Most people misunderstand how the tax works.
It’s not just an 8% of their value. It’s 8% of their total value including potential stock by the number of VOTING SHARES.
If a person owns a bunch of grade-A stock which grants them 10x the votes of a normal shareholder, then the rich person’s value is assessed at 10x for the tax.
In numbers, if some guy owns $1B in stock and it’s all grade-A 10x voting stock, the value is assessed at $10B. And so the assessed tax is $800M, NOT the $80M people think it would be.
It’s a super bullshit tax law calculation. I don’t blame the rich for fleeing this one bit.
Most people misunderstand how the tax works.
It’s not just an 8% of their value. It’s 8% of their total value including potential stock by the number of VOTING SHARES.
If a person owns a bunch of grade-A stock which grants them 10x the votes of a normal shareholder, then the rich person’s value is assessed at 10x for the tax.
In numbers, if some guy owns $1B in stock and it’s all grade-A 10x voting stock, the value is assessed at $10B. And so the assessed tax is $800M, NOT the $80M people think it would be.
It’s a super bullshit tax law calculation. I don’t blame the rich for fleeing this one bit.