Outrageous.

[PhilFish]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

These folk bilk the system.

 

[ObamacareForever]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

These folk bilk the system.

So change the law.

 

[PhilFish]

So change the law.

I'll try.

 

[ObamacareForever]

I'll try.

Remember way back in 2017 when they were trying to do "tax reform" but the only reform was half-assedly closed a single loophole.

 

[bdtex]

These folk bilk the system.

And it's legal and these folks' accountants and lawyers earn handsome fees keeping it legal.

 

[ObamacareForever]

And it's legal and these folks' accountants and lawyers earn handsome fees keeping it legal.

I think the mortgage interest deduction should thrown in the trash.

Those are the "loopholes" that need to be closed.

Turns out when you actually tell people what closing loopholes actually means it become very unpopular.

Just use Warren's wealth tax.

 

[PhilFish]

And it's legal and these folks' accountants and lawyers earn handsome fees keeping it legal.

Yes

 

[PhilFish]

I think the mortgage interest deduction should thrown in the trash.

Those are the "loopholes" that need to be closed.

Turns out when you actually tell people what closing loopholes actually means it become very unpopular.

Just use Warren's wealth tax.

I like that deduction. Eliminating that would screw everyone but the ultra wealthy

 

[ObamacareForever]

I like that deduction. Eliminating that would screw everyone but the ultra wealthy

so which deductions do you think only help the ultra wealthy?

 

[PhilFish]

so which deductions do you think only help the ultra wealthy?

Offhand I don't know. I imagine, given the article, those that allow them to pay a few millions on tens of billions of earnings

 

[middleview]

so which deductions do you think only help the ultra wealthy?

A lot of the deductions that real estate developers use to avoid paying taxes on the sale of property.

Biden Proposal Would Close Longtime Real-Estate Tax Loophole

The president’s economic plan would eliminate a tax break for many real-estate owners that has enabled them to defer paying capital gains on property sales.

www.wsj.com

Mitt Romney had a sweet deal where his Caribbean based 401k plan took in the max contributions and bought a dividend paying stock from Bain that only he and a couple of his buddies could buy. It paid millions in dividends on a very low investment...which allowed his 401k to grow exponentially and tax free....

I would eliminate state tax as a deduction...if your state has a high tax rate it should not be up to the rest of us to subsidize it.

 

[JuliefromOhio]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

These folk bilk the system.

Technically, they're not bilking the system. Their assets aren't covered, like salaries, in the IRS tax laws.
I think the public is finally realizing how nuts it is that the uber-wealthy and corps don't pay their fair share. We need to do something about this.

 

[Dawg]

I think the mortgage interest deduction should thrown in the trash.

A thought only by those with no mortgage
everyone doesn't live with Mommy & Daddy

 

[PhilFish]

Technically, they're not bilking the system. Their assets aren't covered, like salaries, in the IRS tax laws.
I think the public is finally realizing how nuts it is that the uber-wealthy and corps don't pay their fair share. We need to do something about this.

yes. that is correct.

bilk was too heavy... evading...legally

 

[Bernard_Fokke]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

These folk bilk the system.

Another reason to go flat tax, and if so how much? Ten, fifteen, twenty percent, think about all those tax prep retreads (Retards?) and cpa types out of work and the massive IRS layoffs oy!

 

[PhilFish]

Another reason to go flat tax, and if so how much? Ten, fifteen, twenty percent, think about all those tax prep retreads (Retards?) and cpa types out of work and the massive IRS layoffs oy!

i've always liked 15%. maybe 20%

 

[Bernard_Fokke]

i've always liked 15%. maybe 20%

Splitting the difference how's about 18% and listen to them screaming

 

[PhilFish]

Splitting the difference how's about 18% and listen to them screaming

sounds good