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 ...
Unless we move the system to an EXCLUSIVE ‘consumption tax’ system, the truly wealthy will always be able to ‘work the system’. Every provision in the MASSIVE tax code has a bodyguard of lobbyists, lawyers and CPAs to protect it.
What would and does scare me would be for the USofA to follow the Europeans into the doubled-up scheme of having both Income and consumption (aka VAT) Taxes. This would really give the Swamp true power for social justice taxation. UGLY!
How does one get past the AMT? Alternative Minimum Tax?
YES, it is a very real violation of the IRS Code! While ProPublica can, perhaps, get away with a 1st Amendment argument, think the 'Pentagon Papers', there is one or more IRS employees or contractors breaking Federal Criminal Code Law.
Another thing of note with this kind of security breach, how many personal / individual returns did ProPublica actually get? Just the 25 they write about or were there more? I note that Donald Trump is not shown in this initial dump!
Beware of selective outrage in this kind of disclosure. This is the kind of operation that can lead to lynch mob style legislation!
Many people aren’t that smart. Some believe that everything charged on a company credit card is deductible so they buy cigarettes, makeup, clothes, etc on that card.
Many people believe “If I hire a CPA to do my taxes, I won’t have to pay income taxes”. It is actually “If I hire a CPA to advise me, I will pay less in taxes”. A CPA can’t fix what you have done.
HTB
If they give you a gift below a certain amount and the same amount to your spouse, it is not taxable.
While your cite is real, it is also quite dated. It was issued in FDR's first term and it was in his second term that he tried to 'pack' the US Supreme Court. What is forgotten today is that FDR lost the battle but won the judiciary war. In his 13 years of the Presidency, he changed the fundamental nature of the Federal Judiciary from Constitutional oversight to the beginnings of judicial activism, the regulatory state and judicial law making. Read Amity Shaels' "The Forgotten Man" for a refresher on how bad the change was!
IRCC Congress enacts and the president signs the tax laws. It is the ultimate hypocrisy for politicians to blame taxpayers for following the laws they enacted.
Exactly right. Beyond the reward and punishing there is the power and control aspect. The ability to manipulate and get into every nook and cranny of the lives of people is too much for them to give up.
No, not envy.
90% just hate the Patriots football team because their team lost to them for 20 years.
Jan 6th was a well orchestrated plan by the democrooks to make the actual American look like anarchists. Added by the FBI and the senate guards it seems to have worked well.
You have posted more than 40 times today!!!
Why!?!!?!
I ‘multitask’.......................
And don't know how to spell either.
It's multi-task...
Frankly...I think you need to put down the Mouse..
What the hell are you doing????
Good God...get a life and go outside.
Right.
As Conservatives, we believe in limited government, and the legal limitations built into the Constitution only go so far - so we must also limit funding.
Conservatives also believe in equal treatment under the law. That means taxes should be fair.
However, in my experience, 99% of the time the ones whining about people “not paying their fair share of taxes” are not Conservatives demanding fairness.
They are Liberals wanting to use other people’s money to further expand the government.
I have no sympathy at all.
I say people should avoid paying taxes if they possible can - let the government starve for all I care. At this point, this oversized, unconstitutional government is the enemy of the people.
I know that if forced to cut, they will first cut the things we want - things that will cause visible pain and suffering - and flaunt it on the fake news - in order to “prove” the government spending is essential.
But at some point we need to bite the bullet anyway - or lose the Republic.
OK, I read this commie polemic. There’s one message - let’s tax unrealized gains because it’s essentially a dodge for the ultrarich. Uh EFF THAT! That’s the first step before the Marxists figure out a way to tax the unrealized gains in our retirement accounts. There are trillions at stake there.
I know what Pro Publica is.
They don’t take income so pay no income tax. Most take capital gains and pay that tax.
Thanks. The book is on my library.
It's true that the wealthy are making gains on paper that are huge relative to normal people due to capital gains. And they won't see a tax bill on that until they sell.
Those paper gains can disappear due to a market crash or competition against the businesses they own.
But it does raise the question, do we want to tax capital gains in some other method?
To answer that, then we have to figure out how to measure the gain. The stock market is pretty easy to measure. Real estate, jewelry and art holdings not so easy to measure before they actually sell.
Let's focus solely on the stock market.
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