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  1. #1
    Veteran hater's Avatar
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    https://www.propublica.org/article/t...oid-income-tax


    This country is one big scam.and a joke

  2. #2
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    No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.

    That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.

    In the coming months, ProPublica will use the IRS data we have obtained to explore in detail how the ultrawealthy avoid taxes, exploit loopholes and escape scrutiny from federal auditors.

  3. #3
    notthewordsofonewhokneels Thread's Avatar
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    I don't blame 'em. That's the whole idea:::pay as little tax as one can lawfully get away with.

  4. #4
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    Its a completely different picture for middle-class Americans, for example, wage earners in their early 40s who have amassed a typical amount of wealth for people their age. From 2014 to 2018, such households saw their net worth expand by about $65,000 after taxes on average, mostly due to the rise in value of their homes. But because the vast bulk of their earnings were salaries, their tax bills were almost as much, nearly $62,000, over that five-year period.

  5. #5
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    I don't blame 'em. That's the whole idea:::pay as little tax as one can lawfully get away with.
    They can afford lawyers and accountants. Is it fair to average joes?

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  7. #7
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    "Over five years with a half a trillion dollars of assets, they've paid collectively under $15 billion in taxes," Bannon said, arguing that this is "the reason the game is rigged."

    They don't pay any taxes anyway," the former Trump administration official continued. "You've got to start increasing the marginal tax increases for the wealthy."

    Bannon took aim at conservatives and Republicans who argue against raising taxes on the rich. He said their arguments against raising taxes are the same as their defense of free trade. Bannon called out Trump Treasury Secretary Steve Mnuchin and economic adviser Gary Cohn for opposing tax hikes on the rich, saying they "went absolutely nuts" when he suggested an increase.

  8. #8
    notthewordsofonewhokneels Thread's Avatar
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    They can afford lawyers and accountants. Is it fair to average joes?
    You have to educate yourself and take advantage of what can be legally taken advantage of. It's all right there, you just have to ferret it out. That's what the wife is for.

  9. #9
    4-25-20 Will Hunting's Avatar
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    In fairness to Bannon he got fired by Trump after recommending against tax cuts and saying Trump should increase taxes.

  10. #10
    Mr. John Wayne CosmicCowboy's Avatar
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    No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.

    That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.

    In the coming months, ProPublica will use the IRS data we have obtained to explore in detail how the ultrawealthy avoid taxes, exploit loopholes and escape scrutiny from federal auditors.
    You keep confusing net worth with income. He buys and holds stocks which have increased in value. Taxes aren't due until he sells. He lives modestly so he has a relatively modest actual income.

  11. #11
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    You keep confusing net worth with income. He buys and holds stocks which have increased in value. Taxes aren't due until he sells. He lives modestly so he has a relatively modest actual income.
    Lol u are telling me they made no income from 2014-2018

  12. #12
    Mr. John Wayne CosmicCowboy's Avatar
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    Lol u are telling me they made no income from 2014-2018
    No. Buffet had a taxable income of 125 million. Read your own article.

  13. #13
    Veteran SpursforSix's Avatar
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    You keep confusing net worth with income. He buys and holds stocks which have increased in value. Taxes aren't due until he sells. He lives modestly so he has a relatively modest actual income.
    Yep. A very simplistic analogy would be a middle class home owner who's home value doubled over the last few years. He shouldn't have to (and isn't required to) pay taxes based on the new value.
    That being said, something probably should be done but I don't know how that would work. It seems like it would require the IRS to give refunds in cases where net worth dropped.

  14. #14
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    Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. 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.

  16. #16
    Mr. John Wayne CosmicCowboy's Avatar
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    Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. 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.
    Again...whining about net worth (asset value) increasing. Net worth is not the same as reportable income. Why so jealous? Tax is not paid until assets are sold.

  17. #17
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    Again...whining about net worth (asset value) increasing. Net worth is not the same as reportable income. Why so jealous? Tax is not paid until assets are sold.
    Comprehension is key. The point is these rich faces need to have a minimum tax rate and not reduce their rate to the minimum thanks to their teams of accountants and lawyers.

    Ilm be fine with a 35-40 minimum tax rate . And yes I mean on their yearly INCOME. But take 9ut most of their reductions and cuts and like said, minimum 40%

    Just like Bannon says.

    Its stupid and a scam to agree that average joe must pay 20-30% yearly while these s pay 10-15% at most

  18. #18
    Got Woke? DMC's Avatar
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    One major issue being overlooked here is, for a lot of Americans, their income is their net worth. So what they pay as income taxes is, in effect, a tax on their net worth. That's not the fault of the tax code or the federal government or the evil rich people. It's often a simple issue of poor personal management skills; time, money, relationships, health... all being poorly managed and all suffering from deferred maintenance. On the flip side, people with a substantial net worth may not have an actual taxable income greater than just a mid level manager salary. That's because either they are much better at managing those things or they have the wherewithal to hire someone to manage it for them.

  19. #19
    Got Woke? DMC's Avatar
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    Comprehension is key. The point is these rich faces need to have a minimum tax rate and not reduce their rate to the minimum thanks to their teams of accountants and lawyers.

    Ilm be fine with a 35-40 minimum tax rate . And yes I mean on their yearly INCOME. But take 9ut most of their reductions and cuts and like said, minimum 40%

    Just like Bannon says.

    Its stupid and a scam to agree that average joe must pay 20-30% yearly while these s pay 10-15% at most
    The average joe doesn't pay 30% income tax

    You're like the ambassador for misinformation.

  20. #20
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    The average joe doesn't pay 30% income tax

    You're like the ambassador for misinformation.
    20-30% is about right Nancy

    Even someone who makes 100k a year is an average joe next to these rich s. Sorry to break it to you

  21. #21
    Got Woke? DMC's Avatar
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    Again...whining about net worth (asset value) increasing. Net worth is not the same as reportable income. Why so jealous? Tax is not paid until assets are sold.
    His house in Florida with the swimming pool must have weighed heavily on his mind, guilt and all.

  22. #22
    Got Woke? DMC's Avatar
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    20-30% is about right Nancy

    Even someone who makes 100k a year is an average joe next to these rich s. Sorry to break it to you
    Average isn't a comparison

    Not understanding basic finances OR math

    The average income in 2019 was 31K.

    The average income tax rate was 14.6%

    moar fake news from the panic wizard

  23. #23
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    His house in Florida with the swimming pool must have weighed heavily on his mind, guilt and all.
    Of course Im jealous. I pay 30% taxes while these s pay single digits mostly

    Only an idiot would not be pissed, Nancy

  24. #24
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  25. #25
    絶対領域が大好きなんだよ baseline bum's Avatar
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    poor rich people

    The middle class pays a wealth tax in the form of property tax on their home

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