I think there are plenty of billionaires who would agree that taxes need to be higher, but they disagree specifically with the taxing mechanisms being proposed by Warren and Sanders, namely the wealth tax.
Take everyone's favorite startup founder, Adam Neumann, of WeWork. Under Warren's plan, he would have been worth around 14 billion last year, based on a 30% stake in a $47 billion "valuation". So he'd owe close to a billion in taxes, when in fact, he was worth far less. And even if $47B was the correct valuation, there's not a great mechanism for him to actually get the liquidity to pay taxes.
So higher taxes on billionaires? I'm all for it. But we need realistic proposals to make it happen.
Then the taxes would've property shown the valuation of that company.
You're taking a whole system and applying it to a single variable and saying it doesn't make sense. WeWork should've never been worth that much and an inability to pay taxes would've shown that.
Take everyone's favorite startup founder, Adam Neumann, of WeWork. Under Warren's plan, he would have been worth around 14 billion last year, based on a 30% stake in a $47 billion "valuation". So he'd owe close to a billion in taxes, when in fact, he was worth far less. And even if $47B was the correct valuation, there's not a great mechanism for him to actually get the liquidity to pay taxes.
So higher taxes on billionaires? I'm all for it. But we need realistic proposals to make it happen.