"What we don't give credit to [are] these extremely successful entrepreneurs that create hundreds of 1000's of jobs in America...if not millions,"
"All those people pay taxes, and they turn around and give all their wealth back,"
"I just want to do a shout out for that, because it's lost in this narrative of inequality. It really is, and it's a huge mistake."
Extremely successful entrepreneurs generate hundreds of thousands to millions of jobs and contribute significant tax revenue. Many wealthy individuals also donate large portions of their fortunes, with examples including Warren Buffett and Michael Dell's $6.25 billion contribution to "Trump Accounts" for kids. California's proposed Billionaire Tax Act would impose a one-time 5% tax on residents with net worths of $1 billion or more. A 2024 National Bureau of Economic Research paper found the Forbes 400 paid an average effective tax rate of 24% between 2018 and 2020, compared with 30% among other U.S. taxpayers. Arguments emphasize self-made success and concerns about penalizing wealth creation.
Read at Fortune
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