Why we need a wealth tax instead of an income tax… There is a huge difference between a hard working manager making $100k and an equally hard working owner with $10m in assets. I suggest dropping the income tax entirely, and tax wealth under $50k at 0%, $50k – $1m at 1%, $1m – 10m at 2%, $10m – $100m at 3%, $100m – $1b at 4%, and everything higher at 5%. This keeps even billionaires motivated to work hard to earn returns on their assets, without taking from the little guy who can’t afford it.