How the superrich avoid paying taxes

[Jmman]

Can you say flat tax anyone? Put the tax rate at 20% and exempt the first 50K.......

 

[cybrsage]

The Fair Tax is better than a Flat Tax. Illegal earnings are taxed in the flat tax - when the money earned has been spent.

 

[Jhhnn]

Yes it does:



http://fairmark.com/amt/ltcg.htm

Normally the AMT rate for LTCG is the same 15% as for regular tax purposes. This article demonstrates how LTCG can actually end up being taxed at 22% under the AMT regime.

Fern

Thanks for that. It really doesn't apply in the slightest to people with enormous incomes, anyway, does it? It's an edge case, and not the general rule at all.

 

[MrColin]

They didn't have to work for that money, so why should they have to pay taxes on it?

 

[Bateluer]

These 400 earned a total of $81 billion in 2009 — but paid an average tax rate of just 19.9 percent.

Just 19.9 percent. Just 1/5th of the annual earnings on only the top 400. Lower than the 50%+ I pay, to be sure, but 20% of 81Bn is more the the combined annual pay of every one on AT for about 50 years.

 

[soulcougher73]

Just 19.9 percent. Just 1/5th of the annual earnings on only the top 400. Lower than the 50%+ I pay, to be sure, but 20% of 81Bn is more the the combined annual pay of every one on AT for about 50 years.

And imagine how much it would be if they paid the 35% they should be paying. Sure would help with some debt.

 

[Jhhnn]

They didn't have to work for that money, so why should they have to pay taxes on it?

Not to hear our resident worshippers of wealth tell it. Why, Mitt works like a dog for every dime he gets from his blind trust, right?

Hell, he barely has the time to run for Prez, let alone pay attention to his wife's hobby, Olympic dressage...

 

[lupi]

Lets go back to when we weren't taxed on income and we wouldn't have to deal with this mess.