Do rich people pay a higher percentage of taxes or not?

[Scheme]

I never understood how people think wanting to keep more of the money that you earned is immoral, but wanting to take more of other people's money isn't. Especially the way the government spends the money. The government is inherently inefficient, ineffective and corrupt. And beyond that, with all the money they tax they still need to take out trillions in debt because they can't budget properly.

 

[n...not crazy]

I think the rich pay a ton, until you get to billionaires. Billionaires don't pay squat. Amazon payed zero and "deferred" to later years. Ridiculous, and crushing to the Country. (not like the government woulda used it for anything useful though, I know)

 

[44nutman]

That is a real but sperate issue. And if he really lost all that money then carrying forward losses is fine. The problem there, and I am not 100% on the details, is that I think he somehow managed to borrow money, write off the debt, but keep the tax losses without recognizing the gain in debt impairment (which normally offsets the losses so you cant claim losses when you lose other people's money). Not sure how he did this through some loophole and need to educate myself more here. None of that changes what I am saying, the media was full of headlines about then nerv of him being able to take depreciation on assets that were appreciating in value. The basic knowledge of taxes and what is / what is not a scam, is pretty bad even among people that should know better. It creates a ton of useless noise imo.

No the problem is he has 900 million in loans coming due prior to 2024. So if he is rolling loses forward legally it means he is still broke. If he wins a second term he might have to file bankruptcy while being President. The other thing is if you are over leveraged you can’t get a security clearance. That is why Jared Kushner kept getting denied getting a security clearance until they broke the rules so Jared could get one.
The media is making noise about the wrong issue. The issue is if Trump is if legally rolling a billion in loses forward that means he is broke and Loans from foreign banks for a broke President makes me feel uneasy.

 

[Gandhi]

No the problem is he has 900 million in loans coming due prior to 2024. So if he is rolling loses forward legally it means he is still broke. If he wins a second term he might have to file bankruptcy while being President. The other thing is if you are over leveraged you can’t get a security clearance. That is why Jared Kushner kept getting denied getting a security clearance until they broke the rules so Jared could get one.
The media is making noise about the wrong issue. The issue is if Trump is if legally rolling a billion in loses forward that means he is broke and Loans from foreign banks for a broke President makes me feel uneasy.

Not sure what u are saying no to or what this has to do with what I was talking about. Of course Trump's shitty finances are not good POTUS wise but that is another topic. We were discussing taxes and how it gets misunderstood by people. I agree with above

 

[brother mouzone]

I think the rich pay a ton, until you get to billionaires. Billionaires don't pay squat. Amazon payed zero and "deferred" to later years. Ridiculous, and crushing to the Country. (not like the government woulda used it for anything useful though, I know)

That's not how carry over losses work.

Besides , are you saying that amazon paid zero business tax on profit or zero taxes all together? Obviously the later cannot be true

 

[CantCucktheTuck]

having 1.5 billion in assets and 900 million is debt doesn't constitute being broke. And having debt is not "loses".

 

[n...not crazy]

That's not how carry over losses work.

Besides , are you saying that amazon paid zero business tax on profit or zero taxes all together? Obviously the later cannot be true

Idk I ain't no accountant. I just read shit like this, what am I supposed to think
https://www.snopes.com/fact-check/amazon-no-income-taxes-2018/

 

[fedoriswar37]

This. We have a shortage of trades, and you can make a great living doing this.

Paid to learn. 10% wage increase every year until licensed. Opporunity for extra income.

 

[44nutman]

having 1.5 billion in assets and 900 million is debt doesn't constitute being broke. And having debt is not "loses".

Google which of his properties turn a profit. Mar a Lago and some buildings in New York but most are big money losers. The DC hotel makes money because all foreign dignitaries stay there to grease Donny prior to meetings. Combine most resorts are money losers with CoVid and broke Donny is going to have trouble paying his nut.

 

[Lubaolong]

Over $200k of my income is tax-sheltered for now, and I still pay more taxes than most people earn. If Biden wins, this will get even worse. Tax rate is going to jump to over 60% for higher earners here, and retirement accounts are going to get fucked.

 

[HeffDoesWant]

I think the rich pay a ton, until you get to billionaires. Billionaires don't pay squat. Amazon payed zero and "deferred" to later years. Ridiculous, and crushing to the Country. (not like the government woulda used it for anything useful though, I know)

Not even.
My dad is worth about 10 million and pays near zero tax due to pretty standard structuring arrangements. Im worth about 0.5 million and pay over $25,000 more per year than him because i work and he is retired.
Of course he earns more too.

 

[Oeshon]

My effective tax rate is close to 0 if you are just talking about corp tax and income tax. The more money you make, the more options for tax there are.

 

[Hog-train]

One of the most confusing topics for me, on one side you have the conservative and rich folks claiming they are already taxed at too high of a rate that far exceeds what other people are paying by a percentage basis. On the other hand you have the liberal argument that states the rich pay even less taxes than poor people by using write offs and deductions. So who exactly is telling the truth? You'd think it would be fairly easy to see which side is telling the truth by looking at data and figures that are available.

"Rich," to the average person, is like anything over 6 figures.

These people pay a high percentage in taxes.

But the uber wealthy, they skirt a huge portion of their taxes by using accounting tricks, off shore accounts, declaring all their profit as part of their corporation, etc. On top of that, most of the really wealthy get their income from capital gains which is a much lower rate of taxation.

Secondly, corporations do this on a massive scale skirting massive amounts of taxes.

It's the corporations and uber wealthy that are getting away with murder.