Billionaires should pay more taxes

[SuperMatt]

Elizabeth Warren wrote an op-ed for The Washington Post. I think it has some compelling arguments. She points out that Jeff Bezos had enough money to launch himself into space for fun, but claimed an income of only $80,000. Corporations report millions of profit to their shareholders, then file taxes claiming zero income. It’s utter -...

https://wapo.st/3ADl3hA

(Paywall should be removed, let me know if not)

 

[Pumbaa]

Amen.

(Paywall removed for me at least)

 

[Herdfan]

So for a scenario, let's say my parents leave me an inheritance of $11.7M. That is the federal cutoff to not pay inheritance taxes. So that money is simply sitting in a non-interest bearing account account.

I draw $20K per month out or $240K per year. I would be able to draw that amount out every year for 48.75 years which should get me through this life.

Should I be paying taxes on that money?

 

[MEJHarrison]

Should I be paying taxes on that money?

My take, and this is coming from someone who doesn't know shit about taxes and tax laws, is it feels like you shouldn't be taxed. The taxes on that money have already been paid by your parents.

I also didn't get the impression from the story, which I admittedly skimmed pretty quick, that the Wealth Tax they're suggesting would apply in this case. I don't think 11 million would put you anywhere near the top 1%.