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Economy/Business / Re: Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%
« Last post by Hoodat on Today at 02:43:19 am »Never mind. I found it.
Richest Americans—Including Bezos, Musk And Buffett—Paid Federal Income Taxes Equaling Just 3.4% Of $401 Billion In New Wealth, Bombshell Report Shows
https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/
So this is based on an imaginary tax assessment that is not in effect. Basically, ProPublica believes that if someone's stock portfolio gains value in any tax year, that person should be forced to pay taxes on unrealized gains. On the flip side, let's say the market tanks and Buffet and Bezos lose a billion dollars in stock value. Does that mean they are due a massive refund on unrealized losses? I think not.
The bottom line here is that any claims that Bezos and Buffet paid only 3.4% in taxes on realized income is pure unadulterated bullshit. Lies make Jesus cry.
Richest Americans—Including Bezos, Musk And Buffett—Paid Federal Income Taxes Equaling Just 3.4% Of $401 Billion In New Wealth, Bombshell Report Shows
- ProPublica found that while the median American household earning roughly $70,000 per year paid 14% in federal taxes each year, the 25 richest Americans (by Forbes’ tally) paid a “true tax rate” of just 3.4% on wealth growth of $401 billion between 2014 and 2018.
- ProPublica’s “true tax rate” is a novel and sure-to-be-controversial measure of how much taxes an individual paid each year compared to Forbes’ calculation of how much their wealth grew during the same time, meaning that ProPublica is counting unrealized capital gains, which are not taxed under the current U.S. Tax Code.
https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/
So this is based on an imaginary tax assessment that is not in effect. Basically, ProPublica believes that if someone's stock portfolio gains value in any tax year, that person should be forced to pay taxes on unrealized gains. On the flip side, let's say the market tanks and Buffet and Bezos lose a billion dollars in stock value. Does that mean they are due a massive refund on unrealized losses? I think not.
The bottom line here is that any claims that Bezos and Buffet paid only 3.4% in taxes on realized income is pure unadulterated bullshit. Lies make Jesus cry.