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Re:How to have a billion dollar exit with zero capital gains... by kmonsen on Tuesday May 10, 2022 @02:48AM (#31324239)
Norwegian taxes are not too far off from CA or NY taxes to be honest. The marginal rate tops out at under 50%.

It’s worse for capital gains and they have a wealth taxes so a lot worse for some.

Re:How to have a billion dollar exit with zero capital gains... by refurb on Tuesday May 10, 2022 @09:38AM (#31326984)
I'm not sure the top marginal rate is relevant unless you compare at what income it kicks in at?

The top CA or NY bracket is dependent on the top US federal bracket which kicks in at $537,000.

Not to mention the <cough> 25% VAT in Norway.

Re:How to have a billion dollar exit with zero capital gains... by ramraj07 on Tuesday May 10, 2022 @03:07AM (#31324370)
This only applies to the upper middle class not the insanely rich though. Anyone who hires a tax attorney is not paying high taxes in this country.
Re:How to have a billion dollar exit with zero capital gains... by bojangleslover on Tuesday May 10, 2022 @03:16AM (#31324421)
That's just not true. The top 1% pay 33% of the tax (and the top 10%, "upper middle class", pay 70%). I think myth just causes confusion and misplaced anger.
Re:How to have a billion dollar exit with zero capital gains... by panta on Tuesday May 10, 2022 @03:34AM (#31324519)
Yes, but these stats obviously take into account only paid taxes and wealth that remains visible. If you have 50 bn$, of which 1 is kept and taxed locally, and 49 moved through shell companies to offshore tax heavens, you'll still end up as one of the top tax payers, even if you are evading about ~5000%. Obviously this is much harder to do if you earn 200k/year.
Re:How to have a billion dollar exit with zero capital gains... by Thorrez on Tuesday May 10, 2022 @04:07AM (#31324689)
Yes, if the top 1% paid their fair share, they would pay more than 33% of the country's taxes. But nevertheless they do in fact pay 33% of the country's taxes.
Re:How to have a billion dollar exit with zero capital gains... by chii on Tuesday May 10, 2022 @09:32AM (#31326918)
so is not paying more than their per-capita ratio not a fair share? I think 33% for a 1% cohort is quite large.

Why does the relative amount of tax paid against the total networth matter in this instance?

Re:How to have a billion dollar exit with zero capital gains... by Thorrez on Wednesday May 11, 2022 @12:19AM (#31335805)
Would you have someone who's broke and unemployed pay the same amount of tax as a billionaire?

Ideally taxes shouldn't be a large burden to anyone. The richer someone is, the larger absolute amount of taxes that person can pay for the same burden level. In fact, it's not just a fixed percent. The richer someone is, the larger percent of taxes that person can pay for the same burden level.

The rich got to where they are by using the infrastructure built by the government. A rich person gets more value from the government than a poor person, so thus it's fair that a rich person pays more in taxes.

Re:How to have a billion dollar exit with zero capital gains... by _AzMoo on Tuesday May 10, 2022 @03:23AM (#31324465)
What proportion of wealth do they have access to?