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Elon Musk, Jeff Bezos and Warren Buffett agree: paying taxes is for poor people

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When Joe Biden unveiled its $1.8 trillion American family plan in April, one of the ways they proposed to pay for it enhance The Internal Revenue Service budgets $80 billion, which the White House estimates will raise $700 billion over a 10-year period by collecting taxes from people who opted out of paying Uncle Sam. Which, with the scourge of tax cheats and funding for things like child care, sounds like a worthwhile initiative. Another valuable exercise? Given whether it’s fair that billionaires prefer Elon Musk, Jeff Bezos, George Soros, and Michael Bloomberg-most of whom make more money during an episode of Single than most people earn in their lifetime, and whose net worth is less than GDP dozens of small countries-Often, and perfectly legal, pay nothing in federal income taxes. In the form of zero dollars and zero cents. As in, take the amount of money they earn in a year and deduct nothing from it because of how much they have sent to the government. As such, if you’re a person who actually works for a living, you probably pay a higher tax rate than that person. $175 million house and his own rocket ship company.

thanks for a piece of data ProPublica. received byWe know that Bezos paid nothing in federal income taxes in 2007 and 2011, while Musk paid NADA in 2018. Bloomberg has been equally lucky, as has Soros, who managed to pay no federal income tax for three consecutive years. nongenerational billionaire Warren Buffett, in present watch As the fifth richest person in the United States (and sixth.) In this world) paid very, very little and, honestly, what he paid was basically a rounding error.

While the Biden administration is currently proposing an increase in tax rates on people making more than $400,000 and raising the top income tax rate from 37% to 39.6%, ProPublica reports that such changes were basically There will be no impact on the 25 wealthiest Americans, many of whom add $400,000 to their wealth in the time it takes to load H&R Block onto their phones. That’s because, among other things, the money the richest people in America earn each year — largely in stocks and assets — isn’t classified as income until the assets are sold. , which they almost never are. Comparing IRS data obtained with the publicly reported wealth of the individuals in question, ProPublica calculated what it called the “true tax rate” of the people, and even if you’re already vague. As we know that the rich are different from everyone else, the results are enough to be quite disturbing:

According to Forbeshandjob [the 25 richest people in the U.S.] IRS data shows that their value collectively increased by $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes over those five years. That’s a staggering amount, but it only amounts to a real tax rate of 3.4%.

None of the 25 Richest People Avoided Taxes as Much as Buffett, Grandpa CentiBillionaire. This is perhaps surprising given his public stance as an advocate of higher taxes for the wealthy. According to Forbes, His wealth grew by $24.3 billion between 2014 and 2018. In those years, the data shows, Buffett reported paying $23.7 million in taxes. This works out to a real tax rate of 0.1%, or less than 10 cents for every $100 he adds to his assets.

During the same period, ProPublica found that middle-class wage earners in their early 40s added nearly $65,000 in their net worth, mostly due to an increase in the value of their homes, while spending nearly $62,000 in taxes paid. Meanwhile, between 2014 and 2018, ProPublica’s analysis shows that Bezos, the world’s richest man, paid a corrected tax rate of 0.98%, Bloomberg paid 1.30%, and Musk paid 3.27%. . As of the end of 2018, the top 25 richest Americans had a combined net worth of $1.1 trillion, for which they paid $1.9 billion in federal taxes. On the other hand, about 14 million Americans with net worth equal to the top 25 paid $143 billion to the government.

In response to requests for comment from ProPublica, Buffett and Bloomberg said they have paid all their taxes. A Soros spokesman said in a statement: “George Soros lost money on his investments between 2016 and 2018, so federal income taxes were not paid in those years. Mr. Soros has long worked for wealthy Americans. High taxes supported.”

Representatives for Bezos declined to review detailed questions about the case. Musk responded to the initial inquiry with a question mark, and after the detailed question was sent, did not respond. Carl Icahn, A fellow billionaire, who managed not to pay any federal income taxes in the two years he reviewed, told ProPublica: “There’s a reason it’s called an income tax. The reason is that if you’re a poor person You’re a rich person, if you’re an apple – if you don’t have any income, you don’t pay taxes.” He continued: “Do you think a rich person should pay taxes no matter what? I don’t think it’s German. How can you ask me that question?”

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Obama says he didn’t see *this* coming

* This Republican Party is happily going along with any and all of Trump’s brazen, democracy-shattering lies like how the election was stolen.

and 1/6 . are talking about

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