- Posts: 15739
- Thank you received: 319
The Secret IRS Files: How the Wealthiest Avoid Income Tax
- ScienceChic
-
Topic Author
- Mountain Champion
-
Less
More
08 Jun 2021 16:38 #1
by ScienceChic
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
It's no wonder our country is drowning in debt, the middle class shrinking, and the poor struggling to raise themselves up: the system is gamed against the majority. Everyone should have to pay their fair share, and these loopholes need to be plugged. When income disparity continues to grow, at some point it will become the match that burns down a nation because people perceive they have nothing left to lose in a system that doesn't provide equal opportunity.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
by Jesse Eisinger, Jeff Ernsthausen and Paul Kiel, ProPublica | June 8, 5 a.m. EDT
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
by Jesse Eisinger, Jeff Ernsthausen and Paul Kiel, ProPublica | June 8, 5 a.m. EDT
ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.
Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
The following user(s) said Thank You: koobookie
Please Log in or Create an account to join the conversation.
- ramage
-
- Mountain Legend
-
Less
More
- Posts: 4388
- Thank you received: 94
08 Jun 2021 16:42 #2
by ramage
Replied by ramage on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
Please tell us what you mean by ". Everyone should have to pay their fair share". A dollar amount, a % of income? What constitutes fair share in your mind?
Please Log in or Create an account to join the conversation.
- Rick
-
- Mountain Legend
-
Less
More
- Posts: 13396
- Thank you received: 149
08 Jun 2021 17:42 #3
by Rick
It was always the women, and above all the young ones, who were the most bigoted adherents of the Party, the swallowers of slogans, the amateur spies and nosers−out of unorthodoxy
George Orwell
Replied by Rick on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
While I think it's a good idea to close loopholes and find ways for "the rich" to pay more, I really don't think there will ever be enough money for our bloated bureaucracy. Our problem is what the government spends and it's lack of accountability. Washington could grab an extra trillion dollars and it would evaporate faster than Biden's remaining brain cells.
I do hope they rape the assets of the biggest tech giants and media owners who mostly support this administration, but I'm sure there will be carve outs for the buddies who help to buy the elections.
I do hope they rape the assets of the biggest tech giants and media owners who mostly support this administration, but I'm sure there will be carve outs for the buddies who help to buy the elections.
It was always the women, and above all the young ones, who were the most bigoted adherents of the Party, the swallowers of slogans, the amateur spies and nosers−out of unorthodoxy
George Orwell
Please Log in or Create an account to join the conversation.
- FredHayek
-
- Mountain Legend
-
Less
More
- Posts: 25696
- Thank you received: 144
08 Jun 2021 18:03 #4
by FredHayek
Thomas Sowell: There are no solutions, just trade-offs.
Replied by FredHayek on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
They stole this information. IRS records are supposed to be private. Watch, no one will pay the consequences for these crimes.
Thomas Sowell: There are no solutions, just trade-offs.
Please Log in or Create an account to join the conversation.
- ScienceChic
-
Topic Author
- Mountain Champion
-
Less
More
- Posts: 15739
- Thank you received: 319
08 Jun 2021 18:16 #5
by ScienceChic
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
Replied by ScienceChic on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
I think it should be a percentage that is more in line with what the majority of Americans pay, and as made clear by the article, the majority avoid this because they don't get paid a traditional income - they gain equity in assets, and they borrow exorbitant sums of money that isn't taxed.
A 1.1% true tax rate is not equal.
FH, from the story they state that they were given the data:
A 1.1% true tax rate is not equal.
Bezos’ wealth increased by $127 billion, according to Forbes, but he reported a total of $6.5 billion in income. The $1.4 billion he paid in personal federal taxes is a massive number — yet it amounts to a 1.1% true tax rate on the rise in his fortune.
Our analysis of tax data for the 25 richest Americans quantifies just how unfair the system has become.
By the end of 2018, the 25 were worth $1.1 trillion.
For comparison, it would take 14.3 million ordinary American wage earners put together to equal that same amount of wealth.
The personal federal tax bill for the top 25 in 2018: $1.9 billion.
The bill for the wage earners: $143 billion.
FH, from the story they state that they were given the data:
The tax data was provided to ProPublica after we published a series of articles scrutinizing the IRS.
ProPublica is not disclosing how it obtained the data, which was given to us in raw form, with no conditions or conclusions. ProPublica reporters spent months processing and analyzing the material to transform it into a usable database.
We then verified the information by comparing elements of it with dozens of already public tax details (in court documents, politicians’ financial disclosures and news stories) as well as by vetting it with individuals whose tax information is contained in the trove. Every person whose tax information is described in this story was asked to comment.
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
Please Log in or Create an account to join the conversation.
- homeagain
-
- Mountain Legend
-
Less
More
- Posts: 10772
- Thank you received: 141
09 Jun 2021 10:13 #6
by homeagain
Replied by homeagain on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
WITH wealth,comes privilege....the BEST accountants,the BEST lawyers,the BEST sources of info...
U have the $$$,U have access to everything to KEEP your $$$$.
It is the AMERICAN WAY
U have the $$$,U have access to everything to KEEP your $$$$.
It is the AMERICAN WAY Please Log in or Create an account to join the conversation.
- FredHayek
-
- Mountain Legend
-
Less
More
- Posts: 25696
- Thank you received: 144
09 Jun 2021 12:12 #7
by FredHayek
Thomas Sowell: There are no solutions, just trade-offs.
Replied by FredHayek on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
They refuse to reveal their sources essentially. Reporters who do that sometimes have to go to jail. And the government employees who have leaked their information?
Thomas Sowell: There are no solutions, just trade-offs.
Please Log in or Create an account to join the conversation.
- ramage
-
- Mountain Legend
-
Less
More
- Posts: 4388
- Thank you received: 94
09 Jun 2021 13:19 #8
by ramage
Replied by ramage on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
Once again, an absence of the definition of "fair" as to payment of taxes.
SC, you do understand that wealth is not income, am I correct?
Rick, what do you mean by "the rich"? Income taxes are just that, a tax upon the income you earned during the taxable year. Wealth comprises the assets that are in your possession.
Hypothetically, am I one of the "rich" because I have an income in excess of $500k? What if I had an income of $90K but billions in assets, e.g. Warren Buffet? How would you tax each situation?
SC, you do understand that wealth is not income, am I correct?
Rick, what do you mean by "the rich"? Income taxes are just that, a tax upon the income you earned during the taxable year. Wealth comprises the assets that are in your possession.
Hypothetically, am I one of the "rich" because I have an income in excess of $500k? What if I had an income of $90K but billions in assets, e.g. Warren Buffet? How would you tax each situation?
Please Log in or Create an account to join the conversation.
- Rick
-
- Mountain Legend
-
Less
More
- Posts: 13396
- Thank you received: 149
09 Jun 2021 14:19 #9
by Rick
It was always the women, and above all the young ones, who were the most bigoted adherents of the Party, the swallowers of slogans, the amateur spies and nosers−out of unorthodoxy
George Orwell
Replied by Rick on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
I put "the rich" in quotes because I don't know what that means and the goal posts are often moved depending on the person. Bernie used to call millionaires the rich until he became one, now it's billionaires they need to take more money from. I agree, taxing wealth will be difficult and I would suspect very selective.ramage wrote: Once again, an absence of the definition of "fair" as to payment of taxes.
SC, you do understand that wealth is not income, am I correct?
Rick, what do you mean by "the rich"? Income taxes are just that, a tax upon the income you earned during the taxable year. Wealth comprises the assets that are in your possession.
Hypothetically, am I one of the "rich" because I have an income in excess of $500k? What if I had an income of $90K but billions in assets, e.g. Warren Buffet? How would you tax each situation?
It was always the women, and above all the young ones, who were the most bigoted adherents of the Party, the swallowers of slogans, the amateur spies and nosers−out of unorthodoxy
George Orwell
Please Log in or Create an account to join the conversation.
- homeagain
-
- Mountain Legend
-
Less
More
- Posts: 10772
- Thank you received: 141
09 Jun 2021 17:24 #10
by homeagain
Replied by homeagain on topic The Secret IRS Files: How the Wealthiest Avoid Income Tax
IT is not that hard to understand,when U have more,MORE is expected from you....philanthropic,monetary,
and an attitude that "the wealth" is not yours to keep,but rather to pass it on, both the knowledge and the
monetary assistance. JMO
and an attitude that "the wealth" is not yours to keep,but rather to pass it on, both the knowledge and the
monetary assistance. JMO
Please Log in or Create an account to join the conversation.
Time to create page: 0.168 seconds
sponsors
