Wow. So much in here that I feel is completely misguided.
- We are $37T in debt. Bezos, the Waltons, and Amazon and Walmart shareholders specifically made a lot of their wealth due to the government borrowing money that was used by our population to buy things from those two companies. A significant portion of their wealth is due to deficit spending.
- The taxes are not to punish Amazon and Walmart (and other companies), but to shift the tax burden from income to wealth. And by the way, in terms of earnings, the US is at an all-time high right now of earnings coming from investment vs labor.
- I pay roughly 50% of my overall income in taxes each year. Let's say I'm worth $2.5M and I make $1M (of which I get taxed at 50%, state, fed, SS, etc.). The combined government is hitting me at like 20% of my wealth EACH YEAR. How about a dude making $50K not worth anything. He probably pays $15K in taxes each year combined - so like 30% of his wealth. Meanwhile, the Waltons pay what in taxes? Would venture to guess it's not close to 2% of their wealth each year.
1. Taxes - which taxes? Income, sales, employment, SS, Medicare, estate, capital gains, gasoline, etc. - lot of things make up 'taxes'. Corporations and very wealthy people don't pay all these taxes?
2. Taxing wealth instead of income is a disincentive to accumulate wealth, is it not? Would it not behoove someone to spend all their income and accumulate no assets under such a regime (an extreme case, obviously)? Punish individuals for accumulating savings, 401ks, home(s), etc.? Really, THAT'S your solution?
3. Seriously doubt a $50k/yr worker pays 30% of his income in taxes. Total tax burden - maybe. Income tax - no way in hell. If you want to talk TOTAL tax burden, the wealthy pay a whole lot more than the $50k/yr guy.
4. Another thing to consider: these awful multi-millionaires and billionaires can afford, literally, to live anywhere. You think they'll just absorb a 'wealth' tax year after year and not think, 'Hmmm, maybe the Caymans or Australia or Canada or... might be nice to live in and avoid this dumba$$ tax policy'? When Elizabeth Warren floated it in her dismal campaign for Dem party, Bill Gates said, if passed, he'd have to look at where he lived and how the wealth tax would affect him.
5. You say you're getting hit with 20% tax on your wealth every year under your example. But, you're making $1M a year in income. How does the math change if you're making $150k? Drastically. If you make $150k a year, should you be taxed at that same 20%?
6. Why does a dollar saved by a billionaire trigger a tax when a dollar saved by a middle class individual not? If you want 'fair share', why not a flat tax on all income? Why not a consumption tax which, logically, would hit high earners/wealthy harder than middle class?
The whole 'the tax system isn't fair' and 'billionaires don't pay their fair share' is horse hockey and has been disproven about a million times.