Posted on 04/14/2022 5:29:41 PM PDT by Republicans 2016 2020
Billionaire Michael Bloomberg, the failed Democrat presidential primary candidate and former New York City mayor, is paying less than half the federal income tax rate the average American taxpayer pays, newly published Internal Revenue Service (IRS) data reveals.
The revelation is part of a broad investigation by ProPublica that gives a glimpse into the tax loopholes that the richest 400 Americans utilize every year to dodge billions in federal income taxes that most Americans are required to pay.
“To make it into the top 400, each person on this list had to make an average of at least $110 million each year,” the investigation states. “A typical American making $40,000 would have to work for 2,750 years to make what the lowest-earning person in this group made in one.”
Bloomberg, ProPublica reports, “achieved one of the lowest tax rates in the top 400” richest Americans from 2013 to 2018 “partly by taking annual deductions of more than $1 billion, mostly through charitable contributions.”
During that time frame, Bloomberg paid an average federal income tax rate of just four percent — less than half the rate that the average American taxpayer, at 13.3 percent, pays every year. In fact, Bloomberg’s average rate is just 0.5 percent more than what the bottom 50 percent of income earners pay on average.
(Excerpt) Read more at breitbart.com ...
Good for him. He obviously has good tax advice
I thought bloomberg was a rino?
Define “make”....
Assuming he followed the law in order to pay the least amount of taxes possible, this is no problem.
Most people think he’s a Republican.
> Good for him. He obviously has good tax advice. <
Well, yes. If anyone is outraged by this, they should blame Congress, and not the person who takes advantage of all the loopholes..
anyone that thinks the system isn't geared to the rich....well, there is nothing to be said....
Carried interest, loans against shares, etc. It’s the system.
He’s the little boy who pissed and moaned about President Trump for six years. What a greedy ‘RAT weasel.
I despise his politics and so called philanthropic projects, but he has a right to all he possesses with no government theft.
13.3% is average? Man......what I wouldn’t give to only pay 13.3%. The gubmint’s got its paws into my wallet far deeper than that.
Confiscate all his money. All of it.
Because he didn't keep the money for himself, so it wasn't income? So?
“but he has a right to all he possesses with no government theft.”
Unfortunately he doesn’t feel the same way about you.
That’s what people don’t get. If you donate to charity you pay less tax but you don’t have the money you donated. So you send $3 to a charity and save $1 on your taxes.
I don’t follow Bloomberg. Did he ever complain about wealthy people to “pay their fair share.” Otherwise good. The less the government has the better.
If he legally files taxes, more power to him
A lot of weirdly vague percentages. They have the data - publish it rather than trickle it out in an attemp to build up outrage. How much did he make in capital gains, dividends, municipal bond interest, and regular income? How much did he deduct for business expenses, kisses carried forward to this year, charity, or local taxes? Did he do anything else tricky? How much did he end up paying? If other people type those numbers into Turbo Tax do they get about the same as ax?
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