The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
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.
Parasites. Job creators, my ass.
Meanwhile, my long disabled cousin just started receiving SSI after 2 years of them dragging their feet. 2 months in, he now has them again, requesting pension forms, paystubs for work, unemployment compensation forms and life insurance policies. All things he already reported he never had due to his disability. It’s like they’ve suddenly believed things changed in that time window. The whole system seems to be broken, which might be intentional.
You don't need to break a system to make it broken, just never maintain it and it'll break itself!
See: Insurance companies
I keep posting the same comment. These people are robbing all of us of our prosperity. We could all be living in utopia…
Thieves!
They are deciding our standard of living.
“This Is What Our Ruling Class Has Decided Will Be Normal” -Aaron Bushnell
Can we eat them now? I'm starving
These are the people destroying our world with their greed.
Warren Buffet is hypocritical piece of shit.
No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.
That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.
My "true tax rate" is a low single digit number too, if you measure it the same way, and I make ~$50k a year.
It's extremely disingenuous to talk about taxes paid as a percentage of income, and as a percentage of total wealth/net worth, in the same breath, as if they are anywhere near the same thing.
It's also extremely disingenuous to say someone is 'avoiding tax' by not paying tax on their unrealized gains in net worth. He doesn't OWE any tax on that. NOBODY in the US does.
This is like calling someone a draft dodger, who was never drafted, lol.
We can do something about this. But there needs to be tens or hundreds of millions of us on the same page. Doubtful.
It’s due for an update (I’ve gotten some grief about the block chain part and also that I used an LLM for some formatting initially) but…
I believe the solution is to transition to a new system, which they cannot tamper with and can’t control.
https://sturlabragason.github.io/blog/2023/07/04/Decentralized-Autonomous-Communities.html
How can they offset earnings with investment losses when the maximum is like $3000/year from that method?
Title is a little bit clickbaity. The reason a lot of them aren't paying much in taxes is bcz their asset values grew. But if you arent selling it, there's no tax to pay. The headline makes it seem like they just aren't paying any taxes at all.
While there's criticism to go around when it comes to the tax laws around billionaires, this isn't really the issue.
Cashing dividens or taking personal loans ahould come at a higher cost for people worth billions. Me cashing a $45 dividens check is much different than Buffet cashing a $250m check.