A lot of people are claiming that a 70% marginal tax rate on income above $10,000,000 per year, or a 77% estate tax rate on inheritances over $1,000,000,000 is “unfair because people earned that money”. Let’s talk about unearned income:
Unearned income is derived from dividends, interest, bonds, and other passive income devices – it does not come from work or labor. It is literally called unearned income for a reason, nobody worked for it, nobody earned it. Most wealthy people get their wealth from unearned income. It’s people who sit on trust funds, have massive stock and real estate portfolios, or hold bonds in a vault somewhere. The most these people ever labor is opening envelopes or clicking a mouse to check their financials holdings.
Stop saying this money was earned because it wasn’t, it’s literally in the name – unearned income