Tax Policy and the Super Rich
Robert Reich is a master at wielding statistics to prove a point. A familiar refrain of his is that the rich and super rich aren’t taxed enough. I agree with him. The innumerable loopholes and breaks sprinkled throughout the Internal Revenue Code were largely drafted by lawyers and accountants whose clients benefit from them. Reich cites the 25 bathrooms in Jeff Bezos’s D.C. mansion as damning evidence that the super rich aren’t taxed enough. At, I’m guessing, $100,000 average for each luxury bathroom, that adds up to 2.5 million dollars, just for bathrooms in just one of Bezos’s residences.
Professor Riech would have done well to wait for an update on Bezos’s spending: For the price of a new yacht he’s acquiring, he could have bought 5,000 more bathrooms.