. Under the 2017 tax law, federally designated opportunity zones evade capital gains taxes entirely. People with high levels of wealth pay less income tax, too.