Jaspreet Singh

Because he has a different category of tax called portfolio income versus the average person working a job has what's called earned income, otherwise known as ordinary income.

And I'm saying this as a licensed attorney who's not your attorney.

So there's different buckets of income.

And the person that's taxed the highest is the person that earns money from labor.

If you work a job, you're paying the highest tax rates and you get the lowest tax breaks.

When you are an investor, you get to qualify for either lower tax rates or higher tax breaks.

So when you get the idea of a wealth tax,

It's pitched as an idea of we need more money in order to help solve our financial problems, to pay hungry people, in order to provide housing for people.

Sounds good.

I think the average person would say, I want to see less homeless people.

I want to see less hungry people.

Well, sometimes raising taxes can solve the problem.

But let's dig a little bit deeper because before we just start increasing our income, and I'm saying this from somebody who has studied a lot of people's financial statements.

We assume that if I make $50,000 a year, if I raise my income to $60,000 a year, my financial problems are going to go away.

If I raise my income to $100,000 a year, my financial problems are gonna be solved and I'm gonna be rich.

The data shows otherwise, that as the average person earns more money, they dig themselves into a deeper financial hole.

That's why the majority, not a general word, statistically, the majority of Americans who make over $100,000 a year are broke, living paycheck to paycheck.

Why?

As they make more money, you become more creditworthy.

The bank says, hey, you have a good job.