Archive link. https://archive.is/N4Rqj
Some personal editorializing: This is a pretty remarkable first because of how captive we Americans are to pharma prices. Famously, when Medicare Part D was brought into existence by law it restricted the federal government from negotiating Part D drug prices. To me, shopping for drugs in Canada is tackling the symptom and ignores the cause. I wonder if this gets more traction with more states how it might affect drug prices in Canada, too.
The real solution to all this, of course, would be nationalize the healthcare industry in all aspects and to create a single payer healthcare system.
The US tax system is not at all ‘heavy’ on the wealthy. The largest burden, proprtionally, falls on those with high earned incomes, doctors, lawyers, etc. these are the people who will be paying the higher marginal tax rates on substantial portions of their income.
The truly wealthy do not have high earned incomes, they acquire large assets and borrow against their value to pay for living expenses while avoiding taxes. This is the “buy, borrow, die” strategy, specifically designed to limit tax liability.
Yes, you’re right. I was a bit loose with the terminology.
I think we should absolutely count stock options and whatnot as earned income, so CEOs and whatnot pay taxes upon receipt as the delta between purchase price and NAV. But that’s a separate discussion.