Do rich people care about taxes?

More than half — 60\% — of individuals worth $1 million or more support a wealth tax on people worth $10 million or more, according to CNBC’s latest survey of millionaires. And almost half (48\%) support increasing the capital gains tax.

Why don t rich billionaires pay taxes?

Due to years of repeated budget cuts, the IRS rarely has the staff or internal resources to undertake the expensive, labor-intensive auditing process to force the biggest corporations and the wealthiest individuals to actually pay what they owe the IRS and any associated penalties.

How much did Elon pay in taxes?

A 2018 ProPublica investigation revealed that Musk, at the time the second-richest person in the world, paid nothing in federal income taxes that year. He paid less than $70,000 in taxes in 2015 and 2017.

Are taxes for the rich a good idea?

Taxes have also been a tool to fool naive people. When governments want to raise taxes, they always begin by saying that the taxes are for the rich. Nobody ever admits that it is the poor and working-class that will pay it. So when this “tax the rich” idea is sold to the people, they support it.

Why don’t the working class pay taxes like the rich?

The problem is that regular workers cannot dodge it like the rich. And thus they become the perpetual taxpayers. The rich don’t pay taxes. And the reason is that they can afford not to. Every attempt by any government to tax the rich always ends up throwing the working-class under the bus.

What is the difference between rich people’s income and the unknown?

Their income is just a buffer. It is always a modest amount. Rich people in the spotlight often have some sort of amount as income just so that they can pay taxes (to attract goodwill). But the unknown ones are not under such pressure.

Why can’t countries just stop taking taxes?

But most countries can’t stop taking taxes because of their control of monetary policy. Taxes have also been a tool to fool naive people. When governments want to raise taxes, they always begin by saying that the taxes are for the rich.