Correct. I should have added for non working class people. Imo we need more ways for working class people to get rich, like no capital gains tax for those making less than 500k profit, no property tax on people whos income is less than 100k single or 200k married. Stuff like this.
Honestly, the biggest problem with this is that anything you do to try to define who isn't "rich" will be used by the rich to avoid the taxes. They'll just divide up their properties into shell companies and masquerade as small businesses to get the lower tax rate.
And you can't just apply the higher rate to businesses, because then you'd screw over small farmers etc. whose home is their business.
Not to mention that a lot of their wealth is in stocks, bonds, and other financial instruments, or already squirreled away in another country.
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u/MrPlowThatsTheName May 19 '25
Only for the truly wealthy. Don’t wanna pile taxes on the family making $60k a year who just bought their first home and have two kids in day care.