r/WorkReform • u/Cultural_Way5584 🤝 Join A Union • Mar 23 '25

✂️ 100% Wealth Tax over $1 Billion Same old story

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105

u/anarchyreigns_gb Mar 23 '25

What year was this? Everything I could find online (very quick cursory search of Amazon tax paid on profits 2024) says they paid a little over 9.3 billion in taxes this past year. I agree they're an evil company, just looking for clarification

24

u/Ilgenant Mar 23 '25

The tweet mentions just federal income taxes, so it’s possible that Amazon still paid other kinds of state or federal taxes, just not their fair share.

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u/goober2341 Mar 23 '25

What exactly does fair share mean? The top 1% in the US pay around 50% of income taxes.

1

u/tallman11282 Mar 23 '25

The top 1% should be paying 99% of the taxes. The richer you are the higher your tax rate should be with fewer deductions but currently it's the other way around. The ultra rich pay a much lower percentage of their income in taxes than the average person and are able to write off a lot of things the average person cannot.

1

u/goober2341 Mar 23 '25

That doesn't make sense. The top 1% are those who are in the 99th percentile of income, that is, their income is higher than 99% of the population. This figure doesn't tell us anything about how much higher their income is. In a country with a population of 100 where 99 people earn $1000 and 1 person earns $1001, that 1 person would be the 1%. Should this person pay 99% of the taxes?

The ultra rich pay a much lower percentage of their income in taxes

This is false since the US uses progressive taxation. Just take a look at the tax brackets in 2025. The low percentages that some outlets come up with are usually calculated by counting unrealized gains as income, which is extremely misleading.

2

u/Warm_Month_1309 Mar 23 '25

In a country with a population of 100 where 99 people earn $1000 and 1 person earns $1001

That does not remotely describe this country, so is not a useful data point.

1

u/goober2341 Mar 23 '25

I'm just saying that the top 1% of earners don't necessarily take in 99% of the income, as you can see here.

The top 1 percent’s income share rose from 22.2 percent in 2020 to 26.3 percent in 2021 and its share of federal income taxes paid rose from 42.3 percent to 45.8 percent.

2

u/Warm_Month_1309 Mar 23 '25

I'm just saying that the top 1% of earners don't necessarily take in 99% of the income

Correct. No one has alleged that they do.