(03-29-2024, 12:30 PM)mikesez Wrote: I am also totally opposed to a wealth tax.

If they really want to extract more revenue from the rich, they can clean up loopholes in the income tax such as how "carried interest" and "pass through" income are treated. Let income be income.

And I say that as someone who might have to pay more taxes if they did that.

What do you mean about pass-through income?   As far as I know, pass through income is taxed.  For example, an S-corporation passes its income through to the shareholders, and they pay income tax on it, whether they receive any money or not.  So the shareholders are paying income tax on behalf of the corporation.  

Is there a situation where pass through income is not taxed?

If they want to extract more revenue from the rich, the best way to do that would be with a consumption tax.

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