More specifically, the bulk of their wealth is largely based upon the value of the stock they own in their companies (and others), real estate, and other investments. Very little is liquid siting in a bank account. To tax at even 2% would require that a portion of those assets be sold each year, affecting the market values for everyone. The valuation in those companies could go down, real estate values go down, and so forth. Not helpful to society. But, that is not the real problem IMO. The real problem is that the government would likely spending the extra money doing something worthless, like increasing their own paychecks.
Point well taken. People erroniously believe that expanding government creates jobs. Because it’s paid for with increasing taxes it just lets goverment reach deeper into your pocket. The cry for business to pay their fair share is ludicrous. They already pay the bulk of taxes and bolster the economy by providing jobs that support themselves. Brandon has absolutely no clue when itcomes to the economy.