The key term here is, "income taxes". Most of those people have their money in the form of stocks, bonds, trusts and get taxed on interest and capital gains, not so much on "income".
On the tax form, it defines what constitutes as "income".
Yeah, they can afford a few lawyers who live by the tax code and can just about recite all 20,000+ pages of it. Their wealth affords them the capability of taking advantage of as many tax write-off as possible. Bear in mind, those lawyers are guiding their investments throughout the year to keep the wealthy from having to pay much in taxes.
Believe me, we ALL look for ways to reduce our tax liability when it comes time to fill out those forms. The wealthy can pay lawyers to make certain their tax liability is as low as possible.
Every one else has "income". These people live off investments, not necessarily a salary. That's why several CEO's take company benefits rather than a large salary. That's why they re-invest a large salary back into company stocks - to take advantage of tax laws. We all have those same options, it's just that almost none of us can benefit from those tax laws.
Believe me, the SAME IRS that targeted conservative charities under Obama, has a special division specifically for "large income" filers - those tax forms claiming in excess of $1 million. And they have a couple subdivisions of them to deal with tax forms in excess of $500 million or more. You can be guaranteed they have a team of people that go over those forms (since they're a couple inches thick) with a fine tooth comb, specifically looking for irregularities and places where they claimed things wrong. And yes, people with high value tax forms ARE audited EVERY year.
They don’t get paychecks week to week like you, and I. Rather the super-rich take out loans, and hedge their investments against those loans to make a profit. They pay a great deal in stock taxes like capital gains, property taxes, depending on how much they can put in tax havens like The Caymens, Luxembourg etc. But, The G7 summit is trying to implement a tax to negate safe havens loopholes. But, when it comes to paying income taxes, they don’t pay them because they don’t earn money in the same traditional ways.
That's not how it works... you can't tax stocks until they are sold. So if the amount of shares they sold that fiscal year is is less than their deductible expenses and charitable donations etc. They technically lost money that year. Even if the stock they didn't sell went up in value causing their net worth to go up. I agree that the system is fundamentally flawed and billionaires rarely pay their share each year. Which is why you shouldn't listen to democrats when they say they're gonna tax the rich. The middle class has been supporting America for decades
You clearly didn't even read what said. Because if you had you know that I think it's wrong and I simply explained how they get away with it you fucking moron!
yeah i read your bullshit. you know for a fact what these rich assholes are doing though. we all are. but you just choose to shill for em anyway. anyways. im done. go away
This is not news. Buffet said years ago that his maid paid more in taxes than he did. Trump fought tooth and nail to hide his taxes but it eventually was released that he paid between 0 and 7 hundred and fifty dollars and zero cents in tax, over several years.
The American people are run by the billionaire class.
It takes actual brain damaged citizens to elect an alleged billionaire and then believe him when he says he cares about them and their penny-ante woes, all while he is pushing tax breaks for the rich.
If you are shocked then you need to get that head out of your own ass, and look around where do we live? Rape, murder, sex slavery. Whats tax avoidance in comparison. Its just that goverment gets mad about tax but not rape and murder. Cus its their money.
This isn't surprising at all. Massive losses from prior business failures can be "Carried forward" to offset present and future gains from business successes. And yes, people more often fail than they succeed.
Which is why you should really never resent anyone else's success, because do you really understand what kind of hardship s/he had to go through to get there? Even when it turns out that they do have this stroke of good luck, resentment does not help you.
The problem is these people employ a lot of people in one way or another and thats a lot of leverage when dealing with the government. It sends a message let do what we want or we move jobs to china
it sens the message of "fuck you poor people we get to skirt on by the rules and you don't. money is power bitches" while they ram their giant corporate cocks down our throats.
And not only that they have the money for lawyers to help them scoot around paying what everyone below them in wealth are forced to pay. its just disgusting.
here's a little snippet for you on another subject. new york and london are about the same size. new york has 35000 police officers and london has 759. i found that shocking.
If the law wasn't broken, why is this news? Blame Congress for the tax laws they enacted that allow the wealthy to avoid taxation, don't blame the wealthy who take advantage of the laws.
Who determines fair share? Shouldn't the tax law spell out fair share? Shouldn't everyone pay fair share? How do you reconcile paying fair share for those who pay no federal income tax yet receive government services?
That the very wealthy don't pay much of anything in taxes is not newly known. That's been know and obvious, for a long time. It didn't take an IRS leak to tell us that.
What? That's NEWS? Here's another shocker for ya!! Did you know there is NO LAW that says you HAVE to pay taxes? It's SUPPOSED to be a completely voluntary thing!!
Just saw that on The Daily Show, its fucking disgusting
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You mean to tell me that billionaires don't want to pay more than they are required to by law? This seems like a good reason to switch to a flat tax; as there would be zero deductions to wipe out anyone's tax burden.
Typical of rich folks. Always tryna keep every cent they own. Meanwhile the poor always get poorer. And they wonder why we want them taxed significantly more harshly than they are... If they are at all.
Home > Society & Politics > Questions > You guys ready for another shocker? Some leaked secret IRS files have revealed Top billionaires avoid paying federal income taxes?
