#86 - How the billionaires income tax would work | Curio

#86 - How the billionaires income tax would work

20 mins | Nov 3, 2021

Today's episode from 3rd November 2021. We're discussing money and happiness today. Our first piece looks at a proposal by the Democrats for a new tax on billionaires. Elon Musk isn't a fan but it could bring in much needy revenue to America. We take a look at how it would work and how the ultra-wealthy might find ways around it. Then later, happiness and finding meaning in life have always been thought of as intertwined. Find one and you get the other. Now, new research suggests the opposite. We look at the science and ask whether we can find a sweet spot and lead a life well lived. Under today's tax system, billionaires don't have to pay capital-gains taxes unless they sell their assets and can borrow against that wealth to finance their lifestyles. In a plan to generate a large chunk of revenue, Senator Ron Wyden has moved to change this. From the Wall Street Journal, Richard Rubin breaks down how the billionaire's tax proposal could impact the economy and what some of the ultra-wealthy might do to find ways around it. Most positive psychology suggests that happiness and meaning are strongly correlated with each other, and often feed off each other. But Scott Barry Kaufman reveals in the Scientific American that there can be substantial trade-offs between seeking happiness and seeking meaning in life. Wake up with Curio is a different kind of morning show that gives you the context behind the news and gets you motivated for the day ahead, every Monday - Friday.

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