Posted on 06/08/2021 11:03:43 AM PDT by SunkenCiv
Several of the richest U.S. corporate executives have either paid a fraction of their cumulative wealth in federal taxes of nothing at all, according to a new report from the nonprofit media outlet ProPublica.
What Happened: In its coverage, ProPublica said "America's billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell."
However, ProPublica did not offer evidence that the executives being spotlighted were violating the U.S. tax code.
The coverage focused primarily on four executives — Tesla Inc. CEO Elon Musk, Amazon.com Inc. CEO Jeff Bezos, Berkshire Hathaway CEO Warren Buffett and Bloomberg LP founder Michael Bloomberg — between 2014 and 2018.
ProPublica reported that Musk's wealth grew by $13.9 billion between 2014 and 2018 and he reported total income of $1.52 billion, or 10.94% of this wealth, and paid $455 million, or 3.27% of his wealth. Musk also reportedly paid no money in federal taxes in 2018.
(Excerpt) Read more at benzinga.com ...
Do you guys see what’s going on here? They’re INTENTIONALLY talking about their WEALTH instead of their INCOME, as they want to instigate a WEALTH tax, and need public outcry to get it done. So, they pump out stories like this, hoping to garner public support for it.
I’ve never had a problem with people or companies taking advantage of every legal way to minimize the amount of taxes they pay.
Anyone who does should direct their attention towards the real problem.
Career politicians.
Many Americans don’t know the difference between “wealth” and income.
It’s evidence that our schools suck.
And if we taught how the tax system is created and who benefits there would be a revolution in this country.
I own some Bitcoin. On May 18th one could say I was wealthy. Today, not so much. My tax liability hasn’t changed a penny.
Yea it would be great fun to get a IRS tax bill every year your house increases in value. These people are just stupid enough to try something like this.
More than $1 billion, as I recall.
Capital gains would be at least $200 million.
Also, if Bezos has more than $200,000 in adjusted gross income (salary, dividends, interest, etc.) in 2021, he will have to pay an extra Net Investment Income Tax of 3.8% on his stock sale.
That’s exactly the point. Elizabeth Warren has already been on social medial with the “this is why we have to enact a wealth tax” line.
The real target isn’t the billionaires though. It’s the middle class’s brokerage accounts and 401k’s. She wants to tax unrealized gains, and that’s incredibly dangerous to both liberty and the economy.
—”I own some Bitcoin. On May 18th one could say I was wealthy. Today, not so much.”
That can change and Joe the Jamoke has it on his list.
I own some real estate and like most each year I’m taxed on the unrealized appreciation.
Nothing new.
“America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people.”
Bull$h!TT!
Yet another MAJOR reason to replace the Marxist inspired progressive income tax with the FAIRtax!
AND, ABOLISH THE HIGHLY POLITICIZED IRS!
Find out how YOU can help us do that by going to https://www.bigsolution.org!
Yep
They have nothing against wealth as long as the owner is able to be controlled
For the middle class, what we are ‘legally obligated to pay’ is too darn much.
No argument here. The middle class get bled dry. The poor aren’t asked to pay anything and the rich/wealthy have enough resources to structure their finances in a way that they can pay far less. I don’t begrudge them that; I would do it too if I could.
I’m of the opinion that the personal income tax should be abolished and Federal spending should be reduced to a level that can be supported by tariffs as was done originally.
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