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"per ProPublica, from 2014 to 2018 Bezos paid $973 Million in taxes."
I thought peoples tax records were kept secret by the IRS.
Did HE provide those numbers?
Hasn't many on the left been screaming about Trump releasing his taxes for over over 5 years?
they're supposed to, and now the IRS is being investigated for whoever anonymously dumped a bunch of data to ProPublica.
Which is essentially the same as the NYT getting hold of Trump's transcripts (partial return) and braying about him paying $750 one year.
This is the exact same actually. A "news"/"journalism" outfit that pushes a narrative that focuses on 1 fact of many, because that 1 fact is all the ignorant can grasp while ignoring how much the totality of the facts were.
For Trump, it was $750 and even $0.
For Bezos etal it is "Paid nothing in 1 or 2 years" and "average rate of 15.8%"
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.
and I would "argue", as I have before, that we should look at, simplify, and "equalize" the tax rules.
Any of the top 1% (breakpoint $500K) who make a high % of that income from items that are only taxed as capital gains could surely pay that at income rates, not CG rates.
Any "loophole" that begins where only the top 1% can ever hope to enjoy it should be eliminated. If Bettafish and his ~$150K income is frugal, saves and invests wisely, then any tax-favorable vehicle that exists should be available to him.
But we don't change the cap gains rate overall or for everybody. Frankly, for some people the CG rate should be 0, because they paid taxes on the $100 of income that allowed them buy 10 shares at $8 that years later were worth $100K.
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.
The correct adjective is “evil.”
This article is trying to stir up class warfare and advocate for violence against other people.
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.
...
there are some investment vehicles that act as tax shelters that are not available to all. I will not claim to know them by name/individually, but they do exist.
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.
there are some investment vehicles that act as tax shelters that are not available to all. I will not claim to know them by name/individually, but they do exist.
They are available to all who are in a position to use them. The entire tax code is filled with many, many things available to certain groups over others. That doesn’t make them right or fair but it also doesn’t make them loopholes if you meet the requirements to qualify for them. Folks who own houses are favored over those who don’t. Folks with kids get favoritism those without them don’t get. Old people get more favorable rates. Those with certain retirement accounts get favorable rates. Some pay zero capital gains.
In most cases the more you make the more of these favorable rates are taken from you. Only those over a certain income level pay the Obamacare tax or lose their rental property loss deduction of $25,000 against ordinary income, have their mortgage interest deductions limited, etc…
The favoritism has resulted in half of income earners paying no federal income taxes because those with higher incomes are paying most of the taxes already.
They are available to all who are in a position to use them. The entire tax code is filled with many, many things available to certain groups over others. That doesn’t make them right or fair but it also doesn’t make them loopholes if you meet the requirements to qualify for them. Folks who own houses are favored over those who don’t. Folks with kids get favoritism those without them don’t get. Old people get more favorable rates. Those with certain retirement accounts get favorable rates. Some pay zero capital gains.
In most cases the more you make the more of these favorable rates are taken from you. Only those over a certain income level pay the Obamacare tax or lose their rental property loss deduction of $25,000 against ordinary income, have their mortgage interest deductions limited, etc…
The favoritism has resulted in half of income earners paying no federal income taxes because those with higher incomes are paying most of the taxes already.
BINGO! You think if the top earners only pay 15% that the lower half (50%) would pay no or very little taxes and we have the Earned Income Credit which on top of paying NO taxes, you get money from the government that you never paid in the first place. Where do you think the government collects that money from? it falls from the sky?
the 15% doesn't add up in math or reality, not only they pay the most taxes, they are the most insulted. Reminds a little of family, you have 1 son who is the most successful in the family and he takes care of his parents and the family's problems and you have 1 hater or 2 in the family that resents that and the envy comes in and the trash talking.
My grandpa told me as a kid that the more you earn in life the more people are going to be envious of you. It comes with the territory. I found out what he meant years later at the workplace and even in the family.
People who call themselves "conservatives" in America are actually monarchists at heart. They love nothing but authority. If it were up to them, not only would billionaires pay no taxes... tax money would be paid directly TO those billionaires.
That's already happening in many cases.
Why is the left so obsessed with other peoples money? Nothing but greed and envy from them.
there are some investment vehicles that act as tax shelters that are not available to all. I will not claim to know them by name/individually, but they do exist.
For example, municipal bonds. Interests from those bonds are not liable for any federal income tax.
But it is available to you too and it is not a loophole!
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You think if the top earners only pay 15% that the lower half (50%) would pay no or very little taxes and we have the Earned Income Credit which on top of paying NO taxes, you get money from the government that you never paid in the first place. Where do you think the government collects that money from? it falls from the sky?