Announcement

Collapse
No announcement yet.

Richest of the Rich Pay 3.4% in Taxes

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Richest of the Rich Pay 3.4% in Taxes

    "Taxes are how we pay for civilization."

    That's a quote from Oliver Wendall Holmes... meanwhile...


    Wealthiest Americans pay just 3.4% of income in taxes, investigation reveals

    Tax records from 2014 to 2018, analysed by ProPublica, show 25 Americans collectively earned $401bn but paid just $13.6bn

    Between 2014 and 2018, the 25 wealthiest Americans collectively earned $401bn, but paid just $13.6bn – about 3.4% of that – in taxes, according to a bombshell ProPublica investigation into the finances of the wealthiest Americans released on Wednesday.

    https://www.theguardian.com/us-news/...-investigation


    No surprise there. As usual, the rich figure out a way to enjoy the fruits of civilization without paying for it.

  • #2
    Good
    as they should. **** taxes

    Comment


    • #3
      …and they still receive massive government subsidies and bailouts - all while passing any increases to their costs onto consumers.



      Furthermore, American taxpayers are forced to subsidize their work forces as they refuse to pay adequate wages.


      Comment


      • #4
        Originally posted by Agent Zero View Post
        Good
        as they should. **** taxes
        If they paid the same amount as the average person, we'd have comprehensive universal healthcare and free college for all, among other things...

        Comment


        • #5
          Sounds like the LA gangs are gonna get them anyway…. 😂

          Comment


          • #6
            Originally posted by BowlenBall View Post

            If they paid the same amount as the average person, we'd have comprehensive universal healthcare and free college for all, among other things...
            No worries - boot lickers like Zero are happy to shoulder the worst of the burden.

            After all, it’s only been forty years - Reagan’s tax cuts should trickle down any day now.

            Comment


            • #7
              Originally posted by BowlenBall View Post

              If they paid the same amount as the average person, we'd have comprehensive universal healthcare and free college for all, among other things...
              rich people pay more than their fair share

              Comment


              • #8
                Originally posted by Agent Zero View Post

                rich people pay more than their fair share
                No, apparently they pay approximately 4% to 5%, based on the pro publica report.

                This is far, far less than the highest tax bracket, which is 37% for 2021. Only upper middle class and lower upper class actually pay that amount though.

                Comment


                • #9
                  Originally posted by L.A. BRONCOS FAN View Post

                  No worries - boot lickers like Zero are happy to shoulder the worst of the burden.

                  After all, it’s only been forty years - Reagan’s tax cuts should trickle down any day now.
                  It’s already trickled down.

                  Taxes collected from the rich helps keep the buses running for broke dumbasses like you

                  You’re welcome

                  Comment


                  • #10
                    Originally posted by BowlenBall View Post

                    No, apparently they pay approximately 4% to 5%, based on the pro publica report.

                    This is far, far less than the highest tax bracket, which is 37% for 2021. Only upper middle class and lower upper class actually pay that amount though.
                    Pro publica report lmao

                    Comment


                    • #11
                      Originally posted by Agent Zero View Post

                      Pro publica report lmao
                      I don't get where you're coming from.

                      People much, much richer than you are paying much much less (percentage wise) than you are in taxes, year after year. And for some reason, you're all for it? How is that rational?

                      Comment


                      • #12
                        Originally posted by BowlenBall View Post

                        I don't get where you're coming from.

                        People much, much richer than you are paying much much less (percentage wise) than you are in taxes, year after year. And for some reason, you're all for it? How is that rational?
                        He thinks he’s defending capitalism against the creeping socialist menace, but, in reality, he’s just a boot licker and a useful idiot.

                        Comment


                        • #13
                          Originally posted by BowlenBall View Post

                          I don't get where you're coming from.

                          People much, much richer than you are paying much much less (percentage wise) than you are in taxes, year after year. And for some reason, you're all for it? How is that rational?
                          pro publica is a left wing bullshit website. That’s why I laugh

                          Anyway tax avoidance should be applauded. We should all be learning from the best. Don’t Hate the player, hate the game

                          Comment


                          • #14
                            Originally posted by L.A. BRONCOS FAN View Post

                            He thinks he’s defending capitalism against the creeping socialist menace, but, in reality, he’s just a boot licker and a useful idiot.
                            In reality after wasting your life, you became jealous of the people who made it to the top

                            how old are you. Aren’t you in you’re late 60s or 70s. You’ll be dead soon and here you are still bitching about how much tax people who’s shit is worth more than your entire existence pay


                            Comment


                            • #15
                              For 4 decades the GOP has pushed tax cuts and deregulated industry. We now run trillion dollars deficits annually, have 30 trillion in debt, have a wealth gap that is a massive chasm, wages have been stagnant since the 70’s, and more of the middle class had joined the working poor. I don’t think it’s coincidence the country is a mess in many ways, as more people experience economic hopelessness.

                              I think there are times when taxes need to be cut, and industry needs room to breathe… but half a century of the policy has been counterproductive more most citizens…

                              Comment


                              • #16
                                Originally posted by B-Large View Post
                                For 4 decades the GOP has pushed tax cuts and deregulated industry. We now run trillion dollars deficits annually, have 30 trillion in debt, have a wealth gap that is a massive chasm, wages have been stagnant since the 70’s, and more of the middle class had joined the working poor. I don’t think it’s coincidence the country is a mess in many ways, as more people experience economic hopelessness.

                                I think there are times when taxes need to be cut, and industry needs room to breathe… but half a century of the policy has been counterproductive more most citizens…
                                Yup. Tax cuts are fine if you’re also cutting spending. The problem is, the GOP wants to cut taxes (mostly for the wealthy and corporations) while increasing spending. They always sell it by saying that tax cuts will increase spending and investment by the wealthy and corporations (trickle down) and it will help everybody! The reality is, it doesn’t work that way. Particularly with corporations, who mostly buy back shares with the excess cash.

                                Comment


                                • #17
                                  Most of it comes down to whether they're receiving actual income or simply expanding investment.

                                  I know many progressives think dealing with that reality is easy, but changing it significantly would actually be very difficult in practice. And introduce some perverse incentives.

                                  Comment


                                  • #18
                                    Originally posted by BroncoBeavis View Post
                                    Most of it comes down to whether they're receiving actual income or simply expanding investment.

                                    I know many progressives think dealing with that reality is easy, but changing it significantly would actually be very difficult in practice. And introduce some perverse incentives.
                                    It’s all too confusing. Still love a flat tax. Earn any dollar, pay 10 cents, 20 cents, 30 cents, etc. loved the proposals that let you do your taxes on and 3 x 5 card… the tax code is a disaster

                                    Comment


                                    • #19
                                      OP doesn’t understand how it all works. Thread title is false and a lie.

                                      As illustrated in the graph below, in 2019, the richest 1 percent of Americans will collect more than $1 in $5 of income in the United States (20.9 percent) and will pay a slightly higher share of the nation’s overall federal, state and local taxes (24.1 percent).


                                      1% of people bringing in over 24% of the entirety.
                                      Click image for larger version  Name:	WPTIA-2019_Chart1.png Views:	2 Size:	36.2 KB ID:	79181



                                      always amusing when clowns who get refunds complain others don’t pay anything.

                                      my advice is to quit whining about shit like this and invest.

                                      This disparity is driven largely by the way our tax code treats income generated from wealth—that is, income from assets like stocks that increase in value over time. When a middle class American earns a dollar of wages, that dollar is taxed immediately. But when a billionaire makes a dollar because their stocks increase in value, that dollar is taxed at a preferred rate.



                                      the whole rich are evil shit is just another fabricated lie. People like Obama out there drawing a line of whos wealthy at 200K per married couple. Lmao that is far from wealthy.
                                      Last edited by The1percentKid; 04-14-2022, 09:59 AM.

                                      Comment


                                      • #20
                                        Originally posted by B-Large View Post

                                        It’s all too confusing. Still love a flat tax. Earn any dollar, pay 10 cents, 20 cents, 30 cents, etc. loved the proposals that let you do your taxes on and 3 x 5 card… the tax code is a disaster
                                        Those arguments can be had, but they're really peripheral to the core problem of the progressive argument on the taxation of investment/wealth.

                                        Musk's companies always supply a good analogy because he basically took companies that were virtually worthless to companies that made him the 'richest' person in the world.

                                        I'll use SpaceX in this case. Musk's investment in it started at something like $100 million. Essentially zero. There may have been some other contributions along the way, and he's sold out some in other cases, but let's say he didn't.

                                        And he took that $100 million investment for his original 70%-ish share in SpaceX and he rode that all the way to the rough recent valuation of $100 billion.

                                        Assuming he'd maintained his ownership share, and assuming the government taxed that increase as 'income' at the California+Federal income tax rates, that means the government would've essentially confiscated half (49%) of Musk's stake, leaving Musk only 35% of his own company.

                                        Meaning instead of a controlling owner, Musk is now a minority partner. How different would these incredibly successful companies look if their founders essentially lost more and more control over the company the more successful those businesses were?

                                        Virtually every massive corporate-driven innovation in American history would've been diluted in their cribs down to industry medians. The Elon Musks of the world would be essentially washed out by their industries by diluted investment taken advantage of by existing competitors.

                                        At the end of the day what it would be would be a massive government confiscation of the private sector itself. And that should scare the bejeesus out of anyone but the hardest core socialists here.



                                        Comment


                                        • #21
                                          Originally posted by The1percentKid View Post
                                          OP doesn’t understand how it all works. Thread title is false and a lie.

                                          As illustrated in the graph below, in 2019, the richest 1 percent of Americans will collect more than $1 in $5 of income in the United States (20.9 percent) and will pay a slightly higher share of the nation’s overall federal, state and local taxes (24.1 percent).


                                          1% of people bringing in over 24% of the entirety.
                                          Click image for larger version Name:	WPTIA-2019_Chart1.png Views:	2 Size:	36.2 KB ID:	79181



                                          always amusing when clowns who get refunds complain others don’t pay anything.

                                          my advice is to quit whining about shit like this and invest.

                                          This disparity is driven largely by the way our tax code treats income generated from wealth—that is, income from assets like stocks that increase in value over time. When a middle class American earns a dollar of wages, that dollar is taxed immediately. But when a billionaire makes a dollar because their stocks increase in value, that dollar is taxed at a preferred rate.



                                          the whole rich are evil shit is just another fabricated lie. People like Obama out there drawing a line of whos wealthy at 200K per married couple. Lmao that is far from wealthy.
                                          I think the issue has become a larger portion of the US citizenry doesn’t have $400 cash for an unexpected expense, let alone money to invest. Even people who do have access to a qualified plan, often times forgo that contribution to pay bills.

                                          This all come full circle to the fact that the top 5% have a disproportionate amount of the Nations wealth, and that concentration is even sharper in the top 1-.5%…

                                          It isn’t coincidence that no cost college, universal daycare, universal healthcare among other social programs are popular items… the American way of life has become essentially unattainable for most people anymore.

                                          the wealthy aren’t evil, they just have all the money. There aren’t many options to pay the bills when everybody else is tapped out.

                                          ^^ not good ^^


                                          Comment


                                          • #22
                                            Originally posted by B-Large View Post

                                            I think the issue has become a larger portion of the US citizenry doesn’t have $400 cash for an unexpected expense, let alone money to invest. Even people who do have access to a qualified plan, often times forgo that contribution to pay bills.

                                            This all come full circle to the fact that the top 5% have a disproportionate amount of the Nations wealth, and that concentration is even sharper in the top 1-.5%…

                                            It isn’t coincidence that no cost college, universal daycare, universal healthcare among other social programs are popular items… the American way of life has become essentially unattainable for most people anymore.

                                            the wealthy aren’t evil, they just have all the money. There aren’t many options to pay the bills when everybody else is tapped out.

                                            ^^ not good ^^

                                            To the extent there's pragmatism on this stuff on the left though, it's drown out by idiots shouting over everyone stuff like 'there should be no billionaires'

                                            A comical premise if it weren't founded on such a society-destroying ignorance of economics.

                                            Comment


                                            • #23
                                              Originally posted by The1percentKid View Post
                                              Click image for larger version Name:	WPTIA-2019_Chart1.png Views:	2 Size:	36.2 KB ID:	79181
                                              Does this include payroll taxes? Sales tax? Auto registration? Property taxes? Etc.?

                                              Comment


                                              • #24
                                                Originally posted by BroncoBeavis View Post

                                                To the extent there's pragmatism on this stuff on the left though, it's drown out by idiots shouting over everyone stuff like 'there should be no billionaires'

                                                A comical premise if it weren't founded on such a society-destroying ignorance of economics.
                                                It can really be made even more simple though. You're not going to get more money from people who don't have any. If both parties keep increasing spending, the money has to come from somewhere to support it. Where should it come from?

                                                Comment


                                                • #25
                                                  Originally posted by Mozzafiato View Post

                                                  Does this include payroll taxes? Sales tax? Auto registration? Property taxes? Etc.?
                                                  Doesn't really change the big picture...

                                                  https://www.theatlantic.com/business...essive/252917/

                                                  U.S. Taxes Really Are Unusually Progressive


                                                  Comment

                                                  Working...
                                                  X