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re: IRS Billionaire leak: Bezos paid $0 in income tax, got a $4k tax credit for his two kids
Posted on 6/9/21 at 6:19 am to Kujo
Posted on 6/9/21 at 6:19 am to Kujo
quote:
Bezos paid $0 in income tax
Because most ultra wealthy people don't earn Income. Bezos doesn't get monthly Billion dollar pay checks. His money is tied up in stocks, real-estate, and other financial products. They earn very little if any income. They pay the bulk of their taxes in other areas (payroll, property, sales etc.).
2
Posted on 6/9/21 at 6:23 am to Kujo
If they didn't get much income, their taxes won't be that high. This is a non-story for idiots.
"Wealth" doesn't really mean anything if it's not realized. It's just a number on paper.
Oh so you don't have tactile gains until they're realized? What a complex topic!
quote:
The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.
"Wealth" doesn't really mean anything if it's not realized. It's just a number on paper.
quote:
Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.
Oh so you don't have tactile gains until they're realized? What a complex topic!
Posted on 6/9/21 at 6:24 am to Navtiger1
Remember when all the baristas and uber drivers didn't understand this when they found out Trump only paid $750.00 in taxes and the hashtag #TrumpIsBroke started trending 
Posted on 6/9/21 at 6:29 am to sgallo3
quote:
Just because you can't figure out a way to get billionaires to pay taxes doesn't mean it can't be done.
If those billionaires are just billionaires on paper, especially from stock of companies they founded...it's not really possible unless you want to frick up investing for everyone or create completely unfair and discriminatory law that aren't rational.
Posted on 6/9/21 at 6:33 am to Navtiger1
quote:
Because most ultra wealthy people don't earn Income
Yes they do. Those asset holdings generate taxable income mostly with interest and dividends. In one of the years Bezos paid no income tax, he reported $46 million in income, mostly from interest and dividends.
Posted on 6/9/21 at 6:35 am to Kujo
Take out the loopholes and we get the real trickle down economics.
Posted on 6/9/21 at 6:35 am to SlowFlowPro
quote:
If those billionaires are just billionaires on paper, especially from stock of companies they founded...it's not really possible unless you want to frick up investing for everyone or create completely unfair and discriminatory law that aren't rational.
It is possible, and extremely easy. Eliminate the step-up in basis upon their death.
Posted on 6/9/21 at 6:43 am to The Spleen
quote:
It is possible, and extremely easy. Eliminate the step-up in basis upon their death.
That would destroy estates/successions for normal people, would just have people put stuff into trusts, likely won't affect these people (most seem to be donating their wealth after death to charity), and, most importantly, would have NO effect on what the story is about (tax rates during accumulation, aka, before death)
Posted on 6/9/21 at 6:48 am to Kujo
The current tax system is so stupid. Why not increase sales tax and decrease income tax.
That way there are no loopholes. When Bezos buys his 500 million dollar yacht he will pay up.
That way there are no loopholes. When Bezos buys his 500 million dollar yacht he will pay up.
Posted on 6/9/21 at 6:48 am to The Spleen
quote:
Eliminate the step-up in basis upon their death.
This. I'm all for low taxes but it makes little sense to me that my kids pay less taxes than I would on my long term investments after I die. I bought then with hard earned income (already taxed once) and take all the risk. Why does next generation avoid taxes on all those unrealized gains even after they sell? Seems to me like they should inherit original basis and pay gains on all the growth when they sell.
Posted on 6/9/21 at 6:52 am to The Spleen
quote:
he reported $46 million in income, mostly from interest and dividends.
That is likely not earned income and is taxed differently. It all depends on how it's paid and how it's claimed. I highly doubt their accountants and lawyers have them paying tax where it can be avoided. That is why this article is click bait. the ultra wealthy still pay taxes (considerably more than the majority of Americans).
Posted on 6/9/21 at 6:54 am to Navtiger1
Let’s add up all of Bezo’s tax contributions…
Capital gains
Payroll
Sales
Etc.
And compare that to the bottom half of the US who pay essentially zero.
Muh fair share
Capital gains
Payroll
Sales
Etc.
And compare that to the bottom half of the US who pay essentially zero.
Muh fair share
Posted on 6/9/21 at 6:56 am to Kujo
It’s long been thought the ultra wealthy are exempt from income taxes and the irs just looks the other way. For those suggesting it’s all done by legal loop holes get real.
All these people are liberal bc they know their bullshite doesn’t effect them, and it helps to keep the masses down where they can farm more and more wealth off our backs
All these people are liberal bc they know their bullshite doesn’t effect them, and it helps to keep the masses down where they can farm more and more wealth off our backs
Posted on 6/9/21 at 7:00 am to Kujo
The system rewards people who use their wealth to stimulate the economy. It’s a good system,
Posted on 6/9/21 at 7:02 am to LSU-MNCBABY
quote:
All these people are liberal bc they know their bullshite doesn’t effect them, and it helps to keep the masses down where they can farm more and more wealth off our backs
While i have no love for Bezos, Gates, frickerburg, or any of the others. Lets be real the majority of American's pay nothing in taxes each year. Some who contributed nothing of value to society also received additional government compensation simply for breeding future takers. I highly doubt your "back" is worth as much as you think it is.
Posted on 6/9/21 at 7:02 am to SlowFlowPro
quote:
That would destroy estates/successions for normal people
No it wouldn’t. Most normal people are inheriting a house, retirement accounts, and maybe an investment account or two. Extend the personal residence gain exemption to estates and that solves that problem. Inherited retirement accounts are already taxed, so no issue there. That just leaves the investment accounts with elimination of stepped up basis. Again, for most normal people.
Posted on 6/9/21 at 7:03 am to BuckyCheese
quote:Because he's nowhere near one of the 25 richest Americans, whose info was leaked.
If Trump's was leaked, amazed it wasn't
Posted on 6/9/21 at 7:06 am to CamdenTiger
quote:
This is why you can’t raise taxes, it just makes the middle class pay more, not the rich; no matter what they try to tell you.... they are lying
Us Biden voters just want the middle class to pay their fair share
Posted on 6/9/21 at 7:08 am to windshieldman
I get that Bezos doesn’t get a bi-weekly paycheck to pay taxes on like me. But there is something fundamentally wrong when the richest man in the world pays less income tax than me.
Posted on 6/9/21 at 7:10 am to Navtiger1
quote:
That is likely not earned income and is taxed differently.
We can debate whether interest and dividends are “earned” income, but it’s not debatable that they’re both taxable income. And they’re not taxed differently. They’re taxed as ordinary income, except for qualified dividends which are taxed as long term gain income.
quote:
That is why this article is click bait. the ultra wealthy still pay taxes (considerably more than the majority of Americans).
The gist of the story is they pay considerably less than most people as a percentage of their wealth accumulation.
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