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Message
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 1:33 pm to Stan Switek
Posted on 6/9/21 at 1:33 pm to Stan Switek
quote:
The top 1% earn 21% of AGI while paying 38.5% of the income tax.
Key word
1
Posted on 6/9/21 at 1:35 pm to Kujo
Am I the only one that thinks no one should pay taxes
Posted on 6/9/21 at 1:37 pm to IceTiger
quote:
Am I the only one that thinks no one should pay taxes
No, you aren't the only idiot
Posted on 6/9/21 at 1:37 pm to Mingo Was His NameO
quote:
He's saying we should have figured out how to produce and compensate our labor efficiently enough to not have to rely on charity.
And for those who don't produce and aren't a part of the labor force?
quote:
Nowhere is the government mentioned as part of that
Didn't have to. Who is going to pick up the slack for St Jude without charitable donations? Who is paying for everyone's healthcare?
Posted on 6/9/21 at 1:40 pm to jchamil
quote:
Who is going to pick up the slack for St Jude without charitable donations? Who is paying for everyone's healthcare?
Individuals as we are efficient enough to pay for it ourselves.
That's the whole point of his premise. Are you retarded?
Posted on 6/9/21 at 1:42 pm to Mingo Was His NameO
quote:
That's the whole point of his premise. Are you retarded?
Are you? I see you didn't go over the part for those who don't work. Who is paying for them?
Posted on 6/9/21 at 1:43 pm to jchamil
quote:
I see you didn't go over the part for those who don't work. Who is paying for them?
You completely moved the goal posts and changed the entire premise, so I'll take the answer to my first question as a "yes"
Posted on 6/9/21 at 1:44 pm to Mingo Was His NameO
quote:
Key word
Is it?
Posted on 6/9/21 at 1:45 pm to habz007
Can you really complain that much?
Look at the job creation he has created.
Should he pay his fair share? Yes
Look at the job creation he has created.
Should he pay his fair share? Yes
Posted on 6/9/21 at 1:46 pm to Kujo
It's only awesome when Trump does this
Posted on 6/9/21 at 1:47 pm to Slagathor
quote:
Call it jealousy or outright ignorance, but I'd be more inclined to believe this donation is part of his tax write-off (as opposed to his good heart). I also wonder how many of his employees rely on that or similar programs to supplement feeding their families.
Also this is from a federal taxation text book that they teach to accountants.
The objectives of tax Law
quote:
Economic—to stimulate or control the economy
Social—to encourage behavior (e.g., deduction for charitable contributions) or discourage behavior (e.g., illegal kickbacks are not deductible)
Political—to benefit one’s own constituents or to discourage certain activities
the social aspect actually lowers the burden of the unlimited needs of government
This post was edited on 6/9/21 at 2:19 pm
Posted on 6/9/21 at 1:51 pm to jchamil
The government shouldn't be feeding us either. That was my point.
Posted on 6/9/21 at 1:52 pm to Kujo
quote:
almost all of America’s 25 richest people paid $0 or negative income tax in some years and a much lower tax rate than middle-class Americans in others
Well, no shite! it's "income" tax. Businesses' annual income varies. You can't just take a few random years and judge based on that. We should be evaluating on what his average annual taxes are.
Also, everyone always talks about how much Bezos is worth, but net worth isn't income.
Let's say you own a business which is taxed on a cash basis. That business grows at 35% per year for the first ten years reaching a $1 billion valuation. It's very possible that your high growth rate has forced you into a negative cash position every year. In that case you would have had no income, and your income tax wuld be zero.
There is nothing wrong with that. Eventually you will either sell your business or it will level out and cash will come washing in. At THAT time you will pay taxes, because THAT is when you made income. And that is as it should be.
This post was edited on 6/9/21 at 1:54 pm
Posted on 6/9/21 at 1:53 pm to goldennugget
quote:
Conservatives need to learn not to be so defensive of corporations. Its OK to be free market but corporations these days have turned our government into an oligarchy
Agreed and it’s not like these large corporations have made their success through the free market.
-Tons of business from communist or other authoritarian countries
-Bailouts after the financial crisis
-Bailouts during COVID
-Rules clearly skewed to benefit large corporations during COVID
-Much of the technology major companies built their wealth on was created through government funding
We haven’t lived in a truly free market system in a long time.
Posted on 6/9/21 at 1:58 pm to Penrod
quote:
Let's say you own a business which is taxed on a cash basis. That business grows at 35% per year for the first ten years reaching a $1 billion valuation. It's very possible that your high growth rate has forced you into a negative cash position every year. In that case you would have had no income, and your income tax wuld be zero.
There is nothing wrong with that. Eventually you will either sell your business or it will level out and cash will come washing in. At THAT time you will pay taxes, because THAT is when you made income. And that is as it should be.
This is all true, but I don’t see why it’s relevant to this conversation. It’s not like Bezos and company are living the PB&J for breakfast lunch and dinner startup lifestyle. These guys have clearly taken a ton of personal income from these companies.
Is the way the article presents it misleading? I would say so.
It’s also perfectly legitimate to question the tax code the ultra wealthy are subject to.
Posted on 6/9/21 at 2:03 pm to TooFyeToFly
quote:
It's only awesome when Trump does this
Moar TDS but yeah Bezos and Drumpf pay no taxes at all
Posted on 6/9/21 at 2:03 pm to Kujo
When Joe says he is going to raise taxes on earners over $400,000, what he doesnt say is that those earners will pay tax attorneys and accountants a lot of money to keep what they earned. But the government spends the expected money from these high earners before they collect the taxes. Then due to budget deficits they "reluctantly" raise taxes on regular people. These regular people cant afford tax attorneys and expensive accountants to get out of paying so they pay the tax.
Posted on 6/9/21 at 2:10 pm to Kujo
Never forget when Democrats tell you they want to raise taxes on the wealthy that the ultra wealthy never end up paying. They always have the means to find loopholes. It’s the upper middle class that gets fricked.
If the government really wanted to make a somewhat fair progressive tax system, they would remove all tax deductions and also lower the overall rate. You would just pay a percentage based on your income and be done. No need for CPAs and long winded forms. The overall revenue would would increase and it would actually be the richest Americans that would actually pay.
A true flat tax of like 25% above $50,000 would be my preference.
If the government really wanted to make a somewhat fair progressive tax system, they would remove all tax deductions and also lower the overall rate. You would just pay a percentage based on your income and be done. No need for CPAs and long winded forms. The overall revenue would would increase and it would actually be the richest Americans that would actually pay.
A true flat tax of like 25% above $50,000 would be my preference.
Posted on 6/9/21 at 2:22 pm to Penrod
quote:
Let's say you own a business which is taxed on a cash basis. That business grows at 35% per year for the first ten years reaching a $1 billion valuation. It's very possible that your high growth rate has forced you into a negative cash position every year. In that case you would have had no income, and your income tax wuld be zero.
This is ture too, some business to dont even have an income for several years. Doesnt mean they arent stable or wont make money in the long run.
Posted on 6/9/21 at 2:30 pm to TomRollTideRitter
quote:
It’s also perfectly legitimate to question the tax code the ultra wealthy are subject to.
A billionaire could go blind and have even less tax liability, turn 65, be head of household or have dependents. Medical bills can be deducted too, though some of their medical bills might not exceed 7.5% of their AGI.
But someone making 40k can take these credits too.
quote:
Co-pays, co-insurance, dental work and eye glasses for you, your spouse or dependents are all fair game. So are hearing aids, crutches, wheelchairs and the like. You can check the IRS list of qualifying expenses if you’re unsure whether something counts toward the deduction.
Also, travel costs associated with health care also can be used.
“Think about someone with a chronic condition who’s going back and forth to doctor’s appointments and back and forth to pick up prescriptions,” Weston said. “All those miles are deductible.”
quote:
For married couples filing jointly, the 2019 standard deduction is $24,400. For singles, it’s $12,200, and for heads of households, $18,350. Taxpayers age 65 or older get an additional amount: $1,650 if you file single or head of household, and $1,300 per person if married filing jointly.
For itemizing to make financial sense, the total of your deductions would need to exceed the standard deduction. Other things that could push you over that amount include charitable contributions and mortgage interest, along with up to $10,000 for state and local taxes (a.k.a., SALT).
This post was edited on 6/9/21 at 2:38 pm
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