Hooray! Richest 1% Now Paying Lower Tax Rate Than Workers

[Grumblenuts]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

 

[Tommy Tainant]

Its shocking. Why did we buy this shit ?

 

[shockedcanadian]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

Which is why I bucked the trend and supported AOC and her position that you should not give Amazon massive, multi-billion dollar tax breaks for the benefit of them employing a few thousand minimum wage employees in New York. Make Amazon pay for the extra gas to ship products from out of state.

Both sides have spit on capitalism, each have their own talking points pretending they are looking out for the little guy.

Small and medium sized companies should get some breaks, not some of the wealthiest corporations on earth. I am all for lower taxes for EVERYONE. THis would mean getting rid of the fat in government spending, good luck with that.

 

[Cellblock2429]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

/---/ You use tax rate to gaslight those who don't understand the tax laws very well.

• The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.
• Summary of the Latest Federal Income Tax Data, 2023 Update

 

[Weatherman2020]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

Total BS. Nobody paid 56% tax rate in 1960.

 

[Cellblock2429]

Its shocking. Why did we buy this shit ?

/----/ You buy it because you want to believe it, even though it is grossly misleading. Study the difference between earned income and long term capital gains and get back to us. GEEEEZE. .

 

[DGS49]

It is foolish and unreal to look at taxes in terms of percentages. We pay taxes in DOLLARS.

If a gazillionaire is paying millions in FIT, but that only works out to 2% of his Adjusted Gross Income, what does it matter? Any rational tax code would have SOME AMOUNT that is the maximum tax. Pick a number. But at some point, you have paid ENOUGH in FIT, and shouldn't be required to pay any more.

Many entrepreneurs are able to shift their activities around to pay minimal of even zero tax. If you have a problem with that, go to Congress and get the laws changed.

And of course, only losers worry about someone else getting a break on taxes. That is to say, Democrats.

 

[1srelluc]

Total BS. Nobody paid 56% tax rate in 1960.

Depends on how much you earned....It could be worse than 56%.

Federal Income Tax Brackets for Tax Year 1960 (Filed April 1961)

www.tax-brackets.org

 

[Cellblock2429]

It is foolish and unreal to look at taxes in terms of percentages. We pay taxes in DOLLARS.

If a gazillionaire is paying millions in FIT, but that only works out to 2% of his Adjusted Gross Income, what does it matter? Any rational tax code would have SOME AMOUNT that is the maximum tax. Pick a number. But at some point, you have paid ENOUGH in FIT, and shouldn't be required to pay any more.

Many entrepreneurs are able to shift their activities around to pay minimal of even zero tax. If you have a problem with that, go to Congress and get the laws changed.

And of course, only losers worry about someone else getting a break on taxes. That is to say, Democrats.

/----/ They gaslight those who don't understand the tax code very well. It's just raw meat they toss to their voter base.

 

[Harpy Eagle]

If a gazillionaire is paying millions in FIT, but that only works out to 2% of his Adjusted Gross Income, what does it matter? Any rational tax code would have SOME AMOUNT that is the maximum tax. Pick a number. But at some point, you have paid ENOUGH in FIT, and shouldn't be required to pay any more.

is there a tax code like this anywhere in the world?

 

[Grumblenuts]

 

[Blaster]

The current tax code makes this possible.

 

[Harpy Eagle]

The current tax code makes this possible.

The current tax code was written by those who benefit the most from such things

 

[Blaster]

The current tax code was written by those who benefit the most from such things

Then why not change it?

 

[Harpy Eagle]

Then why not change it?

Because people like you keep voting back into office the people who made it the way it is.

 

[Blaster]

Because people like you keep voting back into office the people who made it the way it is.

You have no idea who I vote for.

 

[Polishprince]

It seems as if the authors of this "study" want the government to tax "unrealized" capital gains, as those gains aren't taxed by the government yet it appears as if they are counting those unrealized gains as income.

To do as the authors of this bullshit suggest would require a legion of assessors to assign a value to each asset in the country and outside the country for property owned by US citizens.

It would lead to tens of thousands of appeals as people would contest those tax assessments, it would be one expensive venture.

Further, if a property owner disposes of property to get the funds to pay the tax, that will reduce the value of that class of property, should it reduce the tax owed?

If Bezos has to sell a million shares of AMZN to pay his tax, what will that do to the nest eggs and retirement of the other shareholders?

 

[struth]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

Welcome to Joey Xiden's America.

 

[TNHarley]

I mean, who doesnt base their politics off random pictures from random posters on X?

 

[Cellblock2429]

is there a tax code like this anywhere in the world?

/----/ Sorry you feel so put upon. Move to Belguim, where you really get soaked. Maybe then you'll appreciate where you live.

Highest Taxed Countries 2024

Country	Highest Marginal Rate
Belgium	79.5%
Finland	66.75%
Portugal	64%
United Kingdom	63.25%
Switzerland	59.7%
Aruba	58.95%
Estonia	58.4%
Denmark	57.11%
Japan	55%
Austria	55%