Billionaire true tax rate

[Chew Toy McCoy]

Where’s Robin Hood when you need him?

Being investigated by the FFC because they also don't have the resources to combat the lawyers of the top Wall St. firms.

Depending on if you are a glass half empty or half full guy, you can either see it as the system is rigged against you or it's rigged in favor of the rich.

 

[DT]

Heard about this recently. Basically the IRS doesn't have the resources to combat the lawyers of the rich but they have to audit somebody. Might as well be the poor.

There won't be any lawyers with the "rich", that's sort of the point, they'll have books perfectly done by a high end accounting firm. There won't be any mistakes, nothing to audit, waste of time. People without those resources are probably making mistakes, or trying to save a few extra bucks without deep knowledge of how to do so without getting nailed.

I mean, same concept, same outcome.

 

[Chew Toy McCoy]

There won't be any lawyers with the "rich", that's sort of the point, they'll have books perfectly done by a high end accounting firm. There won't be any mistakes, nothing to audit, waste of time. People without those resources are probably making mistakes, or trying to save a few extra bucks without deep knowledge of how to do so without getting nailed.

I mean, same concept, same outcome.

But Trump.

 

[SuperMatt]

There won't be any lawyers with the "rich", that's sort of the point, they'll have books perfectly done by a high end accounting firm. There won't be any mistakes, nothing to audit, waste of time. People without those resources are probably making mistakes, or trying to save a few extra bucks without deep knowledge of how to do so without getting nailed.

I mean, same concept, same outcome.

Oh they cheat. But it’s very expensive to figure it out. That being said, successful audits of high-wealth individuals can net millions of dollars if they find the cheating that is certainly happening.

 

[SuperMatt]

Here’s the full article the OP got the graphic from if you want to read more:

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

Our analysis of tax data for the 25 richest Americans quantifies just how unfair the system has become.

By the end of 2018, the 25 were worth $1.1 trillion.

For comparison, it would take 14.3 million ordinary American wage earners put together to equal that same amount of wealth.

The personal federal tax bill for the top 25 in 2018: $1.9 billion.

The bill for the wage earners: $143 billion.

Workers pay almost 10x the tax rate that these crooks pay. They need to start paying up, NOW. Fix the tax system so that this investment wealth doesn’t get taxed at a lower rate than money earned by people’s actual hard work.

 

[DT]

Oh they cheat.

Of course, that's doesn't mean there's no mistakes

Trust me, I get it.

 

[mac_in_tosh]

Meanwhile our roads and other infrastructure are crumbling under our corrupt system. Builders of luxury skyscrapers get municipalities to excuse them from property taxes. Billionaire sports team owners get localities to contribute millions of dollars to build their new stadiums. And lets not forget a century of subsidies for the oil industry. How about subsidizing lower income people who have to drive with today's high gas prices? Oh no, that would be socialism.

Both parties are ultimately to blame, but the GOP especially has it as their mission to continually increase the wealth of the top 1%.

 

[GermanSuplex]

It’s basic math. You can’t tax those who make the least the highest percent and those with the most the least. I’m flabbergasted that Americans put up with this BS, but the wealthy have done a good job at keeping us stupid and fighting with each other about the dumbest of issues. And the more they make, the more things they use to divide us.

 

[SuperMatt]

It’s basic math. You can’t tax those who make the least the highest percent and those with the most the least. I’m flabbergasted that Americans put up with this BS, but the wealthy have done a good job at keeping us stupid and fighting with each other about the dumbest of issues. And the more they make, the more things they use to divide us.

Yep, they have convinced many people who are being screwed by the current system that it is fair, and that charging billionaires more means that they will have to pay more too. There’s a sucker born every minute.

 

[SuperMatt]

Biden is proposing a 20% minimum tax for billionaires. It is WAY PAST time for them to start paying their fair share.

https://wapo.st/3NnZNna

(paywall removed)

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.

Many billionaires can pay far lower tax rates than average Americans because the federal government does not tax the increase in the value of their stock holdings until those assets are sold. Billionaires are able to borrow against their accumulated gains without triggering taxes on capital gains, enabling huge accumulations of wealth to go virtually untaxed by the federal government.

The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.

 

[Cmaier]

Biden is proposing a 20% minimum tax for billionaires. It is WAY PAST time for them to start paying their fair share.

https://wapo.st/3NnZNna

(paywall removed)

All for it, but taxing unrealized gains is tricky. For a lot of things, it’s not even that easy to prove what the gain is.

 

[SuperMatt]

All for it, but taxing unrealized gains is tricky. For a lot of things, it’s not even that easy to prove what the gain is.

Of course it’s tricky. These vampires are so greedy that getting even a nickel from them is like trying to get blood from a stone.

I like this WAY better than the Republican idea (put forward by Rick Scott) of taxing poor people more. It would generate far less revenue, and it would decrease economic activity. On the other hand, taxing unrealized gains of billionaires is taxing wealth that is providing zero benefit to the economy… it’s just sitting there.

Also, if you read the proposal, you see that if they sell the asset(s) later, the tax is considered to be already paid.

How often do we hear that we ”can’t afford” things like universal pre-K or universal health care? What we truly cannot afford is the status quo. Half the nation’s wealth in the hands of a few hundred people, all of whom pay little to no tax. Remember how well it worked out for Greece to have a system where the rich never paid their taxes?