In a 2021 study the 400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%
I find this criminal and you call me a liberal So be it
Again let's see what the actual legislation details are. I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more
Bullshit. Those studies typically fail to take into account the fact that much of that income is from foreign sources and is subject to foreign tax - generally at rates higher than U.S. rates - and therefore present false - criminally false - conclusions.
Jeff Bezos does not pay an effective rate of income tax of 8%. His effective rate of income tax is almost certainly around 40%. He pays a U.S. rate of approximately 8% on his worldwide income because (a) he has paid a substantial amount of foreign income tax on most of that income already, and (b) the U.S. foreign tax credit system is imperfect and generally fails to fully prevent double taxation. Furthermore, aspects of the U.S. tax system are intentionally designed to impose double taxation. For example, the so-called "NIIT" - net investment income tax - of 3.8% cannot be offset with credits for foreign taxes paid on the same income. As a result, even if the foreign tax rate imposed on that income is higher than the U.S. rate - for example, the German rate of tax on capital gains is generally 25%, which is five percentage points higher than the U.S. long-term rate of 20% - the income-earner still ends up paying a 3.8% U.S. income tax. Thus, on long-term capital gains that are subject to both U.S. and foreign tax - such as German income tax - the effective rate of tax is equal to the higher rate of normal tax, plus the U.S. 3.8% NIIT.
The only thing criminal here is your willful ignorance, refusal to understand the basics of the income tax system, and egregiously false claims that the "rich" of whom you are so patently envious pay less tax than you do.
Go f**k yourself, you lousy little fascist parasite.