Do Billionaires Pay Their Fair Share? A Tax Expert Weighs In

The billionaires are not paying their fair share. How do you define fair share?

The billionaires are not paying their fair share. How do you define fair share? It should be relative to what they make. Trust me, on what they make. Income wise, they are paying their 40% well. But if they're saying that they only made 70,000 that year, you're talking about their business. That's not what they make. That's their business. And that's relatively fair. If they're employing, investing a lot in R and D and new technology, you know, we have that tax structure for a reason. So people are investing in the United States economy, so they're building more products, so they're employing more people, which actually contributes more to the tax base overall in the end. Because when they employ more people, that creates payroll taxes on both ends and it actually creates more income tax on the people making over six figures. That actually provides more money overall. Because if you collect all the money from all the billionaires in the world, we'd be able to fund our federal budget by what, 50, I think a half a year. So we create more taxes by creating those tax structures and employing more people. Wow. Quite frankly, it is shocking to see the lack of financial literacy and understanding of how our tax system works. When people say you don't pay your fair share, or millionaires, billionaires don't pay their fair share, what do you really mean? They're creating jobs, they're paying payroll taxes, they're paying property taxes for the real estate they have. They're paying all sorts of taxes. Are you upset that they're not paying income tax on their net worth? Somebody's net worth doesn't go into how they're taxed. You're taxed on income that falls under Section 1 of the Internal Revenue Code. Section 1. For people to say that millionaires and billionaires don't pay their fair share. They're generating jobs, they're generating economic engines that are paying taxes all over the place. Just because it's not income tax doesn't mean they aren't paying into the system. All our system is built a very specific way to allow businesses to go out and be successful so they can pay taxes and support the economy. Yes. You're also rewarded for taking a risk and putting a business out there into the marketplace that generates jobs and generates economic activity. And for anybody with an iota of education about our system and how it works would understand that. So when you get these talking points, oh, they don't pay their fair share. What is their fair share?