this post was submitted on 28 Nov 2025
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You can be a billionaire if you are willing to pay a million per month as taxes.
That's a rate of only 1.2% per year, was that your intention ?
There were a lot of tax write offs through incentives which was a good thing because it actually encouraged rich people and businesses to be proactively productive towards the public good.
So done right, they paid nowhere near the 80%. Of course there was abuse and loopholes.
And off topic and contrary to popular thought, Jimmy Carter was the one who started deregulation in this area. He was trying to get the economy moving again and was taking a "reasonable" approach. Reagan took Carter's idea and went on a heist with it to enrich buddies and doners
No, if he is earning a billion a year that's too low. But most billionaire have familial wealth and might be earning a few millions in a month. I don't mind taking a million or two off of it even if he is not earning anything.