the richest 25 Americans have an average tax rate of 15.8% (retirement, gun, problems)
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OP what is the tax rate in china for party members who all the companies there???
THAT ^^^ is an excellent point! Thank you for mentioning this.
All I can add to it is that I heard on a recent news story somewhere ( sorry, cannot recall which)
Where they reported that the Chinese government financially incentivizes and enables it's own
favoritism for certain businesses and corporations so to ensure that they never fail.
In other words, Chinese government coddles it's favored business and corporate to keep
them going. Total favoritism going on, bigly.
You think Elon Musk, Jeff Bezos, Warren Buffet, and Mark Zuckerberg just showed up to the office to play chess and watch Netflix?
If rich people wanted to lay on the beach all day, this society would crumble. You should be happy that CEOs and founders bother showing up to work and helping their companies thrive while keeping people employed.
I completely agree with your post.
I believe that the issue is how convoluted, twisted and impossible our tax code has become.
I think it would be a welcome change to have a simpler method of figuring tax, and of course
for Americans to not have to be surprised and or massively confused every year when tax
season rolls around. Other nations I have read about have something as simple as a post
card with maybe three checkmarks to apply, and easy peasy no headaches done.
I spent my entire adult working life easily able to fill out my own taxes every year.
Now I have to rely on Turbo Tax and the like. I end up a bundle of frayed nerves,
terrified at the numbers rolling in the corner screen like a damn slot machine with
every question I answer. It never makes any sense, and only when it is done and
submitted can I look at each page to figure out the rhyme and reason.
I am a low wage income earner and I should not have to have a mile high stack of
paperwork to submit to the IRS every year, just to justify my gross income as a
self employed sole proprietor who works out of my own home.
Someone else here mentioned contacting our representatives to lobby for change.
Has anyone else tried that anytime for anything in the past 5 years? Our representatives
could simply not care less. We have no say in the matter. I know because I have tried.
The point of this topic is to deceive people into thinking that the lower classes pay a higher tax rate than the upper classes, and it is utter malarkey. A LIE, if you will.
The lower 40% of tax filers end up paying no Income Tax whatsoever. They get all that was withheld back. 80% of them (a total of 32%) not only don't pay any income tax, but get money paid to them from other tax payers, i.e. the rich. Why don't you look at that fact, instead of the lies that are being spread as the gist of this thread.
BTW, this information is sourced from the IRS and is an averaging of the yearly figures over a longer period. It varies from year-to-year, but remains fairly consistent.
You are ignoring the ability for billionaires to lower tax rates through capital gains tax and other loopholes. The tax rates are in the article, if you dispute that Bezos and others are paying a low rate provide a link.
It's not a comparison to the bottom bracket we all know they pay no tax, it's the middle class comparison.
You are ignoring the ability for billionaires to lower tax rates through capital gains tax and other loopholes. The tax rates are in the article, if you dispute that Bezos and others are paying a low rate provide a link.
It's not a comparison to the bottom bracket we all know they pay no tax, it's the middle class comparison.
Please explain to me the morality of forcing some people to pay more taxes than others.
Apparently, you only want to attack me but have no capability to organize an argument.
Amazon is not the only company in the US. Bezos's actual income (no matter how you calculate it) is also only a small fraction of Amazon's revenue.
Quote:
Originally Posted by Bettafish
I see your real problem is lacking common knowledge.
Here is the rule:
"Americans with income below a certain threshold — $75,000 for individuals, $112,500 for heads of household and $150,000 for couples filing jointly — will each receive $1,400 per person as a direct deposit or mailed check. Households will receive an additional $1,400 for each dependent claimed on their most recent tax filings."
no, see, you carried on for hours "we'll need to see the data". Well, I provided it, as have several others. And so I "organized an argument".
example: "Bezos' actual income ... small fraction of Amazon's revenue". This is of course true, but immaterial. I don't think there's a CEO out there who's paid as a % of the company revenue. And Bezos taxable compensation is ~ $100K.
OK, so you earn about $150K and are single. You could have simply said that at any point. Obviously, your exact earnings makes a small difference, but that's up to you to calculate.
You are ignoring the ability for billionaires to lower tax rates through capital gains tax and other loopholes. The tax rates are in the article, if you dispute that Bezos and others are paying a low rate provide a link.
It's not a comparison to the bottom bracket we all know they pay no tax, it's the middle class comparison.
This article is disingenuous. They are trying to compare the taxes they pay on their income with the growth of their unrealized gains from their assets. Taxes are not paid on capital gains until those assets are sold. Read my example.
What loopholes? Nobody every details those so-called loopholes because there aren’t any. The rates are what they are. Investing in stocks, real estate is not a loophole. Many people invest in stock and real estate.
If they are held for more than a year they are taxed at lower rates than ordinary income tax rates. Currently the top rate is 23.8%.
Several reasons for this. One has to do with the time value of money. If you are giving up use of your money for a long period of time, it loses value. They want to encourage long term investments so the rate tries to compensate for this for longer term investments. This helps create more stability in the market. Those with capital should be encouraged to lend it out/invest it as this helps others build and grow.
If all that capital was kept under their mattress or taken to another country it would be detrimental to our economy. We should be grateful they’re willing to take the risks involved in investing it here.
Apparently you need to improve your reading skills.
"Eyebee Teepee" is not the original poster talking about this issue with me. He just jumped in and added some garbage premises that are irrelevant.
which premises would those be?
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