President Biden To End Tax Havens For The Mega Rich

[jc456]

So racist.

 

[Toddsterpatriot]

Yeah, there are a lot of one-percenters and corporations who pay no federal taxes, and it certainly does put a burden on the rest of us.

How do they do that? Link?

 

[g5000]

That's just not true. It is a myth pushed by the left.

Summary of the Latest Federal Income Tax Data, 2023 Update

The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.

taxfoundation.org

https://americansfortaxfairness.org/wp-content/uploads/ProPublica-Billionaires-Fact-Sheet-Updated.pdf

Some years billionaires pay no federal income taxes: Jeff Bezos paid zero in 2007 and 2011, ElonMusk paid zero in 2018, Michael Bloomberg paid zero several times in “recent years”, and George Soros paid zero three years in a row.
● The 25 top billionaires covered in ProPublica’s analysis saw their wealth rise by $401 billion from2014 to 2018, yet they paid a federal income tax rate of just 3.4%. That’s far less than what mostmiddle-class workers like teachers, nurses and firefighters pay.
● ProPublica bases that tax rate on how much each billionaire paid in federal income taxes duringthat period compared with how much their wealth grew. Because the wealthy make most oftheir money from the rise in the value of their assets, ProPublica calls the share of that increasepaid in taxes the rich person’s “true tax rate”.
● In 2018, these 25 billionaires reported a combined $158 million to the IRS in wages, a mere 1.1%of their total reported incomes for that year.

JEFF BEZOS Topline facts:
● Wealth growth, 2014-2018: $99 billion
● Total income reported for tax purposes: $4.22 billion (4.26% of his wealth growth)
● Total federal income taxes paid: $973 million
● True tax rate: 0.98%

 

[whitehall]

More "dailykos" socialist propaganda. Be careful what you wish for.

 

[g5000]

That's just not true. It is a myth pushed by the left.

Summary of the Latest Federal Income Tax Data, 2023 Update

The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.

taxfoundation.org

Corporate Tax Avoidance in the First Five Years of the Trump Tax Law

The Trump tax law overhaul cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that.

itep.org

• The 342 companies included in this study paid an average effective income tax rate of just 14.1 percent during this five-year period, almost a third less than the statutory rate of 21 percent.
• Nearly a quarter of the corporations in this study (87 companies) paid effective tax rates in the single digits or less during this five-year period.
• Of these, 55 (16 percent of the total 342 companies) paid effective rates of less than 5 percent. This is particularly striking given that all these companies were profitable for at least five years consecutively. Companies paying less than 5 percent include T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors, Nike, and many others.
• Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year. And 109 corporations paid zero federal tax in at least one of the five years.

 

[g5000]

LOL. 50% pay zero federal income taxes. That puts a burden on the rest of us.

Thomas Jefferson. Conservative icon, yes?

 

[Toddsterpatriot]

Some years billionaires pay no federal income taxes: Jeff Bezos paid zero in 2007 and 2011, ElonMusk paid zero in 2018, Michael Bloomberg paid zero several times in “recent years”, and George Soros paid zero three years in a row.

OMG! That's horrible!!!
What was their income in those years?

 

[the watcher]

The selling of the climate scam will be a piece of cake eventually and we all will end up taxed in the world government scheme.

You think that CO2 raising the average temp .5 deg C is a terrible thing, wait until those 5000 some odd nukes start landing. You will think these were the good old days.

 

[Toddsterpatriot]

ProPublica bases that tax rate on how much each billionaire paid in federal income taxes duringthat period compared with how much their wealth grew.

They didn't compare their income tax paid to their actual income?

Because the wealthy make most oftheir money from the rise in the value of their assets, ProPublica calls the share of that increase paid in taxes the rich person’s “true tax rate”.

ProPublica lied.

 

[Toddsterpatriot]

Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year. And 109 corporations paid zero federal tax in at least one of the five years.

If they had a profit, how did they pay zero?
I suspect they had zero net earnings.
Prove me wrong.

 

[g5000]

If they had a profit, how did they pay zero?
I suspect they had zero net earnings.
Prove me wrong.

Tax expenditures, that's how.

Exactly what you have seen me railing against for a very long time.

 

[Toddsterpatriot]

Tax expenditures, that's how.

Exactly what you have seen me railing against for a very long time.

Are you admitting they had zero profit and correctly paid zero?

 

[Nostra]

https://americansfortaxfairness.org/wp-content/uploads/ProPublica-Billionaires-Fact-Sheet-Updated.pdf

Some years billionaires pay no federal income taxes: Jeff Bezos paid zero in 2007 and 2011, ElonMusk paid zero in 2018, Michael Bloomberg paid zero several times in “recent years”, and George Soros paid zero three years in a row.
● The 25 top billionaires covered in ProPublica’s analysis saw their wealth rise by $401 billion from2014 to 2018, yet they paid a federal income tax rate of just 3.4%. That’s far less than what mostmiddle-class workers like teachers, nurses and firefighters pay.
● ProPublica bases that tax rate on how much each billionaire paid in federal income taxes duringthat period compared with how much their wealth grew. Because the wealthy make most oftheir money from the rise in the value of their assets, ProPublica calls the share of that increasepaid in taxes the rich person’s “true tax rate”.
● In 2018, these 25 billionaires reported a combined $158 million to the IRS in wages, a mere 1.1%of their total reported incomes for that year.

JEFF BEZOS Topline facts:
● Wealth growth, 2014-2018: $99 billion
● Total income reported for tax purposes: $4.22 billion (4.26% of his wealth growth)
● Total federal income taxes paid: $973 million
● True tax rate: 0.98%

So Bezos paid almost a billion in taxes over those years. How much did you pay? Until you can answer “more” you are not paying your FAIR SHARE, so sit down and STFU freeloader.

 

[22lcidw]

This from someone that supported Freedom Fries, and was for staying in Afghanistan after 20 years.

There are no rightards that have any credibilty on war.

Of course you can prove me wrong, and state your total opposition to the war in Gaza, and the occupation of Ukraine by Russia.

Anything other than what I just propsed proves my point.

The arguments are that not all people are living a good life with comforts. And that is impossible at this point in history.

 

[leftwinger]

Yeah. Like claiming their 11,000 square foot apartment is 30,000 square feet.

Idiot talk. How did that affect you? The Bank approved it. None of your business.

 

[Concerned American]

When I lived in CA.....I can't prove it but Total Tax Burden on median income, homeowners seemed to be over 60%.

I lived there for 45 years--I know what you're talking about.

 

[BluesLegend]

President Biden To End Tax Havens For The Mega Rich​

Sure just like the last 5,000 times Dems promised that

 

[pknopp]

This from someone that supported Freedom Fries, and was for staying in Afghanistan after 20 years.

There are no rightards that have any credibilty on war.

Of course you can prove me wrong, and state your total opposition to the war in Gaza, and the occupation of Ukraine by Russia.

Anything other than what I just propsed proves my point.

Bite me.

 

[BluesLegend]

Why are Dem lies up 300%? Because it's an election year.

 

[DukeU]

Yeah. Like claiming their 11,000 square foot apartment is 30,000 square feet.

Sounds like you have experience.