Haha, more like, we are in a state of hyper inflation right now, so the rich are going to be making trillions and the peasants are all going to be over $400k paying 40+% taxes too.
It's fine because you're a millionaire, your living space cost you $9 million for a 2 bedroom apartment.
People making 400k+/yr be like "No problem, I'll just review the tax code with my CPA and find ways around it."
There aren't loopholes at that level. Making money as a salary is extremely straightforward tax-wise. All the loopholes are for the very weatlhy.
That is, if it cost $200,000 in banking and service costs to use a tax loophole, you'd need a million dollar tax bill to make it worth it, and that would have to be only a fraction of your overall tax bill.
People making 400k+/yr be like "No problem, I'll just review the tax code with my CPA and find ways around it."
Business owners making 400k+/yr be like "No problem, I'll just make my products more expensive and pass the costs on to the consumer."
Consumers: "Looks like I'll have to tighten my belt a little more."
CPAs can’t really help you if you make $400k a year on a W-2.
Haha, more like, we are in a state of hyper inflation right now, so the rich are going to be making trillions and the peasants are all going to be over $400k paying 40+% taxes too.
It's fine because you're a millionaire, your living space cost you $9 million for a 2 bedroom apartment.
There aren't loopholes at that level. Making money as a salary is extremely straightforward tax-wise. All the loopholes are for the very weatlhy.
That is, if it cost $200,000 in banking and service costs to use a tax loophole, you'd need a million dollar tax bill to make it worth it, and that would have to be only a fraction of your overall tax bill.