Current Events > U.S. billionaires pay lower tax rate than working class for 1st time

(+) Yeah! (+)

An analysis published Friday by the renowned economist Gabriel Zucman shows that in 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans for the first time in the nation's history, a data point that sparked a new flurry of calls for bold levies on the ultra-rich.

https://www.commondreams.org/news/tax-the-billionaires

eat the rich

There's a war going on outside

51% billionaire tax

This is why Trump even stands a miniscule chance. Some rich guys really want him for stuff like this.

...bullshit? Hasn't Warren Buffet been saying for much longer than 2016 that adage about how it's wrong he pays less tax than his secretary (without figuring out how he could possibly pay more of his fair share)?

"don't hate the player, hate the game."

"okay i hate the game, let's change the game."

"no, not like that."

It's gross how people defend this shit.

I'll just become a billionaire den, problem solved

DnDer posted...

...bullshit? Hasn't Warren Buffet been saying for much longer than 2016 that adage about how it's wrong he pays less tax than his secretary (without figuring out how he could possibly pay more of his fair share)?

Their rate is higher it is just that it doesn't hurt them to pay like it does the working class AND they often don't pay anything because of business deductions or hiding it all in stocks.
For instance Bezos went many years paying 0. This is because he reported losses and also didn't cash out stocks.

Usually we are talking is an "effective" tax rate.
Effective means what they pay in reality.
The rate on books is different than what they effectively pay.

Think of it like theoretical versus reality. Effective is reality.

Nothing will be done about this even with a Democrat super majority (especially with a Democrat super majority) because we had the brilliant idea of tying our retirement savings to the stock market.

CEOs hold onto their stock forever, instead taking out low interest loans they'll never pay back, so line will theoretically keep going up. Forcing billionaires to sell might make line go down and piss off everyone with a 401(k) or IRA. It's the dirty little secret we all share when we claim trickle down doesn't work, because this is trickle down in action.

You could give employees the stock the execs get - what a concept - but they're more likely to sell so, can't have that. We could just say "You know what? Nobody needs more then a billion - tax everything after at 100%" but again, that would destroy the stock market and nobody is going to do that.

So yeah. Insane classism is needed because the S&P 500 demands it.