Jeff Bezos claims child tax credit.

[Expat]

I have a suggestion: If 10% is good enough for God it should be good enough for government.

Amen brother.

 

[MCgrease08]

surely the system could be changed so that the the extremely wealth pay a proportional amount as you and I to support .gov

Would it surprise you to learn the extremely wealthy already pay much more than their "fair share?"

- The top 1% earn 25% of total income, yet pay 40% of all taxes.

- The top 1% pay on average, 27% of their income to taxes. Those in the bottom 50% of earners pay an average of 4% of their income in taxes.

- The top 1% account for more tax revenue than the bottom 90% combined.

You're being fed a narrative about an 'unfair system' that isn't true.



ETA: This data is a little bit old (2017) but shows similar trends if you want to dig into the numbers.

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

 

[Jaybird1980]

This is why my OP was “this is everything that’s wrong with the tax system”

surely the system could be changed so that the the extremely wealth pay a proportional amount as you and I to support .gov as the extremely wealthy do without causing a complete blowout of the system.

This is hardly everything wrong with the tax system. This is simply a guy using the tax system. Hell If you want to fix the system I can definitely agree with that.

Let's start with refundable tax credits, People actually making money off of the tax system. Let's stop paying people to stay poor, let's incentive them to pull their own weight. I'm pretty sure punishing people for being a success, just to give it to the ones who won't even try to be responsible is not the direction to "fix the system".

 

[Jaybird1980]

Would it surprise you to learn the extremely wealthy already pay much more than their "fair share?"

- The top 1% earn 25% of total income, yet pay 40% of all taxes.

- The top 1% pay on average, 27% of their income to taxes. Those in the bottom 50% of earners pay an average of 4% of their income in taxes.

You're being fed a narrative about an 'unfair system' that isn't true.

To take a page from Churchmouse.

Bingo

 

[Leo]

Would it surprise you to learn the extremely wealthy already pay much more than their "fair share?"

- The top 1% earn 25% of total income, yet pay 40% of all taxes.

- The top 1% pay on average, 27% of their income to taxes. Those in the bottom 50% of earners pay an average of 4% of their income in taxes.

- The top 1% account for more tax revenue than the bottom 90% combined.

You're being fed a narrative about an 'unfair system' that isn't true.



ETA: This data is a little bit old (2017) but shows similar trends if you want to dig into the numbers.

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

I am having problems with the statement about the bottom 50% of "earners" pay 4% of their income in taxes. That must include all of the welfare population negating people that actually work. Indiana has 4% sales tax, so even welfare people pay that. If they only buy a few tanks of gas a year, that bumps the percentage. There must be something screwy about how they list stuff, I have never been below 50% in my entire adult life, and that started way before 2017. Add a little property tax on real estate and automobiles and it is easily past the 60% mark.

"For single filers, all income between $0 and $9,700 is subject to a 10% tax rate. If you have $9,900 in taxable income, the first $9,700 is subject to the 10% rate and the remaining $200 is subject to the tax rate of the next bracket (12%).Apr 30, 2021".

$0 to 9700 is pretty low income. It looks like it is impossible for any one who "earns" money to pay 4%. Even a boy with a part time, after school job is on the hook for 10% even before he pays sales tax on a pack of breath mints.

 

[Ingomike]

He made 1.68 million in compensation in 2011. Base salary of 81,000.

I say again. This is everything that’s wrong with the tax system.

https://www.google.com/amp/s/thenex...ry-remains-unchanged-1-68-million-in-2011/amp

Then you are anti-capitalism...

 

[Ingomike]

I can point out a few reason. First the total comp included things like “security” and “travel”. Was he treating the business like a person bank in order to avoid taxes? I’m not a tax lawyer but I feel like that’s probably illegal. I’m sure the IRS would have something to say if you or I did it anyway.

the child tax credit was introduced in 1998 to provide low and middle income American parents tax relief. I think we can all agree that a billionaire claiming this credit is not within the “spirit of the law”

Gregory v. Helvering decided that business purpose doctrine is essentially that if a transaction has no substantial business purpose other than the avoidance or reduction of Federal tax, the tax law will not regard the transaction. So considering his high standard of living and lifestyle is in no way shape or form financed on 80k a year some IRS agents should be looking into this.

Gregory v. Helvering - Wikipedia

en.m.wikipedia.org

considering the amount of money that some of y’all spend on guns I’m gonna go out on a limb and say many here make more salary than Bezos and pay substantially more income tax and yet you probably don’t own a portfolio of mansions like him.

Redirect Notice

www.google.com

We do not tax wealth, we tax income.

There is so much to despise bozos for, this is not one of them...

 

[Ingomike]

I am having problems with the statement about the bottom 50% of "earners" pay 4% of their income in taxes. That must include all of the welfare population negating people that actually work. Indiana has 4% sales tax, so even welfare people pay that. If they only buy a few tanks of gas a year, that bumps the percentage. There must be something screwy about how they list stuff, I have never been below 50% in my entire adult life, and that started way before 2017. Add a little property tax on real estate and automobiles and it is easily past the 60% mark.

"For single filers, all income between $0 and $9,700 is subject to a 10% tax rate. If you have $9,900 in taxable income, the first $9,700 is subject to the 10% rate and the remaining $200 is subject to the tax rate of the next bracket (12%).Apr 30, 2021".

$0 to 9700 is pretty low income. It looks like it is impossible for any one who "earns" money to pay 4%. Even a boy with a part time, after school job is on the hook for 10% even before he pays sales tax on a pack of breath mints.

Ever hear of deductions, I believe they are talking effective rate, not published rate...

 

[patience0830]

He made 1.68 million in compensation in 2011. Base salary of 81,000.

I say again. This is everything that’s wrong with the tax system.

https://www.google.com/amp/s/thenex...ry-remains-unchanged-1-68-million-in-2011/amp

What he made has no effect on you and is irrelevant to your argument unless you wish to steal the money he has figured out a way to earn.

How did you even get in here?

 

[Jaybird1980]

I am having problems with the statement about the bottom 50% of "earners" pay 4% of their income in taxes. That must include all of the welfare population negating people that actually work. Indiana has 4% sales tax, so even welfare people pay that. If they only buy a few tanks of gas a year, that bumps the percentage. There must be something screwy about how they list stuff, I have never been below 50% in my entire adult life, and that started way before 2017. Add a little property tax on real estate and automobiles and it is easily past the 60% mark.

"For single filers, all income between $0 and $9,700 is subject to a 10% tax rate. If you have $9,900 in taxable income, the first $9,700 is subject to the 10% rate and the remaining $200 is subject to the tax rate of the next bracket (12%).Apr 30, 2021".

$0 to 9700 is pretty low income. It looks like it is impossible for any one who "earns" money to pay 4%. Even a boy with a part time, after school job is on the hook for 10% even before he pays sales tax on a pack of breath mints.

Welfare money is not income.
Welfare money is assistance which is not taxed as income.

 

[rooster]

The cognitive dissonance is strong with this topic.

put simply, child tax credit was designed for middle and low income. The fact that many here are cheering someone’s extremely creative accounting to get out of paying taxes is disturbing.

what’s more disturbing is that many think this has no effect on you the middle income earners. Someone has to fund the federal government (it’s too big but that’s another topic). Regardless of how much printers go brrr the government has to collect taxes or the system collapses. If they are only collecting let’s say 10-15k from a rich person who made 1.68 million instead of the let’: just say 201,000. ( 12% effective tax rate, that’s what I think I paid last year all said and done) then that other 190k has to come from somewhere.

this effects you and I. They say there is no funding for the roads, schools, military, social security ,Medicare well of course there isn’t enough when the rich and powerful are paying. 1-2% effective tax rate.

 

[Jaybird1980]

The cognitive dissonance is strong with this topic.

put simply, child tax credit was designed for middle and low income. The fact that many here are cheering someone’s extremely creative accounting to get out of paying taxes is disturbing.

what’s more disturbing is that many think this has no effect on you the middle income earners. Someone has to fund the federal government (it’s too big but that’s another topic). Regardless of how much printers go brrr the government has to collect taxes or the system collapses. If they are only collecting let’s say 10-15k from a rich person who made 1.68 million instead of the let’: just say 302,000. ( 18% effective tax rate, that’s what I think I paid last year all said and done) then that other 290k has to come from somewhere.

this effects you and I. They say there is no funding for the roads, schools, military, social security ,Medicare well of course there isn’t enough when the rich and powerful are paying. 1-2% effective tax rate.

Please link an something that shows his income was 1.68m.

 

[bwframe]

If done right, I'd support a flat tax. Like that would ever happen .

The fair tax is the way to go.

Tax consumption for all. Bazillionairs, hookers, drug dealers all pay, along with you and me. The more you consume, the more you pay. The less...

End the IRS and all the corruption and bloat.

FairTax - Wikipedia

en.wikipedia.org

 

[rooster]

Please link an something that shows his income was 1.68m.

Page 26 of the sec filing or it says it in plain English in the other

Amazon.com CEO Jeff Bezos Made $1.68M Last Year. Again.

According to a regulatory filing that surfaced earlier this morning, Amazon.com founder and chief executive officer Jeff Bezos again requested not to receive additional compensation in 2011 due to his “substantial ownership” in the company

www.google.com

DEF 14A

www.sec.gov

 

[KLB]

what’s more disturbing is that many think this has no effect on you the middle income earners. Someone has to fund the federal government (it’s too big but that’s another topic).

That is funny. The government has no sense of fiscal reality. There is no funding this beast anymore.

 

[Expat]

Taxation is Theft!

 

[rooster]

That is funny. The government has no sense of fiscal reality. There is no funding this beast anymore.

How did we get out of debt post WW2?

 

[Jaybird1980]

Page 26 of the sec filing or it says it in plain English in the other

Amazon.com CEO Jeff Bezos Made $1.68M Last Year. Again.

According to a regulatory filing that surfaced earlier this morning, Amazon.com founder and chief executive officer Jeff Bezos again requested not to receive additional compensation in 2011 due to his “substantial ownership” in the company

www.google.com

DEF 14A

www.sec.gov

For crying out loud.

That does not state his income is 1.68m
It says that is before the expenses.

Bezos’ annual base salary was $81,800, but other compensation (to cover security and travel related costs) brings the total to just south of $1.7 million.

It also makes this claim.
Furthermore, Bezos has never received any stock-based compensation from Amazon.com.

Which would say his wealth is wrapped up in shares.

If you have evidence that his salary was more than $81,800 after legit expenses, Then by all means you have proof of tax fraud happening. If not you have conjecture.

You started this thread saying him claiming the child tax credit is everything wrong with the system.
The child tax credit begins to phase out at $75k, and eliminated at $240k his income as claimed is clearly in the range.

 

[rooster]

No one thinks 30k a day for security and travel is a little suspicious?

I’m pretty sure for 30k a day I’m flying in the trump gold plated 757 with a squad of retired navy seals for my PST

Edit: it’s cheaper to use secret service that whatever Bezos is using

Secret Service extension for Trump’s adult children cost $140,000 in a month

Trump extended post-presidency protections by six months, meaning Secret Service is still detailing four siblings and two of their spouses

www.google.com

 

[BugI02]

I don’t. The tax code is regularly taken advantage of by the rich. Those of us that aren’t, are still one the hook for money. People should ask the question “who writes the tax code,” and what do their bank accounts look like. I doubt we’d find very many people who aren’t reaping the benefits denied to most other Americans.

As someone who has money to throw away 'invest' in BTC, and possibly other vaporcurrency, I'm not sure you should be passing yourself off as somehow being the little guy