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Billionaires pay more in absolute dollars, but their effective tax rate is lower because of the ratio of different types of income.
I understand they pay more in absolute dollars, that was my point.
People like to imply taxes are heavier on wage earners than billionaires because they might have a lower effective tax rate, but bottom line someone paying five million bucks in taxes at an effective rate of 17% is still carrying a lot more of the income tax burden than some high income white collar person.
I understand they pay more in absolute dollars, that was my point.
People like to imply taxes are heavier on wage earners than billionaires because they might have a lower effective tax rate, but bottom line someone paying five million bucks in taxes at an effective rate of 17% is still carrying a lot more of the income tax burden than some high income white collar person.
Yes, but that argument doesn't counter the post you were replying to. Since the effective tax rate is higher for the high-income white collar person that it is for the billionaire, it really does make it more difficult to build wealth (high salary professionals) than maintain it (billionaires with assets).
Yes, but that argument doesn't counter the post you were replying to. Since the effective tax rate is higher for the high-income white collar person that it is for the billionaire, it really does make it more difficult to build wealth (high salary professionals) than maintain it (billionaires with assets).
It certainly did counter it, he said the US tax system is a tax on trying to get rich, not on being rich. The rich are taxed quite heavily.
I dunno man people like Buffet, Gates, and Bloomberg pay a lot more income tax than your average high salary person.
They might choose to order their lives that way, but if you've earned, say, $100 million and paid taxes on it, and you just spend it, not investing it or earning any additional money through working, your income tax obligation is (and should be) zero.
So you're bringing up an example of who? I thought the post was about actual billionaires, not some mythical billionaire who has it all stuffed in sacks buried in the woods.
I understand they pay more in absolute dollars, that was my point.
People like to imply taxes are heavier on wage earners than billionaires because they might have a lower effective tax rate, but bottom line someone paying five million bucks in taxes at an effective rate of 17% is still carrying a lot more of the income tax burden than some high income white collar person.
I really do not care what they pay in absolute dollars. A billionaire paying only 17% is paying a smaller percentage of his income than someone slinging hash at a diner.
Billionaires should not be paying a smaller percentage than a minimum wage worker. Lower income wages are taxed at a higher percentage if you include all the associated payroll taxes.
Wage earners do have an overall higher tax burden. Nothing to imply, it is a fact. Even Warren BuffeTT acknowledges this fact.
So you're bringing up an example of who? I thought the post was about actual billionaires, not some mythical billionaire who has it all stuffed in sacks buried in the woods.
Wait, do you mean like drug kingpins?
Mitt Romney is an example. He's retired, and has already paid income tax on whatever money he has, so any taxable income he generates is purely voluntary. He doesn't need it. He can just spend his money and pay no tax.
Mitt Romney is an example. He's retired, and has already paid income tax on whatever money he has, so any taxable income he generates is purely voluntary. He doesn't need it. He can just spend his money and pay no tax.
Mitt Romney's isn't an example because he invests his money so files income taxes on the dividends and capital gains.
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