No, it sounds correct. Taxing billionaires’ income is fine, but the real money would come from actually taxing corporations more.
See, they only have income in certain circumstances, so the amount raised from an income tax would not be very high. You can raise corporate taxes by a little bit and get much more.
That way the income is taxed before it gets to anyone. It doesn’t matter if they have a billion dollars. Plus it encourages investment in the company (wages, new products, better quality, etc.) because business costs are tax write-offs.
No, it sounds correct. Taxing billionaires’ income is fine, but the real money would come from actually taxing corporations more.
See, they only have income in certain circumstances, so the amount raised from an income tax would not be very high. You can raise corporate taxes by a little bit and get much more.
That way the income is taxed before it gets to anyone. It doesn’t matter if they have a billion dollars. Plus it encourages investment in the company (wages, new products, better quality, etc.) because business costs are tax write-offs.