Jordan Rosenfeld at Go Banking Rates:
For starters, ChatGPT said that if billionaires paid taxes like the upper middle class, the government would bring in a lot more money — potentially hundreds of billions of dollars more every year. “That’s because most billionaires don’t make their money from salaries like upper-middle-class workers do. Instead, they grow their wealth through investments–stocks, real estate, and businesses–which are often taxed at much lower rates or not taxed at all until the assets are sold,” ChatGPT told me.
Billionaire income is largely derived from capital appreciation, not wages. In other words, they make money on their money through interest. And as of yet, the U.S. tax code doesn’t tax “unrealized capital gains” so until you sell your assets, you could amass millions in appreciation and not pay a dime on it, ChatGPT shared.
More here.
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