I hear the saying on reddit that we need higher capital gains taxes on the rich because they make their income by selling investments. Does anyone know if that's accurate? I cant imagine someone with $20 million selling away their wealth for consumption purposes.
For example if someone wealthy wanted to buy a $5 million dollar house, would they sell $5 million of investments, and pay capital gains taxes in order to buy it? Or would they borrow against the investments or get a mortgage?
Submitted November 23, 2019 at 10:20PM by AnthonyNapoli https://ift.tt/2DbXSiF
