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Survey: Almost 50% of Americans Consider Themselves ‘Broke’ (www.marketwatch.com)

submitted 3 months ago by return2ozma to c/[email protected]

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[–] [email protected] 5 points 3 months ago (1 children)

Wouldn’t the $20 Million be subject to the 100% income tax at that point, meaning the net worth billionaire wouldn’t be able to earn any income as it’s all taxed away?

[–] spamellama 1 points 1 week ago

Sure, but let's say they spent 20m. Then their net worth would be under a billion and the next couple of years of earnings would have a lower tax rate.

Even if they never were able to make money again, 20m goes into a billion 50 times. They could overspend for 50 years without making a cent on investments.

I'm sure they'd come up with fun new accounting loopholes though so their assets didn't appear to increase.