this post was submitted on 03 Aug 2023
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A capital gains tax works well for the rich that have the majority of their wealth tied up in stocks.
Except billionaires take advantage of a loophole whereby they can take out loans using stock as collateral, instead of selling the stock, meaning they pay no capital gains.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax