Elon Musk rips Democrats' billionaire-tax plan that could slap him with a $10 billion annual bill

[Nostra]

Are you ******* stupid? LOL their entire wealth. Your effective tax rate is the ACTUAL tax rate you pay vs your tax bracket. The 400 families averaged paying 8.8% on their income for each year between 2010-2018. That was their EFFECTIVE rate, even though they were in the 39.6% bracket or whatever it was for those years.

Why in the hell are you sitting here trying to defend the richest people in America paying 8.8% income tax? It boggles the mind.

Once again, Dipshit.

Members of the 400 richest families don't have to work, so they don't have income taxes from a job, Moron.

 

[Mikeoxenormous]

The 400 wealthiest families had an effective tax rate of 8.2% from 2010-2018. You need to fire your accountant 1st thing tomorrow. If you are actually doing your own taxes, you're obviously stupid because your effective tax rate is 20%.

Are you ******* stupid? LOL their entire wealth. Your effective tax rate is the ACTUAL tax rate you pay vs your tax bracket. The 400 families averaged paying 8.8% on their income for each year between 2010-2018. That was their EFFECTIVE rate, even though they were in the 39.6% bracket or whatever it was for those years.

Why in the hell are you sitting here trying to defend the richest people in America paying 8.8% income tax? It boggles the mind.

The top 1% pays 39% of the tax revenue for income tax, while only paying in an average of 8.8% of their income.

The top 10% pays 70% of the tax revenue for income tax, while only paying an average of 20% of their income.

Yet the bottom 50% only pay 3% of their taxes, most of which get an earned income credit, so dont pay a tax, thus not paying their fair share.

If you dont pay into the system then you are a hole in society. Because you are worthless and taking instead of paying your fair share.

 

[Mikeoxenormous]

"Almost all agencies concur in predicting that CPI inflation will decrease in 2022 compared to 2021."

Log In - knoema.com

knoema.com

Yeah, if they dont say that it will go down, then the Dumbocraps going into 2022 will end up losing a whole bunch of seats. The panic is written large by the progs.

 

[john doe 101]

The top 1% pays 39% of the tax revenue for income tax, while only paying in an average of 8.8% of their income.

The top 10% pays 70% of the tax revenue for income tax, while only paying an average of 20% of their income.

Yet the bottom 50% only pay 3% of their taxes, most of which get an earned income credit, so dont pay a tax, thus not paying their fair share.

If you dont pay into the system then you are a hole in society. Because you are worthless and taking instead of paying your fair share.

View attachment 557163

You dont understand the difference between making $30 million a year vs $15,000 a year, do you dumbfuck?

 

[john doe 101]

Yeah, if they dont say that it will go down, then the Dumbocraps going into 2022 will end up losing a whole bunch of seats. The panic is written large by the progs.

It's always some sort of conspiracy with you wack jobs. Going on ignore.

 

[Mikeoxenormous]

You dont understand the difference between making $30 million a year vs $15,000 a year, do you dumbfuck?

Yeah, i do, when i started in the workforce, i was only make $2.10 an hour. That isnt even 10 thousand a year, but you know what, tard, i didnt feel sorry for myself and beg the government to punish all the hard workers, i got skills that made me much more valuable than a burger flipper. So with my talent of fixing F-15s i went to Saudi Arabia for 5 1/2 years paid no state or federal tax, invested heavily into Home Depot stock and now i have over 35,000 shares of it. Dont preach to me about wealth you worthless piece of shit, when you earn what i pay in taxes then talk to me...What a progressive petulant little pajama boy, that you are.

 

[Mikeoxenormous]

It's always some sort of conspiracy with you wack jobs. Going on ignore.

Truth to a progressive is like garlic to a vampire.

 

[Clipper]

Is that a fact. Please post where Limbaugh wanted to take it all with him. While you’re at it maybe do some research on Rushs donations to charity. Do the same for John Kerry , Bernie Sanders and the Clintons.

I don't give a shit what Limbaugh donated for a write off. He caused with his rhetoric more discord then any talk show host in history.

 

[tshrimp]

Are you ******* stupid? LOL their entire wealth. Your effective tax rate is the ACTUAL tax rate you pay vs your tax bracket. The 400 families averaged paying 8.8% on their income for each year between 2010-2018. That was their EFFECTIVE rate, even though they were in the 39.6% bracket or whatever it was for those years.

Why in the hell are you sitting here trying to defend the richest people in America paying 8.8% income tax? It boggles the mind.

Per the IRS it looks a little different.

In 1 Chart, How Much the Rich Pay in Taxes

Sen. Elizabeth Warren (D-MA) holds a news conference to announce legislation that would tax the net worth of America's wealthiest individuals at the U.S. Capitol on March 01, 2021 in Washington, D.C.

www.heritage.org

 

[john doe 101]

Per the IRS it looks a little different.

In 1 Chart, How Much the Rich Pay in Taxes

Sen. Elizabeth Warren (D-MA) holds a news conference to announce legislation that would tax the net worth of America's wealthiest individuals at the U.S. Capitol on March 01, 2021 in Washington, D.C.

www.heritage.org

View attachment 557193

Holy **** I"m dealing with morons here. I"m talking about EFFECTIVE TAX RATES the wealthiest people in this country pay. You are talking about the share of taxes paid by specific income groups. TWO COMPLETELY DIFFERENT THINGS.

 

[tshrimp]

Holy **** I"m dealing with morons here. I"m talking about EFFECTIVE TAX RATES the wealthiest people in this country pay. You are talking about the share of taxes paid by specific income groups. TWO COMPLETELY DIFFERENT THINGS.

Why not have a civil conversation, and state something to the effect that "you may have misread my post"....or something similar. However, calling people a !@#$ing moron does show your character.

Back to the your actual post which I admittedly misread. My appologlies for that. Let's look at the 400 you speak of.

https://www.downsizinggovernment.org/tax-rates-rich

A recent article on the White House website by Greg Leiserson and Danny Yagan argues that the top 400 wealthiest families pay an average income tax rate of just 8 percent. The media immediately jumped on the new figure and widely reported it. Never mind that the average income tax rate for the top group in the Treasury data is 22.7 percent, in CBO data 24.4 percent, in JCT data 29.5 percent, in TPC data 24.0 percent, and in IRS data 22.9 percent.

The main reason the 8 percent figure is so low is that Leiserson and Yagan added unrealized capital gains to the denominator of their calculated tax rate. The approach is based on the leftist Haig‐Simons idea that the tax system should include changes in all asset values in income each year. If Jeff Bezos’ Amazon shares go up $10 billion in value, that is “income” and should be taxed right away even if Bezos has not realized the gains or used them for consumption.

The Leiserson and Yagan article only examines the top 400, but consider if we included unrealized gains in calculating tax rates for the middle class. A person earns $60,000 in wages and pays $6,000 in income taxes for a 10 percent tax rate. But if her house increased in value by $20,000, her “income” would now be $80,000 and her tax rate just 7.5 percent.

... the claimed 8 percent tax rate is not an appropriate measure of income...

No high‐income country taxes unrealized gains in their income tax

 

[dudmuck]

Why not have a civil conversation, and state something to the effect that "you may have misread my post"....or something similar. However, calling people a !@#$ing moron does show your character.

Back to the your actual post which I admittedly misread. My appologlies for that. Let's look at the 400 you speak of.

https://www.downsizinggovernment.org/tax-rates-rich

View attachment 557208

why is the 25% to 10% paying more of their income than the top one percent?

 

[tshrimp]

why is the 25% to 10% paying more of their income than the top one percent?

Let's get you something a little newer.

 

[dudmuck]

Let's get you something a little newer.

View attachment 557218

where is the share of total adjusted gross income?

 

[tshrimp]

where is the share of total adjusted gross income?

You didn't post a link earlier. But I found it, so will share with the forum in case they want to read it. A few highlights below.

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

High-Income Taxpayers Paid the Highest Average Income Tax Rates​

The 2017 IRS data shows that taxpayers with higher incomes paid much higher average income tax rates than lower-income taxpayers.

The top 1 percent of taxpayers (AGI of $515,371 and above) paid the highest effective income tax rate, roughly 26.8 percent, more than six times the rate faced by the bottom 50 percent of taxpayers.

 

[munkle]

I am a Trump Won guy but this is the only way to save the currency and avoid a hyperinflation. Looks like some of the billionaires are having second thoughts about the Great Reset and would rather be a few billion poorer than swinging on the end of a rope.

 

[dblack]

why is the 25% to 10% paying more of their income than the top one percent?

Because of all the loopholes and the games that Congress plays with the tax code. What, you didn't know?

 

[JohnDB]

I am a Trump Won guy but this is the only way to save the currency and avoid a hyperinflation. Looks like some of the billionaires are having second thoughts about the Great Reset and would rather be a few billion poorer than swinging on the end of a rope.

It's not actually about saving the currency but creating another...and if I was one of those billionaires I would target the Democratic party leadership specifically.

There isn't any of those people who don't have an investment portfolio...and because of what are essentially stock swaps I could make their portfolios fall to ⅓ of their current value with every tax payment. (All elected officials have to report their private stock positions, sales, and purchases)

Flooding the stock market with the stocks they specifically own just to gain the cash to pay the tax man is exactly what I would do... you can't just hand over stocks themselves...so you have to generate cash somehow...and getting more debt and paying more interest isn't feasible...but selling off stocks also creates income...so I'd make sure that these people felt the full burn of my ire over it all. They will be penniless with the first payment.

 

[dudmuck]

You didn't post a link earlier. But I found it, so will share with the forum in case they want to read it. A few highlights below.

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

View attachment 557231

 

[Mikeoxenormous]

The AMT alternative minimum tax, was supposed to punish those evil millionaires for not paying their fair share, but with inflation, many middle income earners found themselves within the AMT, and the Demoncraps had to make adjustments or lose a lot of voters. This ended up with millionaires and billionaires not paying their fair share(SARCASM), and now the Billionaire tax is the new punishment for those evil billionaires. When inflation makes the middleclass earners billionaires, but the money isnt worth a ****, you can bet that their will be another adjustment by the Demoncraps who will then tax the Trillionaires.....See you stupid progs, it aint the taxes it is the spending, you worthless *****.