For most people, passive income is a bit of extra pocket change that requires minimal effort to earn to supplement a main source of income. For Steve Ballmer, it’s $1 billion.
It’s probably not bad when you factor in healthcare. Especially the middle class that doesn’t get free healthcare but also pays the same as the super wealthy.
The UK tax bands will blow your mind.
Like 40% for anything over 50k. Which I’m fine with btw.
https://www.gov.uk/income-tax-rates
None of these people earn their fortunes in a way that is affected by income tax.
They’re not taking billions in cold hard cash every year.
Ok, so capital gains tax then. It still kicks in at a fairly early point. Long before you’re making millions.
https://www.gov.uk/capital-gains-tax/rates
It’s probably not bad when you factor in healthcare. Especially the middle class that doesn’t get free healthcare but also pays the same as the super wealthy.