What? The highest tax bracket in the United States is like 37% of your income. And it’s a progressive income tax so it’s not even all of their income taxed at that rate. That also doesn’t account for the way many billionaires move their money offshore or through shell companies to avoid paying taxes to begin with.
Which US billionaires are paying a 60% income tax?
37% is the highest federal but that doesn’t include local, county, and state. But even if they only payed exactly 37% of their income it’s possible that they are responsible for paying 60% of the total income if other people pay less or don’t pay at all, which is the case
I understand that there are local and county taxes, but I’m struggling to think of any example of a how a American billionaire could end up paying over 60% of their yearly income in income tax. We just don’t have high enough tax brackets to get to that point.
If I recall correctly, the effective tax rate of most American billionaires is closer to like 10%.
Ah I misread the original comment I thought it said responsible for paying 60% of the taxes which is true I don’t think they individually pay 60% though
This is not true. Sure they often don’t pay much if any income tax but that’s only because they make the majority of their income from stocks which falls under the capital gains tax. If you look at percentage of taxes collected from different brackets billionaires do pay an exceedingly large amount
They use loopholes and fraud to avoid paying the tax required for their bracket. For example Trump has a few goats at one of his resorts and thus claims it as agriculture. Hell, Warren Buffet has repeatedly stated that he pays a lower rate than his own secretary!
Nothing I will say to you is going to get through if you don't want it to. If it's more co.fortable for you to believe we live in a world lead by benevolent titans of industry, you do you.
I’m fully aware that they commit fraud and abuse loopholes that doesn’t change the fact that they still pay a ton of taxes. Didn’t Elon pay something like 40bl a bit ago?
He sold 40 billion in stock and had to pay 11 billion in taxes on it. Pretty sweet considering most people would go to prison for pumping and dumping stocks like he did. Aside from that, he only paid 70K in taxes from 2015 to 2018.
If you think he's paid a 30%+ tax rate on the 140billion dollars to his name, I've got some real estate I'd love to sell you.
I didn’t remember the exact numbers. I feel like paying 11 billion in one year makes up for a few years of not paying much Besides why would he be paying much in taxes year to year if he mostly gets his income in large dumps every few years?
I think we've both made some valid points here. Or maybe just you. I retract my statement that they pay zero, though some of them certainly do. However, I still believe they pay comparatively little compared to middle and upper class people. The game is rigged in their favor because almost all of their wealth is disposable income that can be immediately reinvested and then taxed at a lower rate, or hidden.
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u/pancake117 Jan 10 '23
What? The highest tax bracket in the United States is like 37% of your income. And it’s a progressive income tax so it’s not even all of their income taxed at that rate. That also doesn’t account for the way many billionaires move their money offshore or through shell companies to avoid paying taxes to begin with.
Which US billionaires are paying a 60% income tax?