US super-rich 'pay almost no income tax

I think we are more speaking of capital gains, not business taxes. Besides most businesses pay income tax by being a pass through entitiy.

So we are referring to individual wealthy people who earn millions in capital gains only getting taxed the same rate as someone making 50 grand in income (20%)

 

Imagine how everyone's taxes could be lowered if those that should pay did...

 

Whenever I hear a conservative yell about defunding the IRS because of "big government" I know it's because of two reasons:

1. They are ultra wealthy.
2. They are brainwashed working class people who have no clue how the system works.

All that is accomplished by defunding the IRS is the IRS only having the resources to audit us regular folks. It takes a lot more resources to audit the ultra wealthy because their taxes are far more complex. Lower funding means they only can audit simple taxes of the regular working class.

 

discussion:

The 1% are Paying Slightly Less Tax Than They Owe!
An interesting but rather misleading report from a Biden Treasury official.

https://www.outsidethebeltway.com/the-1-are-paying-slightly-less-tax-than-they-owe/

excerpt:

The bottom line here is that all of this smacks more of going after the rich for political optics than it does tax collection. That’s amplified by the rhetorical heat aimed at “the top 1%” when their own estimates show that the top 5% actually accounts for a higher delta than the top 0.05 percent—and those in the 99-99.5 range are actually more complaint than lower groups.

Certainly, this claim (from Sarin’s report) is absurd:

The tax gap also has meaningful implications for fiscal policy. These unpaid taxes mean policymakers must choose between rising deficits, lower spending on important priorities, or further tax increase to compensate for lost revenue—which will only be borne by compliant taxpayers.​

Whether we collect $20, $26, or even $32 billion extra a year from the rich, it’ll have next to zero impact on the deficit or taxing and spending decisions made by Congress. Even pre-COVID, our annual budget deficits were in the $700-$900 billion range; it was over $3 trillion last year and will likely be higher this year. And the total spending outlays were in the $4 trillion range before COVID and new political realities shifted them into the $6 trillion range. The amount of revenue in question here is literally a rounding error.

So, sure, let’s fund the IRS appropriately to go after scofflaws. Let’s enforce the tax code fairly. And let’s punish the most egregious offenders severely. But let’s not pretend this is why we can’t pay our bills.
​

more at the link

 

Thanks to the MORONS on team GOP who vote against their own interests, because they lack depth of understanding what is going on......

DD

 

Paid for you by Billionaires.

So which is $20 billion or $163 shortfall? The article doesn't even care to figure it out, but seems more interested in making the case of "so what, it will barely put a dent in the deficit".

The tax law is infinitely complex in order to be abused.

 

https://www.bbc.com/reel/video/p09312qg/why-the-swedes-love-doing-something-that-americans-hate

Great video on Sweden and what a proper tax system can do for the entire society.

DD

 

related

When the Swedish author of “Pippi Longstocking” had to pay 102% in taxes, she fought the injustice with her best weapon: her writing

https://www.thevintagenews.com/2018/01/04/pippi-longstocking/?safari=1https://www.thevintagenews.com/2018/01/04/pippi-longstocking/?safari=1

 

Sounds like sound logic. It won't make a difference, so let the rich cheat on their taxes and let's focus on the 50k workers instead.

 

It seems short term thinking to believe it won't make a difference. If we go after them, the cheating will decrease, so overtime the increase in tax intake will be significant. Will it fix all problems with deficit spending and our debt? No. But it will it help? Sure.

 

We need to remove the loopholes right after making lobbying illegal.

DD

 

The funny thing about the Panama Papers and its younger cousins...the US has its own tax haven in Delaware, and it's almost as bad as all these other tax haven/shelters. What the "almost" makes up for is the proximity.

But let's do the usual 100 page song n dance about taxes being unfair to jurrb-perv-eye-durrs, and taxin duh rich 100% won't solve our debt problemz.

https://en.wikipedia.org/wiki/Panama_Papers
See also

• Bahamas Leaks
• Daphne Caruana Galizia
• Distributed Denial of Secrets
• Dubai Uncovered
• FinCEN Files
• Mauritius Leaks
• Pandora Papers, 2021
• Paradise Papers, 2017
• Swiss Leaks, 2015
• Suisse secrets, 2022
• The Laundromat (2019 film)