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And it's all legal because it's allowed by the tax law.
People are not breaking the law.
These aren't loopholes; they are the law.
Congress is not going to change them anytime soon because you don't bite the hand that feeds you.
and therein lies the issue we've migrated to as a country. They're not up there to do what's right, or actually to do anything to the benefit of America as a whole. Even specifically-enumerated Defense is about 30% pure profit and another 20% waste (or vice versa).
Can you imagine if they just had a hearing on this and one side of the aisle decided to lay the cards on the table "The reason they're making these billions and the reason they're not paying taxes is because of the laws we've passed the last 30 years. So let's change the laws."
and therein lies the issue we've migrated to as a country. They're not up there to do what's right, or actually to do anything to the benefit of America as a whole. Even specifically-enumerated Defense is about 30% pure profit and another 20% waste (or vice versa).
Can you imagine if they just had a hearing on this and one side of the aisle decided to lay the cards on the table "The reason they're making these billions and the reason they're not paying taxes is because of the laws we've passed the last 30 years. So let's change the laws."
And knowing they will not bite the hand that feeds them (nor their own hands), just who do you think this "billionaire" bill will impact ?
In support of my post below, the S.F. Fed office says gov't spending caused this inflation...if you dont like Fox link below, go to San Fran's Feds web page:
All this talk about taxation, but very few posts about gov't spending less.
In your Grandparents time, gov't consumed ~10% of GDP, and today, its ~50%.
Before the private sector gets to the dinner table, 1/2 the pizza has already been eaten...by gov't.
Now, the gov't wants to tax the private sector more, so maybe 60% of the pizza will be gone before we sit down to dinner.
The top 1% will be the 1st to sit down to dinner, & they'll get their slices, but the rest of us will be fighting for scraps left over by Gov't & the top 1%.
Shrink gov't, shrink spending as a % of GDP, and more money will be available for the private sector. Money churns & grows in the private sector, but once it goes into Gov't, it vanishes. Gov't doesn't produce ANYTHING...Gov't is a sunk cost. Only the private sector can grow the pizza pie.
While they all argue where to cut, & by how much, implement The Penny Plan & cut everything equally NOW. Guess who tried to do this in '18?
The proposal is called "Billionaire Minimum Income Tax" and will tax wealth only it starts out at $100 million so it's a millionaire tax as well.
So $100 million makes you a billionaire now. Such is life in Bizzarro World (America).
Well we all know that taxes DO trickle down to eventually impact all of us (AMT is a prime example).
https://www.msn.com/en-us/news/polit...cid=uxbndlbing
The “Billionaire Minimum Income Tax” plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million, the document says. The majority of new revenue raised by the tax would come from billionaires.
The dems tried a similar thing a while back with the "luxury tax".
Instead of bringing in MORE money like they said t would, LESS money was collected because many makers of "luxury" things like boats, RVs and airplanes went under due to the "rich" NOT buying any more.
"When you do the same thing over and over, do NOT expect a different outcome!"
I'll never see a billion dollars in my lifetime; so, forget them. They do everything they can to avoid paying the taxes they are subjected to now. So, what's another tax? Pay an accountant a few bucks more to help avoid this tax and go on their merry way.
What a racket.
"They do everything they can to avoid paying the taxes they are subjected to now."
So do the vast a majority of taxpayers.
Have you ever heard of a parent NOT take the child deduction?
The dems tried a similar thing a while back with the "luxury tax".
Instead of bringing in MORE money like they said t would, LESS money was collected because many makers of "luxury" things like boats, RVs and airplanes went under due to the "rich" NOT buying any more.
"When you do the same thing over and over, do NOT expect a different outcome!"
Not only was less tax collected, it also cost the Fed Gov MORE money in social safety net programs spending for all the laid off luxury goods industry workers and the ripple effects that negatively impacted their communities' economies.
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