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If most of their wealth is represented by the stock of a business they (or their ancestors) built up over many years (a long-term capital gain) there is nothing the peddlers of (phony) class hatred can do to force them to sell that enterprise and realize a taxable gain -- nor should there be.
Because the rules were made like that, and they are happy with it.
Apparently they make the rules.
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Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk’s income tax bill came to zero in 2018. And financier George Soros went three straight years without paying federal income tax, according to a report out Tuesday from the nonprofit investigative journalism organization ProPublica.
Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found.
We are talking about tax rate here.
For middle class people, the rate actually increases with your income level.
Stop it, it has a cap and subtract their deductibles and tax credits they get that the upper class don't get. No way a middle class pays more than the top 20% or 1%. Not in the same ball park, not on the same planet. This is class warfare and envy at it's finest.
We have a progressive tax system. The system is not made for the upper class just to pay 15%, that's not true.
Middle class have a cap and they get tax credits and deductibles for having dependents and kids that the upper class don't get.
Let's pretend for a second that I made 10 million and you made 80K. My 15% (not true, it's a lot higher than that ) is a lot higher in actual dollars than your 30% (if you pay that much with all the credits and deductibles).
Stop it, it has a cap and subtract their deductibles and tax credits they get that the upper class don't get. No way a middle class pays more than the top 20% or 1%. Not in the same ball park, not on the same planet. This is class warfare and envy at it's finest.
We have a progressive tax system. The system is not made for the upper class just to pay 15%, that's not true.
I see logic is not your strength.
You are the one who argued rich men pay more taxes in "absolute values", so I pointed out that we are talking about tax "rate". Now you argue backwards and say middle class don't pay more than rich people?
Apparently they make the rules.
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Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk’s income tax bill came to zero in 2018. And financier George Soros went three straight years without paying federal income tax, according to a report out Tuesday from the nonprofit investigative journalism organization ProPublica.
Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found.
Why?
You think everyone uses the same public resources?
I don't think individual use of resources are factored into the tax rate.
And no, I don't think that someone who makes $250k per year uses 10X the resources that someone who makes$25k per year does.
So your question is irrelevant.
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