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and this article doesn't even touch on corporate taxes.
the system is so rigged it's insane.
the system is so rigged it's insane.
Guess who does get audited though, the poor.
I caught wind of this by virtue of ABC national network news' story on it earlier in the week. Clearly, quite the bomb shell, and ABC didn't sugar coat it. The richest entrepreneurs in America are paying exactly zero federal income taxes. The billions of dollars that they are pocketing are all sheltered by the tax laws and the Republicans refuse to alleviate the gross injustice.Wow, that is quite a leak and quite a bombshell, to publicize such detailed financial information for those billionaires.
If Pro Publica just ran this today, and I guess it's going to be a series, then I would except major news outlets to start digging into it tomorrow.
That's what makes this country so great. You have people who went from nothing to something. Opportunity is there. I promise you I know the struggles of the poor. I wasn't born with silver spoon.
Pfffft but look at the Bezos's and Musks who started businesses and became centibillionaires! Who cares if they are statistical outliers? Fuck the rest of the country /SWell if you think that's what makes America great you probably want to get on board with the worry about wealth inequality then.
Is the American Dream over? Here's what the data says
How likely are Americans to out-earn their parents?www.weforum.org
and this article doesn't even touch on corporate taxes.
the system is so rigged it's insane.
How does the wealthy lower their tax rates without actually lowering their tax rate? Back congressional representatives who vote to cut the IRS’s budget so that they can’t even audit the rich. Now they don’t even need to pay taxes because there are zero consequences to not doing so. Guess who does get audited though, the poor.
Rigged system? Lol rigged doesn’t seem like a strong enough word.
https://www.irs.gov/about-irs/irs-audit-rates-significantly-increase-as-income-risesHow does the wealthy lower their tax rates without actually lowering their tax rate? Back congressional representatives who vote to cut the IRS’s budget so that they can’t even audit the rich. Now they don’t even need to pay taxes because there are zero consequences to not doing so. Guess who does get audited though, the poor.
Rigged system? Lol rigged doesn’t seem like a strong enough word.
What? You didn't have similar chance as Bezos and Musk? Who's fault was that? Bezos and Musk?Pfffft but look at the Bezos's and Musks who started businesses and became centibillionaires! Who cares if they are statistical outliers? Fuck the rest of the country /S
https://www.irs.gov/about-irs/irs-audit-rates-significantly-increase-as-income-rises
Your chance of audit increases substantially once you pass $1 million or more income. This IRS data from 2015 shows more than 1 in 10 return is audited for income greater than $10 million. Anything under $1 million is rounding error.
Do you know why the poor are audited? Because people cheat like hell with EITC. Over 25 million reported EITC and improper EITC credit cost the taxpayers $17 billion a year in fraudulent refund. And these people pay $0 taxes. Zero. IRS claims error rates claiming EITC are around 50%. Think about that. Poor people cheat like hell on their taxes too. Cheating is not poor or rich problem. It's everyone's problem and just proves no one likes paying taxes. Of course you guys don't pay shit but want others to pay more. I just want you to pay more too instead of saying you would be more than happy to. Donate to charity so your total federal "tax obligations" equal around 40% but do not write off your donations. This way you are paying more and not just talking the talk. Everyone who claim they will happily pay more, do it.
They got lucky. Even lottery winners are taxed at 50%.What? You didn't have similar chance as Bezos and Musk? Who's fault was that? Bezos and Musk?
Except they aren't. They are taxed on their income just like anyone else's income with a top rate of 37-40% just like anyone else. Deeeerp.They got lucky. Even lottery winners are taxed at 50%.
Oh I'm sorry. Then let's tax them at the low end of that bracket, 37%.Except they aren't. They are taxed on their income just like anyone else's income with a top rate of 37-40% just like anyone else. Deeeerp.
"low end of that bracket"Oh I'm sorry. Then let's tax them at the low end of that bracket, 37%.
DEEEEEERRRRRP.
For being dumber than a box of rocks, you got a lot of gall calling anyone stupid. Per your own words, the lowest end of the highest bracket is still "low end of THAT BRACKET"."low end of that bracket"
Lol that is literally the highest bracket. I'm sorry you're too stupid to understand our ultra complex tax brackets.
Perhaps returning to 3rd grade math can help you? Either way I said I'll have a grande latte Chad.
Lol I never said "low end of that bracket", that was you sugar tits.For being dumber than a box of rocks, you got a lot of gall calling anyone stupid. Per your own words, the lowest end of the highest bracket is still "low end of THAT BRACKET".
Fuck I hope you hurt every morning for how stupid you are.
3rd grade math ain't gonna help your inability to grasp 2nd grade english.
It's like words have no meaning with you. The low end of the highest bracket OH NOOOEEEES where ELSE would we tax the HIGHEST EARNERS?Lol I never said "low end of that bracket", that was you sugar tits.
I put 37-40% because our top rate has varied year to year from its current 37% to its previous 39.6% that it will likely return to under Biden.
Don't worry little buddy, we have slow classes for people like you.
Which is why people are saying that the game is fixed.What? You didn't have similar chance as Bezos and Musk? Who's fault was that? Bezos and Musk?
How is the game fixed? @Fenixgoon is white male and he had the same chance by being born in this country. He chose the life of wage slave vs life of entrepreneurship. That’s the main difference. And massive amount of hard work and luck.Which is why people are saying that the game is fixed.
Equality of opportunity is the American dream, its that equality of opportunity that's missing and letting a few people hoard wealth is one of the problems.
How is the game fixed? @Fenixgoon is white male and he had the same chance by being born in this country. He chose the life of wage slave vs life of entrepreneurship. That’s the main difference. And massive amount of hard work and luck.
My guess is @Fenixgoon had way better opportunities than me growing up. If anything, game was fixed against me. But limitations can be opportunities because it forces you to take risks. Fortune favors the bold.
you need to look at data, not anecdotes.How is the game fixed? @Fenixgoon is white male and he had the same chance by being born in this country. He chose the life of wage slave vs life of entrepreneurship. That’s the main difference. And massive amount of hard work and luck.
My guess is @Fenixgoon had way better opportunities than me growing up. If anything, game was fixed against me. But limitations can be opportunities because it forces you to take risks. Fortune favors the bold.
What have you brought to this discussion? Nothing. Probably the same as the amount of taxes you pay.No one gives a fuck about you so I’m not sure why you think bringing up your personal experience is relevant to the discussion. Obviously his original point was lost on you.
No country is perfect. But US is still the land of opportunity. Norway and other Scandinavian countries do have some advantages we don't have here. Norway has that huge investment fund which they can rely on because of the lucky oil discovery and smart investment of that oil money.you need to look at data, not anecdotes.
so, how good is economic mobility in the US? the answer is not very good
in fact, if you want to get rich...move to norway