Fun fact: wealthy people actively brag about their company earnings takings to their shareholders.
Hold them to that math. If they contest it, they agree to pay the IRS to contract additional labour to investigate subject to a refund if the reported amount is accurate, at which point they should be forced to payout the difference to all shareholders and pay an equal amount as a punitive fine.
Fun fact: wealthy people actively brag about their company
earningstakings to their shareholders.Hold them to that math. If they contest it, they agree to pay the IRS to contract additional labour to investigate subject to a refund if the reported amount is accurate, at which point they should be forced to payout the difference to all shareholders and pay an equal amount as a punitive fine.
Congratulations, you just replaced the wealth tax idea with corporate income tax. A much more feasible system.