US Billionaires Pay Lower Tax Rate Than Working Class for First Time

13 comments

1. An analysis published Friday by the renowned economist Gabriel Zucman shows that in 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans for the first time in the nation’s history, a data point that sparked a new flurry of calls for bold levies on the ultra-rich.

   Hammer ’em !!!

2. Reps from poor families support this. They enjoy paying for the intense riding they receive.

3. I highly doubt this is the first time. That would indicate they’ve been paying their fair share all along, which just isn’t true.

4. Sorry, drive-thru chicken nuggets cost 80 cents more now, so we’re voting for a dictator who’ll cut taxes for these poor billionaires. Perhaps zero would be fair? A few subsidies for sir? Very good, sir.

5. Not only have they went from paying 90% to 0% in taxes but 80% of our national debt if not more can be attributed to corporate subsidies, permanent wealthy tax cuts, and to-big-to-fail bailouts without even counting the excessive inflation linked to corporate greed that we are legally unable to regulate.

   Most infuriatingly of all Republicans are going to run ads paid for by these same billioniares saying we need to cut social programs and raise the retirement age to 75 because the lower class has mooched too much off the system and their voters will agree with it even Orwell couldn’t of seen this shit.

6. Tax rates on income tax don’t matter for billionaires because they don’t have an income. Wealth taxes (i.e. unrealized stock gains and other general taxes on speculative value of items) are not happening without a constitutional amendment. Capital gains taxes imply you have to cash out your stock, but billionaires can use their stocks as collateral in debt-financing deals so they never “cash out”.

   The tax rates are fine where they are, it’s the tax loopholes that need fixing. You could make income tax 100% for billionaires and they’d still pay the same.

7. Sitting here with my mouth agape, like at a piss play party, waiting for the inevitable trickle.

8. I wish that headline stated this occurred in 2018, not in 2024. It might be confusing for some folks.

9. Oh, come on let’s be real, with all that money flowing into the Caman Islands, I am sure that they haven’t paid a fair tax rate since the 70’s.

   This is just the first time that the “Official” rate is less than what a working man pays. Which, considering they can write off all their yachts and private jets on their tax returns as “Business expenses'” doesn’t Suprise me at all.

   Meanwhile a teacher has to buy chairs and desks for her 60 students and work a second job just to afford to buy some pencils for her classes.

   This country wasn’t made for you and me, it was bought by the 1%

10. I hate the tax loopholes and people who do not want to share as much as the next guy, but this article is dog shit. The article argues that rich people pay less taxes because they only pay x percent of their net worth while the others pay more. Fine this may be accurate but taxes arent based on accumulated wealth, it is based on the income you made that year. Do students get taxed on loan firgures the year they take them? No of course not, and neither does Elon Jagoff Musk with his 13 billion dollar loan. Please stop writing gobbledygook and criticize the problems that deserve it, like tax safe havens and soft equity compensation.

11. You miss the biggest tax of all.

    Corporations pay taxes on thier net profits after items like electricity and rent.

    Individuals pay taxes on thier gross profits with no deduction for items like rent and phone bills

12. And it’s fucked up

13. It’s not even just a USA problem. It seems this insidious practice is spreading globally. And they just suck the spare change in between your couch cushions to fuel themselves!