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He is only worth 24.2 billion. I think each Koch brother is at 42 billion, and the walton family ranges up to 42 billion. Probably combined the Walton family is around 170 billion, so still quite a ways to go.
but again...
soros
waltons
kochs
and a few others are certainly on the short list of those who 'could' reach a trillion
soros has been known to make billions bankrupting countries...some say his eyes are on the usa
We'll certainly the Saudi sovereign wealth funds are worth trillions but you missed the point, which doesn't surprise me. Millionaires will pay more than you, billionaires will pay more than millionaires, and trillionaires will pay more than billionaire because of this little thing called math. Arguing percentages is stupid. If you raise the denominator and leave the numerator constant, the fraction is smaller.
Some guy in Kansas paying sales tax on his expenditures will obviously pay a larger percentage than the billionaire who buys the exact same basket of goods and pays the exact same tax. We tax income in this country, not wealth (other than estate taxes for the wealthy). The entire premise of the report is flawed and designed to appeal to the uninformed, emotional voters.
There's not enough info to determine that. The quickie online estimator link you posted fails to list the assumptions it makes in determining effective tax rate. Furthermore, it fails to clarify which federal taxes are being calculated. Is it just income? Income plus payroll? Income plus payroll plus corporate? Income plus payroll plus corporate plus estate? Which of the above?
For reference, the 33.4% effective federal tax rate for the top 1% I referred to includes the following federal taxes
Given the fact that he can't even get us all that much because we have no dependents or mortgage interest deductions, probably not much. Sorry.
It's a HUGE myth that higher income earners get all kinds of tax breaks. That's almost all intentionally deceptive manipulative class warfare propaganda. And just look at all the idiots who actually believe it.
Says the person posting class-warfare propaganda from one of our most established oligarchs.
There is class warfare alright; and the rich are kicking our ass.
Exactly. I'm not sure where the problem is. 80% of millionaires are first-generation wealthy. If it were all that hard to do, 80% of the first-generation wealthy wouldn't have been able to do so.
Exactly. I'm not sure where the problem is. 80% of millionaires are first-generation wealthy. If it were all that hard to do, 80% of the first-generation wealthy wouldn't have been able to do so.
It is difficult to do when people are more concerned about having the newest iPhone and $200 shoes, though. Most people have zero discipline when it comes to money, and let their money control them. Budgeting is a foreign concept for the majority of America.
Exactly. I'm not sure where the problem is. 80% of millionaires are first-generation wealthy. If it were all that hard to do, 80% of the first-generation wealthy wouldn't have been able to do so.
Lots of weird things happen in the 6 figure income rates which I do experience.
1- theres ZERO government assistance.
2- sudenly around 113K or so....you no longer have to pay into social security
3- the marginal rates start to hurt.
so what is the stealth tax you refer too?
I'm referring to the loss of deductions and other tax preferences that start to kick in around that income level.
It's like using an opaque back door to stick higher incomes with a higher effective tax rate, instead of taxing them transparently.
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