this post was submitted on 08 Jul 2023
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Elon, bezos, gates, the usual suspects
None of them have billions in income, net worth isn't income- unless you consider someone who owns a $200,000 house but with a $40,000 a year job having $240,000 income
They do not have a billion in "income" otherwise they'd get taxed up their nose like regular people do. Their wealth is in their assets like stocks and properties which gets taxed at a far lower rate.
Isn’t that income?
Not income at all which and also the reason why it's taxed very differently (and perhaps unfairly).
Income is your wage or the actual money you make from your business. Most rich people generate wealth via their assets (e.g, the stock / property they own skyrocketed in value), and these are only taxed when sold and at a much lower rate.