What's this propublica report?

[initforme]

People with Uber wealthy playing no taxes. Time to take a close look.

 

[georgephillip]

"In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

"Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row."

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

 

[candycorn]

People with Uber wealthy playing no taxes. Time to take a close look.

I listened to the report this morning.

What an über wealthy person will do is this. They will live on their wealth. If they do need to raise some money, they will sell some securities (stocks, etc..). The sale of the stock is taxed much less than your income through labor meaning that the lucrative sale of stock will be taxed at 3.4% or something like that vs the 14% that you pay on an hour of labor for your employer. If there is a capital gain, there may be some more tax levied later on.

Often people like Musk and Bezos are masters of their domain so they set it up to where they receive no salary from their companies--hence no tax.

Finally,this also gets around any social security withholdings as well.

 

[theHawk]

"In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

"Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row."

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

They pay no income tax because they have no salaries, they don’t get regular paychecks.

Are you dolts ever going to figure that out?

 

[georgephillip]

They pay no income tax because they have no salaries, they don’t get regular paychecks.

What's your point?

Some of the richest parasites in history "earn" billion$ from their stock and bond Ponzi schemes, real estate fraud, and assorted crony-capitalist machinations all of which may be strictly "legal," but they make a mockery of the notion everyone should pay their fair share to support the SOCIETY that made them rich.

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

"ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years.

"The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg.

"It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits."

 

[Toddsterpatriot]

"In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

"Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row."

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.

We’re going to call this their true tax rate.

So they're going to lie.

 

[Toddsterpatriot]

The sale of the stock is taxed much less than your income through labor meaning that the lucrative sale of stock will be taxed at 3.4% or something like that

How much capital gains can you realize and get a 3.4% rate?

 

[Toddsterpatriot]

Some of the richest parasites in history "earn" billion$ from their stock and bond Ponzi schemes, real estate fraud, and assorted crony-capitalist machinations

Makes a poor parasite like you sad............

 

[sarahgop]

Should Biden be impeached for releasing confidential info in order to get a tax increase?