These billionaires who hardly pay taxes in the United States

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These billionaires who hardly pay taxes in the United States




by GuyGadeboisTheBack » 09/06/21, 13:12

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Revelations from ProPublica highlight the processes employed by some ultra-rich to pay as little tax as possible in the United States. Jeff Bezos, Elon Musk or Warren Buffett are concerned.

"You may not be as rich as Elon Musk or Jeff Bezos, but you probably pay more in taxes than them," Gizmodo comments after the revelations of investigative newspaper ProPublica. The American media claims to have had access to the tax data of the largest fortunes in the United States. After analysis, he discovered that several American billionaires pay very little tax in their country, without breaking the law.

"Amazon CEO Jeff Bezos, who is the richest man in the world, did not pay federal income taxes in 2007 and 2011," Bloomberg reports. “Tesla CEO Elon Musk managed to do the same in 2018.” The wealthy Michael Bloomberg, Carl Icahn and George Soros have for several years paid the minimum rate of federal income tax. The businessman Warren Buffett also benefits from low taxes compared to his fortune.

“Some business leaders receive exceptionally low salaries,” comments Gizmodo. Facebook CEO Mark Zuckerberg, for example, only gets paid a dollar a year. "Why ? Because wages are taxed at a high rate, while the sale of stocks and bonds is taxed less. ” Other tax optimization techniques are also used, details ProPublica.

The end of a myth

For the investigative media, these data prove that the ultra-rich can - “perfectly legally” - pay taxes which represent only a tiny part of their fortune. The newspaper explains:
It goes against one of the founding myths of the US tax system: the myth that everyone participates fairly, and that the rich pay the most. ”

President Joe Biden announced in April that he would raise the tax rate for the richest Americans. But according to Gizmodo, “you also have to make sure that people like Elon Musk, Jeff Bezos and Warren Buffett pay their share.” Contacted by ProPublica, the latter said he had paid the amount requested by the Internal Revenue Service (IRS), just like Michael Bloomberg and Carl Icahn. George Soros, for his part, mentioned losses on investments between 2016 and 2018 to justify the absence of federal tax.
See also United States. Biden taxes the richest to finance his stimulus policy

Following these “explosive” revelations, an investigation was opened by the American authorities, assures Bloomberg. It aims to better understand how private and confidential tax documents have been revealed to the general public.
Marie Daoudal

(International mail of 8/06/2021)
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Re: These billionaires who pay almost no taxes in the United States




by Christophe » 09/06/21, 13:34

Is that so ? Well it doesn't start with the ultra rich ... it starts long before as soon as you can pay someone to optimize your taxation!

I quote myself ...

economie-finance / the-beer-fable-about-the-tax-distribution-t16884.html

Christophe wrote:
thibr wrote:But they are the biggest contributors and tax them harder, accuse them of being rich and they risk not showing up anymore.
In fact they will go abroad to drink ... and you will not drink anything!


The fable is pretty but it remains a fable!
In reality, those who charge the most are the middle class, 8, 9 and 10 already have not paid tax fairly for a while!

The rich generally do EVERYTHING to pay the least amount of tax and considerably increase their wealth rather than participating in the social effort! When you have € 50 to pay every year, you can pay a tax expert and invest to divide this amount by 000, 2 or 5! The tax authorities are complicit in all this!

You rich bastard! They always want more!

It's called tax cancellation ... and plenty of specialists exist!

When, as 6 and 7 you have to pay 5000, you cannot exempt from taxation!

The real distribution of taxes is indeed a Gaussian!
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Re: These billionaires who pay almost no taxes in the United States




by Christophe » 09/06/21, 14:29

We can therefore say without being too mistaken that the vast majority of a country's tax effort is provided by those who are around the median ... or average * income (+ 20% I would say ...)

* Median or average? I have a doubt ? Help !

https://www.ideal-investisseur.fr/tutor ... -7438.html
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Re: These billionaires who pay almost no taxes in the United States




by Rajqawee » 09/06/21, 14:57

Christophe wrote:We can therefore say without being too mistaken that the vast majority of a country's tax effort is provided by those who are around the median ... or average * income (+ 20% I would say ...)

* Median or average? I have a doubt ? Help !

https://www.ideal-investisseur.fr/tutor ... -7438.html


Always try to challenge your intuitions: first return from google;

https://www.tacotax.fr/guides/impot-sur ... epartition

We find more or less the same analysis here:
https://www.leblogpatrimoine.com/impot/ ... venus.html

In short, the system as it has been defined works quite well: most of the IR is paid by the richest.

Ps: of course, this is only for IR. There are many other taxes and fees;)
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Re: These billionaires who pay almost no taxes in the United States




by Exnihiloest » 09/06/21, 17:02

GuyGadeboisLeRetour wrote:
Image

Yes they can.
The rich paid more taxes in the USA than in France from the 30s to the 80s. They were taxed between 70% and 94%.
It was Reagan who changed that.
Take a mediocre actor whose only degree is a bachelor's degree in economics / sociology, and here is the result! Even worse than our enarques!
And it's not even out of personal interest, it's that he didn't understand the consequences of his political actions.
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Re: These billionaires who pay almost no taxes in the United States




by GuyGadeboisTheBack » 09/06/21, 17:06

Exnihiloest wrote:The rich paid more taxes in the USA than in France from the 30s to the 80s. They were taxed between 70% and 94%.
It was Reagan who changed that.
Take a mediocre actor whose only degree is a bachelor's degree in economics / sociology, and here is the result! Even worse than our enarques!
And it's not even out of personal interest, it's that he didn't understand the consequences of his political actions.

And the dishonest on duty convicted the village idiot while his millionaire and billionaire advisers were pulling the strings. Bravo again and thank you for this act of (bad) faith.
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Re: These billionaires who pay almost no taxes in the United States




by Exnihiloest » 09/06/21, 17:30

GuyGadeboisLeRetour wrote:
Exnihiloest wrote:The rich paid more taxes in the USA than in France from the 30s to the 80s. They were taxed between 70% and 94%.
It was Reagan who changed that.
Take a mediocre actor whose only degree is a bachelor's degree in economics / sociology, and here is the result! Even worse than our enarques!
And it's not even out of personal interest, it's that he didn't understand the consequences of his political actions.

And the dishonest on duty convicted the village idiot while his millionaire and billionaire advisers were pulling the strings. Bravo again and thank you for this act of (bad) faith.

One wonders why the so-called "millionaire and billionaire advisers" would have waited 50 years to lower taxes!
At the limit, a vindictive asshole can dispute a fact known to historians, to pass his primary anti-Americanism and his calumnies against other contributors, but it would still be necessary to do it with a minimum of intelligence to be credible. And there obviously, it is missed.
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Re: These billionaires who pay almost no taxes in the United States




by GuyGadeboisTheBack » 09/06/21, 17:33

Exnihiloest wrote:One wonders why the so-called "millionaire and billionaire advisers" would have waited 50 years to lower taxes!

You yourself gave the answer above: Reagan was a fool, much more manipulable than the others who came before him. But how stupid you can be, but stupid ... blinded by your hateful madness and your whims ... : Mrgreen:
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"By definition the cause is the product of the effect" .... "There is absolutely nothing to do about the climate" .... "Nature is shit". (Exnihiloest, aka Blédina)
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Re: These billionaires who pay almost no taxes in the United States




by Exnihiloest » 09/06/21, 17:56

GuyGadeboisLeRetour wrote:
Exnihiloest wrote:One wonders why the so-called "millionaire and billionaire advisers" would have waited 50 years to lower taxes!

You yourself gave the answer above: Reagan was a fool, much more manipulable than the others who came before him. But how stupid you can be, but stupid ... blinded by your hateful madness and your whims ... : Mrgreen:


Reagan was a jerk, no need to paraphrase me, that's what I said when talking about the actor. But in 50 years of the American presidency, he was not the only one. And he is the one who lowered taxes, he was the president, and therefore he is responsible.

You identify with imbeciles, you will not be deprived of a certain lucidity, and therefore you seek to clear them by evoking the advisers.

But the power of the powerful comes only from the weakness of fools. This is what I have already mentioned in the other thread but it gets so over you that you don't even understand that there is something to understand.
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Re: These billionaires who pay almost no taxes in the United States




by GuyGadeboisTheBack » 09/06/21, 19:08

You can only convince yourself ... and again, since you know that you are wrong .... doubly. : roll:
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"By definition the cause is the product of the effect" .... "There is absolutely nothing to do about the climate" .... "Nature is shit". (Exnihiloest, aka Blédina)


 


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