COTTonLINE has repeatedly pooh-poohed the idea of "taxing the rich." It is our belief such efforts normally fail, while resulting in avoidance behavior that defies economic logic. The wealthy get that way by being smart about how to hang onto money.
Vox does a nice article about how "wealth advisers" are busily figuring out how to beat Biden's "tax the rich" proposals. One of my favorite bits.
What wealth managers and pro-tax activists share is a belief that the Biden proposal poses more of a threat to millionaires than it does to billionaires — because billionaires often can be more patient when it comes to dealing with taxes, choosing the exact moment that they want to pay them. Millionaires will have to work harder to find clever workarounds.
Mere millionaires won't be able to afford the very best "wealth advisers," who earn millions themselves.
