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Seems like a lot of billionaires on hacker news given the comments. The past two Republican presidents have pushed for and gotten massive tax "reforms" that reward these same people and cost the treasury massive amounts of new debt. Seems like just reversing all of the "reforms" would be fairly simple to implement and return the lost revenue without even needed to do anything new.

Most billionaires don't have ordinary income in the same way workers do. If they really wanted to target billionaires, they would increase taxes on long term capital gains and dividends, and eliminate the carried-interest loophole.

Non-billionaire here.

I'll almost certainly never be a billionaire. But I will probably do well enough, because I've learned how to live below my means and how to invest. Doing this properly will make anyone relatively wealthy after a reasonable working career.

The system works. These days, we have low unemployment, rising wages and a great market for retirees. It's not a good idea to mess with it.

You would likely never be affected by the wealth tax. Do you think your prudent lifestyle will lead to > $50 million in assets?

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