Posted on 06/08/2021 6:57:53 AM PDT by farming pharmer
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
(Excerpt) Read more at propublica.org ...
remember a few years back when Bill Gates went to Washington?!
Remember “You’ll own nothing and be happy !”
OR ELSE!
The govt will own everything and they will be very very happy!
btt
Now I know why those super rich people want to impose extremely high taxes on the folks. They themselves won’t be paying those taxes. WE will.
I’m not trying to defend billionaires by any means, because I believe they should pay taxes like everyone else. But, the tax code is one of the problems, and it was the government that made it possible for the rich to avoid taxation. The questions should be directly pointed at Congress.
Number of commentors expressing outrage that Pro_Publica illegally obtained and is publishing private tax info — zero.
And people are now starting to point out that a “National Wealth Tax” is a direct tax. A direct tax is explicitly excluded from the powers of the Federal Government.This is why the 16th amendment was necessary.
The 16 amendment only allows for an Income Tax. A new amendment would be necessary for a Wealth Tax. Property is a form of wealth.
Would anybody seriously want a National Property Tax?
We need to eliminate all the loopholes and simplify our tax system such that they send us a postcard of what we owe....we can either pay up or make an appointment to argue it if we disagree.
“Remember “You’ll own nothing and be happy !””
Except the limousine liberals of course, who will somehow always be exempt.
Always !
Commies don’t mention that the entire US Senate does the same thing.
Sub-intelligent people write and vote into law tax codes that allow billionaires to avoid income taxes. Then they whine that people smarter than them are using the codes exactly as the codes are written. These people are idiots of the first water.
I’ll bet that every one of the authors is a moocher on some sort of rent-seeking NGO.
Yeah, that is quite a statement.
Many ordinary people all the way up to the uber rich have accountants and lawyers who push the boundaries well into illegal territory knowing how to minimize the risk if caught in a an audit. These advisors know that it is likely the IRS will never audit them, if they do get audited it’s not hard to win, if you lose, you pay money and move on.
Ditto. If it ain’t listed as income, after deductions for expenses, than it is not subject to tax.
This is why I always do my taxes in the bedroom. I know that our rulers believe the government should be kept out of the bedroom.
The progressive income tax is not designed to tax wealth, it’s designed to prevent the accumulation of wealth.
Read the article. The main way to avoid taxes on income is to not have taxable income.
Own a company. Have the company pay for your business travel. Take out loans on your corporate equity, at low interest, and live on that. What do you pay back the loans with? Take out more loans.
Have overseas assets.
Hmmmmmmmmmmmmmmmm................................very interesting..........................
You have to consider what is called income legally.
For example - a business decides to give you a pension, that is income and is all taxed. If they give you a gift below a certain amount and the same amount to your spouse, it is not taxable.
My accountant said it a different way but same thing:
Tax management is legal and smart.
Tax evasion is illegal and stupid.
In 80,000 pages of tax code there is a lot of management opportunity if you can afford it and that expense is still tax deductible.
A friend went from being a wage earner to self-employed, something I have done most of my life, he asked me what advice I had. I told him to find a good tax accountant and learn the tax code. He has done a masterful job with that advice.
The only thing articles like this are doing is stoking the fires of division and class envy. The latter is a sin as I recall, thou shalt not covet or something like that.
Politicians will never simplify the tax code. It is too valuable to them. With it they can punish their enemies and favor their friends.
And thus, one of the reasons we are the most corrupt nation in the world but we make it look all so tidy.
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