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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 10:38 am to mmmmmbeeer
Posted on 6/9/21 at 10:38 am to mmmmmbeeer
quote:
When a guy like Bezos pays no personal income tax
Well, in most years he does pay income taxes. The framing of the article is problematic in that regard, but the meat of it regarding their percentage rate as a percentage of their wealth accumulation is dead on.
quote:
Or look at companies like Walmart. The founder's families are all billionaires. Walmart pays such paltry wages and manipulates schedules to keep employees at part-time to avoid paying benefits packages. Those employees then turn around and collect food stamps, tax credits, etc. to make a living. So we're LITERALLY subsidizing Walmart's ability to underpay workers so the stockholders can make mo' money.
Yep, and Walmart isn't the only one. You can't have no minimum wage and no social safety net in a modern functioning society, yet many here seem to want that. Take a guess at what the crime rate would look like in that world.
2
Posted on 6/9/21 at 10:50 am to UASports23
quote:
Bezos has so many Amazon shares from the jump that he probably doesn't take a paycheck.
That is why income tax is not a tax on the rich. The wealthy don't have incomes, they have wealth.
Capital gains tax is a tax on the rich. Biden is actually helping to tax the rich in that regard. We also need a higher death tax or need an actual wealth tax instead of income tax.
Posted on 6/9/21 at 10:53 am to Kujo
The wealthy are playing a game here, but this made-up definition is utter BS.
"Wealth growth" is not taxed unless it's converted into cash (essentially). So to try to base something off of this, and compare it to a tax rate, is insanely dishonest and shows why most media should never discuss taxation.
quote:
To get a clear look of how much tax billionaires paid versus average Americans, ProPublica created a measure called “true tax rate,” defined as the amount of federal income taxes paid by a person in a given year divided by their wealth growth over the same period, using Forbes data.
The report first looked at the nation’s 25 richest people. Between 2014 and 2018, these 25 people saw their net worth collectively grow $401 billion. In those years they paid a total of $13.6 billion in federal income taxes, which amounts to a true tax rate of only 3.4 percent.
"Wealth growth" is not taxed unless it's converted into cash (essentially). So to try to base something off of this, and compare it to a tax rate, is insanely dishonest and shows why most media should never discuss taxation.
Posted on 6/9/21 at 10:55 am to Kujo
So let me get this straight....
CNN spent years trying to find "gotchas" in Trump's tax returns (and his associates, family members, political allies). But when it is revealed that the richest men in the country didn't pay a fricking dime, they investigate the actual leak instead?
CNN spent years trying to find "gotchas" in Trump's tax returns (and his associates, family members, political allies). But when it is revealed that the richest men in the country didn't pay a fricking dime, they investigate the actual leak instead?
Posted on 6/9/21 at 10:55 am to mmmmmbeeer
quote:
So we're LITERALLY subsidizing Walmart's ability to underpay workers so the stockholders can make mo' money.
This is peak capitalism. We aren't subsidizing them via paying welfare. We are subsidizing them by using them. We all want more money ourselves, so we go to walmart because it is slightly more convenient or a bit cheaper.
We need small businesses! We will have to find someway to regulate types corporations for size in regards to what needs the economics of scale and what doesn't. A lot of things have to fundamentally and spiritually change in the United States if we want to revitalize the culture that it once had instead of this chase for absolute wealth at all costs that so many people strive for.
Posted on 6/9/21 at 10:56 am to The Spleen
quote:
When a guy like Bezos pays no personal income tax
For at least that year.
Posted on 6/9/21 at 10:58 am to UASports23
quote:And the gains on that stock are not taxable until sold (and then at capital gains). No different than anyone else.
Bezos has so many Amazon shares from the jump that he probably doesn't take a paycheck.
Then reports losses of investments and Tada.
Posted on 6/9/21 at 11:00 am to AtlantaLSUfan
quote:
Democrats on the campaign trail 100% of the time say “we need to tax the rich”. Idiots.
They obfuscate income with wealth when describing "rich" because it plays well with the welfare crowd and with all of these basket weaving majors that now work at Starbucks.
If a politician wants to "tax the rich" by raising income tax, they are shielding the wealthiest in the US from tax and sticking it to working people who are trying to become "rich". They are liars.
Posted on 6/9/21 at 11:04 am to The Spleen
quote:
Yep, and Walmart isn't the only one. You can't have no minimum wage and no social safety net in a modern functioning society, yet many here seem to want that. Take a guess at what the crime rate would look like in that world.
But we do have a social safety net. What many see as the problem is grown adults that are doing very basic jobs and expecting living wages. While that sounds good, I think that would lead to a rapidly rising cost of living and end up in a vicious cycle.
More issues I see...
Walmart has 1.6 million employees. Lets assume they average 20 hours per week and we increase their wages by 5 bucks an hour. Do the math and see what that would cost Walmart annually.
What this country needs is more manufacturing jobs that require some skill sets that pay more than 9 dollars an hour.
Instead we are screaming for 15/hr and 40 hours a week. We want this for basic no skill jobs such as fast food. This means that Little Johnny and Little Mary could drop out of high school and shack up together and bring in almost $63,000/year.
Posted on 6/9/21 at 11:07 am to BHM
quote:
What many see as the problem is grown adults that are doing very basic jobs and expecting living wages.
For all intents and purposes you could 50ish years ago, certainly more than now
quote:
Instead we are screaming for 15/hr and 40 hours a week.
Most people working for low wages are kept under 40 hours so they don't have to be provided with benefits which is a great way to keep people poor and put more strain on society
Posted on 6/9/21 at 11:09 am to sabbertooth
quote:
Interesting they use illegal material in their report.
You’re starting to sound like the twitter guy
Posted on 6/9/21 at 11:22 am to zatetic
quote:
Capital gains tax is a tax on the rich. Biden is actually helping to tax the rich in that regard.
It's a tax on higher income earners and people who have saved for retirement, but people like Bezos and Buffett can easily get around it by simply deferring capital gains by using lines of credit to cover their spending, then simply using the charitable deduction to avoid it all together.
quote:
We also need a higher death tax or need an actual wealth tax instead of income tax.
A wealth tax is nearly impossible to implement. The IRS would have to be many times larger to even begin to calculate wealth on an annual basis.
Posted on 6/9/21 at 11:24 am to Grievous Angel
quote:
I'm not OK with Bezos paying less than me.
Want to get really pissed off. Not only does he and warren buffet pay less than you (percentage wise) they want YOU to pay more of your income not less. They (Buffett especially) are always advocating and lobbying for candidates who want to raise income taxes. While they knowingly are shielding everything they can.
Then you have to laugh when you realize what bullshite the msm tries to peddle when they paint the democrats as the party of the middle class.
The billionaires and the democrats have it figured out. The billionaires lobby for easy government contracts to increase their wealth creating a pseudo socialism system. They then dole out a bunch of welfare to the under class so that the destitute don’t rise up. Then they hike up taxes on the middle class because they have too much to lose to truly fight. So you have the mega wealthy getting checks from the government, the government (lobbied by billionaires) paying off the lower class with welfare and then using the middle class to fund said government contracts and welfare.
To be clear. I’m all for anyone being aggressive with the tax laws. I’m not ok with someone with billions creating loopholes for themselves and then lobbying for others with much less to pay more.
This post was edited on 6/9/21 at 11:26 am
Posted on 6/9/21 at 11:25 am to Stan Switek
quote:
people like Bezos and Buffett can easily get around it by simply deferring capital gains by using lines of credit to cover their spending, then simply using the charitable deduction to avoid it all together.
Thanks for sharing that. I didn't know the capital gains tax could be abused as easily as the others.
Posted on 6/9/21 at 11:26 am to zatetic
quote:
We will have to find someway to regulate types corporations for size in regards to what needs the economics of scale and what doesn't
Good idea. We can just nationalize all the corporations. That way the government owns all the means of production.
Maybe we could give this brave new type of economic system a snappy name.
Posted on 6/9/21 at 11:27 am to Stan Switek
quote:
A wealth tax is nearly impossible to implement. The IRS would have to be many times larger to even begin to calculate wealth on an annual basis.
national sales tax is the only way to go. Exempt food only.
Posted on 6/9/21 at 11:27 am to Adam Banks
quote:
national sales tax is the only way to go
Hope you like paying more taxes
Posted on 6/9/21 at 11:28 am to Adam Banks
quote:
national sales tax is the only way to go. Exempt food only.
A non-starter.
Now what I can see happening is a VAT like Europe, on top of our existing taxes. Then you calculate the income level to exempt to ensure you maintain power.
Posted on 6/9/21 at 11:29 am to Mingo Was His NameO
quote:
Hope you like paying more taxes
Anyone who doesn’t like paying taxes can limit their spending.
Posted on 6/9/21 at 11:31 am to Centinel
quote:
Now what I can see happening is a VAT like Europe
That's essentially the same thing as a sales tax, you just only pay on your value add. It's still a consumption tax.
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