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Started By
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 3:07 am to BuckyCheese
Posted on 6/9/21 at 3:07 am to BuckyCheese
quote:
If Trump's was leaked, amazed it wasn't
Oh it was. Says they analyzed thousands and Trump would be in the 300’s range.
0
Posted on 6/9/21 at 3:52 am to Kujo
This is big time misleading.
They didn’t pay tax because they didn’t have income to offset their expenses for the year.
Selling stocks for a loss or owning money losing companies can do that to you.
It is only in the last ten years or so that Amazon has been profitable. Buffett never sells stock and if he does he has held it long enough to get long term capital Gaines treatment.
They didn’t pay tax because they didn’t have income to offset their expenses for the year.
Selling stocks for a loss or owning money losing companies can do that to you.
It is only in the last ten years or so that Amazon has been profitable. Buffett never sells stock and if he does he has held it long enough to get long term capital Gaines treatment.
Posted on 6/9/21 at 4:35 am to Kujo
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
Posted on 6/9/21 at 4:46 am to Kujo
Bezos takes advantage of many losses. Amazon still has losses that they carry forward from 1995. The company took a loss for well over ten years.
He spent a lot of money to make a lot of money and the consequences show today.
He spent a lot of money to make a lot of money and the consequences show today.
Posted on 6/9/21 at 4:52 am to Kujo
Did he break any laws? If not, blame the politicians who wrote the tax code.
Posted on 6/9/21 at 4:53 am to Kujo
(no message)
This post was edited on 5/4/22 at 9:47 pm
Posted on 6/9/21 at 4:58 am to TigerSaintInDallas
quote:
Conservatives need to start being harsher on the ultra wealthy and corporations. I’m starting to think some of yall would be ok with returning to a feudal-peasant society where 10 people own all the land in the country if the ‘free market’ got us there
The issue is, people don’t understand taxes.
If Bezos lost money for longer than he’s made money, his tax liability being little makes sense.
At the end of the day, he would still have negative net earnings.
Posted on 6/9/21 at 4:58 am to I B Freeman
quote:None of which has to do with Bezos's earnings.
It is only in the last ten years or so that Amazon has been profitable.
As long as Cap Gains are tax protected until liquidation, people like Bezos, Buffett, Ichan, Ackman, etc will accrue wealth with minimal tax pain.
The problem is those folks are connected enough politically to poison-pill any substantive changes to tax law.
E.g., don't just tax billionaires. Tax "the 1%" ... which eventually translates to "the 20%". Duplicitous moguls like Buffett know spreading pain to a wider audience poisons the well.
Posted on 6/9/21 at 5:00 am to Kujo
Good. the rest of us should pay the same rate.
Posted on 6/9/21 at 5:00 am to Kujo
Tax laws are written by career politicians like Biden.
Rich people like Bezos and Trump hire accountants and lawyers to figure out the shitty laws and make sure they pay the smallest amount possible. That’s their job. No accountant sets out to make sure you pay more than you are required.
If they do their job and it comes out to zero, good for you! It’s not a taxpayer’s job to pay a different amount because people like Biden wrote a shitty tax code.
Rich people like Bezos and Trump hire accountants and lawyers to figure out the shitty laws and make sure they pay the smallest amount possible. That’s their job. No accountant sets out to make sure you pay more than you are required.
If they do their job and it comes out to zero, good for you! It’s not a taxpayer’s job to pay a different amount because people like Biden wrote a shitty tax code.
This post was edited on 6/9/21 at 7:31 am
Posted on 6/9/21 at 5:03 am to sabbertooth
quote:
Interesting they use illegal material in their report
I am sure Twitter will block the NYT
Posted on 6/9/21 at 5:41 am to Deuces
quote:
Bezos takes advantage of many losses. Amazon still has losses that they carry forward from 1995.
While I have no doubt that he generates losses from other investments that flow through to his personal return, Amazon's NOLs would not be the reason for a zero rate on Bezo's individual return. Also, stock based compensation rules are far more responsible for Amazon not paying tax than NOLs at this point.
The wealth tax champions are probably licking their chops after reading this leak. As Europe will tell you, wealth taxes don't work.
This post was edited on 6/9/21 at 5:52 am
Posted on 6/9/21 at 5:43 am to CamdenTiger
quote:
This is why you can’t raise taxes, it just makes the middle class pay more, not the rich
Just because you can't figure out a way to get billionaires to pay taxes doesn't mean it can't be done. Millionaire athletes and 100 thousandaires have to pay a large chunk so why are you fine wit billionaires skipping out? If you couldn't figure out how to send a rocket to the moon it doesn't mean noone was able to.
Posted on 6/9/21 at 5:57 am to Kujo
Wouldn’t be surprised if the Biden admin gave the “leaked” material to the NYT to gain public support for the increased tax rate. Such a coincidence that it comes out now.
Posted on 6/9/21 at 5:57 am to Deuces
quote:
Bezos takes advantage of many losses. Amazon still has losses that they carry forward from 1995. The company took a loss for well over ten years.
Amazon’s losses are Amazon’s and would not impact his personal return.
Posted on 6/9/21 at 6:04 am to Kujo
I guarantee you there is a logical explanation.
Posted on 6/9/21 at 6:07 am to Kujo
Pro Publica’s own graphic showed that Bezos paid $975,000,000 in taxes over the 5 years they have data for.
Then they say his real tax rate is less than 1% because they compare his taxes to his “wealth growth.”
These aren’t serious people.
Then they say his real tax rate is less than 1% because they compare his taxes to his “wealth growth.”
These aren’t serious people.
Posted on 6/9/21 at 6:09 am to mays
quote:
Publica’s own graphic showed that Bezos paid $975,000,000 in taxes over the 5 years they have data for.
That's a hunk of change. So much for "taxing the rich doesn't work"
Posted on 6/9/21 at 6:14 am to Kujo
Loopholes that allow at least the wealthy to evade taxation won’t go away because members of Congress are wealthy and they don’t want to pay taxes.
The good news is anybody can do some of the same things they do to lighten the tax load.
The good news is anybody can do some of the same things they do to lighten the tax load.
This post was edited on 6/9/21 at 6:15 am
Posted on 6/9/21 at 6:15 am to Kujo
LOL
Jeff Bezos' news company
Jeff Bezos' news company
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