Billionaires sit on vast pools of money and assets, and only a tiny portion of their wealth goes toward federal incomes taxes — they’ve paid an average income tax rate of 8.2% over roughly the last decade.
The White House analysis differs from other estimates of the real tax bill for the very wealthy, the researchers acknowledge. For example, America’s richest 715,000 families will have an effective 26% income tax rate in 2021, according to Congress’ nonpartisan Joint Committee on Taxation. The total net worth of U.S. households climbed to a record $141.7 trillion by the end of June, according a Federal Reserve report released Thursday tallying assets against liabilities.
If President Joe Biden gets his way, the top income rate would go back to 39.6% and people worth at least $1 million would pay 39.6% on their capital gains. Corporate tax hikes could create indirect costs York said it’s worth noting the new analysis is not counting the indirect costs that people might also have to pay in the wake of a corporate income tax hike. When the cost of a corporate income tax hike gets passed on to shareholders in the form of smaller after-tax returns, she said.
If we are forced to pay an income tax, everyone should pay the same amount. Equal for everyone is fair.
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Nobody pays income tax on wealth.
But nothing about taxing liberal private university’s endowments…
AndrewKeshner “no typo” should have read “no facts”.
They shouldn't just make up shit.They call it income tax and then say it is a low rate because appreciated stock is not taxed. THAT'S NOT INCOME!!
AndrewKeshner maybe write an article based on IRS tax laws instead of making up income to create headlines.
IRS_CI Employees and Contractors Destroyed Records of Tax Evasion for Auto Company TRN-2009-0433. Collect the Taxes owed before raising taxes!
Tax Stock Options at % of market value. You’ll get a windfall and it will even playing field for 99% earned income. Get ready for big propoganda from 1% because this is how they avoid taxes. They hold and only sell what they need. Called FOREVER TAX FLOAT.
They're using deductions that congress approved, and use themselves. Eliminate the deductions.
Tax the rich. Pass the PRO ACT. Let's do something for workers instead of huge corporations.
“From 2010 to 2018, the country’s richest 400 families paid an average income tax rate of 8.2% on $1.8 trillion of income, a figure that researchers arrived at by factoring in powerful sources of untaxed income such as unsold stock.” Unsold stocks? As in unrealized gains?! 🤦♂️
MISINFORMATION- Because this rate factors in “unsold stock”. But yeah, keep baiting in uneducated readers for clickbait
This is such a dumb article. They are factoring unsold stock appreciation as income. Income from stock appreciation is only paid when sold so of course they wouldn’t pay tax, but that doesn’t make good headlines. Why don’t you use an actual rate based on IRS rules.
Eliminate all their credits and deductions, or institute a wealth tax. Anything else is meaningless and accomplishes nothing.
The lazy IRS looking the other way on complicated returns while screwing the middle class.
Not like xi, but that’s a level of Common Prosperity… There’s no where to hide. Except mars or something.
nice
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