The rich can also escape tax on an asset's appreciated value by not selling it. They can pass investments to heirs with a so-called "step up in basis." That means heirs, if they sell the asset, wouldn't pay taxes on gains that accrued over the original owner's lifetime.
However, authors' estimated 8.2% tax rate may not be exact due to "imperfect" data and methods, according to the report. The rate could be as low as 6% and as high as 12%, they said.
Lie
Every week Google says something different. They do, they don't, they do, they don't. Make up your fucking mind
It is because their income is from investments and different means than an actual salary. If you do not like then have the tax law changed. They are not breaking the law.
It's fair to have the same rate or percentage for everyone, why not? The issue is all the legal loopholes used for tax shelters. We should also have tax relief for lower income or raise the minimum income threshold. I'm self employed and I play double tax.
Of course they don’t pay as much of percentage as 99.9% of the population.. they just pay 65% of all taxes (the Fortunate rich). Not to mention, the business taxes, fees, jobs.
I hope your watching POTUS
Tax avoidance is not a crime. Tax evasion is. Read the tax code and you'll realize nearly 80% is full of ways to avoid paying taxes. It's time we all started thinking like them lol
General electric and Microsoft own msnbc fun fact
And this is news? Been going on my whole life. Media aint gonna do nothing about it, remember they fund you.
& Hosp free (same rooms & treatment depends on need), our Hosp system, ambos, Drs treat all people rich or poor the same. Our Super, Govts can’t borrow, run thru Private Funds of our choice, with strict guidelines. Employers MUST put 10% of wages, Employees can CHOOSE to add 2/3
On a different subject I live in Aust, we have a fairly avg tax rate (excl Coys going offshore). But the big difference is all employees pay 1.5 cents in $ Medicare & incomes over $80,000 single (without Medical Fund Ins) pay 2.5 cents in $, but EVERY AUST gets Dr visits free 1/3
pd about $0.01 tax rate in Ireland (which is part of the EU), that meant they got away with millions of tax they would have pd in any EU country they did business with. The EU took them to Court & Lost. Biden pushing for Worldwide Country Tax Rate-better than nothing
Not US Resident - but info is correct, have the same problem in our country - eg Trump - they can afford Accountants, better than Govts, they leave most of their profits in Public or Private Coys - & if their own Countries Tax is too high - then they go to a cheaper 1; Apple 1/2
Thanks BarackObama!
Why is the average tax payer paying so much?!
Do not tell this our one, as he may do the same for his friends here in India.
This always has been true due to the different rates being charged for different activities. CNBC IS TRYING TO JUSTIFY THE DEM VIEWPOINT.
They want to increase tax everyone with 401K which is a lot of workers
But they still paid way more than anyone else.
How many jobs do they create, in comparison...? I'll wait...
They can tax the rich to the bone and people that don’t assume personal responsibility will still struggle.
This comments section loves their $13 hour job and loves defending Wall Street 🙄
Yeah we know this already. America is an advance Oligarchy. The laws made by Congress are there to appease the wealthy. Which is why we go through this topic every year and nothing changes. Just the same old crap.
It should say, a MUCH lower tax rate, MUCH lower!
They are creating businesses and employing hundreds and thousands of people who Palau taxes and in a way they are contributing to the society. Moreover it’s all within the bounds of law so what this hype is all about?
Show what they pay in monetarily
They must be taxed, all their wealth came from their fellow consumers, 60% must be taken away and they can keep 40% and that is ample! Change the tax system! Period! Close the loop holes! PERIOD!
Vengeful taxation. Class envy. We can't tax our way into prosperity. But we can tax our way to govt dependency and a total welfare state.
Ridiculous!
Fake news.
Hahaha Jeff Bezos Poster Heading 🤣🤣
That’s a fucking lie and you know it. Shame on your cnbc
Hahahaha! 🤣🤣
We know this already. Why keep reporting this and making people mad
Such a bs headline.
My role is showing every American how to master the Tax-Free solutions, strategies and plans available to all that seek them. Congress writes tax codes for all Americans. Byron Kelly Financial Professional CA Licensed + 26 states USN CPO Ret. | Non-Captive P: (619)829-5902
The top 1% pay 50% of all taxes. The rate they pay is irrelevant other than to serve the media’s purpose of a divisive narrative.
Lmaooooooo that truck ad
Cuz when Democrats say 'tax the rich' they mean tax whomever os trying to crawl out of poverty and wage-slavery. They do not mean tax the billionaires.
The income they receive is taxed when earned, taxed at the corporate level, then taxed again as a capital gains tax. These investment dollars they are diluting are what make the economy work. They should not increase the capital gains tax.
😂😂
Is paying tax legal now?
Why would anyone want to give this regime any more money!?
If they're not breaking the law, get off their backs. Admit it, they are smarter than you.
They also reap the majority of the benefits and know how to pkay the fiddle well.
Taxation is theft so that number should be 0% for all Americans regardless of income level. We need work on getting it lower and lower ann. Also Well 61% of Americans paid no federal income taxes for 2020. 61% of Americans need to stop complaining about other people.
Many who make $1.4 million pay more than half the last earned dollar in taxes. Stop saying ppl making more than $400,000 don’t pay their fair share. They are pulled in b/c taxing top 400 won’t yield enough taxes. The rest are punished because they can be. Nothing fair about it.
But they make 100 of thousands of jobs and their companies pay employees who pay taxes. Actually the companies pay the taxes for their employees directly in most cases.
This is a lie and miss leading.
Makes cents..
This is trickle down economics. It’s another form of Corp socialism
The good news is they have no reason to worry anybody will change this
That’s why our system is Fuckup
The sky is also blue
If you want to be rich, go be rich. Nobody is stopping you
They mentioned the “true tax rate” in the story. Which, if was a real thing, would lead to the average persons 401k, house value and other investments being taxed based off value every year, while you own it.
Now check how much each family donates to charity. Charity! Not the government to be wasted.
So everyone do a flat tax of 15% whether you make $1 or $1 billion. These people are only using existing laws to keep more of their own money.
Trickle down economics is a huge scam.
They do because they know how.
Even at a lower tax rate, the dollar amount they pays is massive. Democrats never talk about the actual dollar amount because it sounds more menacing when they pay a lower rate than most Americans. Bezos still pays BILLIONS in taxes every year
How much does their companies pay?
The Biden administration doesn’t need more money because they don’t know how to spend it properly.
That mean Zuckerberg and other rich Democrats right?
So blame your democrat socialist governments over the years and do something
Why is that? When people in Congress point this out, why doesn’t the media ask them why is that? Congress writes the tax codes. Why doesn’t some reporter look up the tax law and see who wrote it, when and who signed off on it! Like the trade deal with China, Joe Biden said yeah!
Are you insinuating that the Trickle Down Theory is not fair ? That the 1% deserve a tax break because if the working class got a break they would squander their money on daily expenses like an over priced car or rent ? Thanks to the GOP we don't have to worry about extra money.
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There is a difference between income and gained wealth. Most Americans don’t even pay taxes. Since the lefts goal is punishment and class warfare, this will remain a “shocking story”
I thought Biden was going to have that fixed ?
How about this…either fix it or stop reporting on it. I’m over 50 and have heard the tax-the-rich campaign promise for decades. Sh*t or get off the bidet.
Shocking! Not.
This small world needs a big change
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Does it include cancer family asking for a friend
bitcoin 12.000 usd yes
This surely does not help taxpayers moral.
If this is true it is BS.
A few people *create* the money. Most people don't understand how finance works, but we all work for their dollar. Then they *tax* what we earn, based on *rules* they create. Then we vote to be governed ... ... by them. Are we smart?
They got clever enought to create “Foundation” for tax cuts
In a system built for 'the rich to get richer and the poor to get poorer' This So called solution will not help the everyday person. Since the rich owns mostly everything if you raise taxes they will raise their already inflated prices in addition to giving less to the consumer.
CNBC Standard Operating Procedures: Bill Gates when talking about climate = Praise Bill Gates when talking about taxes = Condemn
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