5 ms·

Did you read the article? The article refers to the "The top 0.1 percent" who are "average income of $9.44 million". The article specifically refers to the top

Did you read the article? The article refers to the "The top 0.1 percent" who are "average income of $9.44 million". The article specifically refers to the top 0.1 percent. Why? because in theory they should pay taxes like the top 10 percent, but they don't. Many of top "0.1 percent" use creative tax accounting to avoid paying their share.

yummyfajitas 10y ago
[citation needed]
- cjarrett 10y ago
  http://www.taxjusticeblog.org/archive/2016/01/obama_policies_curbed_tax_brea.php#.VyTR4jArKHs http://www.taxjusticeblog.org/archive/2016/01/obama_policies... http://ctj.org/ctjreports/who_pays_how_much.php http://ctj.org/ctjreports/who_pays_how_much.php
  - yummyfajitas 10y ago
    Your source doesn't support your claim - it doesn't compare effective tax rates of the top 400 taxpayers at all. A quick google search finds this graph which refutes your claim: http://www.pgpf.org/sites/default/files/2014_tax_explainer_chart3-crop.gif http://www.pgpf.org/sites/default/files/2014_tax_explainer_c... http://www.pgpf.org/budget-basics/how-much-do-americans-pay-in-federal-taxes http://www.pgpf.org/budget-basics/how-much-do-americans-pay-... Note also that this source includes corporate, estate and payroll taxes as well as income taxes, while your source looks only at income taxes. The top 0.1% pay 35.7% effective tax rate, the top 10% to the top 5% pay 20.3%, and the bottom 10% pay 3.1%.
    - rockarage 10y ago
      Once again, the claim isn't about the tax rate, the claim is about the top 0.1% using creative accounting to dodge their tax rate. The sources you provide does not refute that. The parent article is very specific about making the claim that the top 0.1% are dodging their tax rate and getting away with it.
maaku 10y ago
That you can use "creative tax accounting" to avoid paying your share hasn't been true for decades due to the AMT. The onus is really on you to explain what you mean, or cite a source here.
- MaysonL 10y ago
  How much is Jeff Bezos's share of Amazon worth? And how much income tax has he paid on it, or will ever pay on it? AMT doesn't touch that, and never will.
  - maaku 10y ago
    If Jeff Bezos never sells, where's the income?
    - dgacmu 10y ago
      Loans secured using his shares in the company. He can shift the realization of the capital gains to far, far in the future -- see strategy #1: http://www.bloomberg.com/news/articles/2012-04-17/how-to-pay-no-taxes-10-strategies-used-by-the-rich http://www.bloomberg.com/news/articles/2012-04-17/how-to-pay...
- Retric 10y ago
  Compare the AMT with social security and the top really pay nex to noting in taxes. Donate to charity and you still need to pay every single cent of Soxial Security income tax. Only tax break is to just make more money when it suddenly stops.
  - maaku 10y ago
    You get social security back.
    - Retric 10y ago
      No you don't. It has built in welfare so for example a married couple gets more from Social Security than a single person. Blind from birth? You to can get a social security check. Remember, there was no investing. Year 0 people got welfare without paying anything in and now wealthy people get to dog a welfare tax by saying it's not our problem.

yummyfajitas 10y ago

[citation needed]

cjarrett 10y ago
http://www.taxjusticeblog.org/archive/2016/01/obama_policies_curbed_tax_brea.php#.VyTR4jArKHs http://www.taxjusticeblog.org/archive/2016/01/obama_policies... http://ctj.org/ctjreports/who_pays_how_much.php http://ctj.org/ctjreports/who_pays_how_much.php
- yummyfajitas 10y ago
  Your source doesn't support your claim - it doesn't compare effective tax rates of the top 400 taxpayers at all. A quick google search finds this graph which refutes your claim: http://www.pgpf.org/sites/default/files/2014_tax_explainer_chart3-crop.gif http://www.pgpf.org/sites/default/files/2014_tax_explainer_c... http://www.pgpf.org/budget-basics/how-much-do-americans-pay-in-federal-taxes http://www.pgpf.org/budget-basics/how-much-do-americans-pay-... Note also that this source includes corporate, estate and payroll taxes as well as income taxes, while your source looks only at income taxes. The top 0.1% pay 35.7% effective tax rate, the top 10% to the top 5% pay 20.3%, and the bottom 10% pay 3.1%.
  - rockarage 10y ago
    Once again, the claim isn't about the tax rate, the claim is about the top 0.1% using creative accounting to dodge their tax rate. The sources you provide does not refute that. The parent article is very specific about making the claim that the top 0.1% are dodging their tax rate and getting away with it.

maaku 10y ago

That you can use "creative tax accounting" to avoid paying your share hasn't been true for decades due to the AMT. The onus is really on you to explain what you mean, or cite a source here.

MaysonL 10y ago
How much is Jeff Bezos's share of Amazon worth? And how much income tax has he paid on it, or will ever pay on it? AMT doesn't touch that, and never will.
- maaku 10y ago
  If Jeff Bezos never sells, where's the income?
  - dgacmu 10y ago
    Loans secured using his shares in the company. He can shift the realization of the capital gains to far, far in the future -- see strategy #1: http://www.bloomberg.com/news/articles/2012-04-17/how-to-pay-no-taxes-10-strategies-used-by-the-rich http://www.bloomberg.com/news/articles/2012-04-17/how-to-pay...
Retric 10y ago
Compare the AMT with social security and the top really pay nex to noting in taxes. Donate to charity and you still need to pay every single cent of Soxial Security income tax. Only tax break is to just make more money when it suddenly stops.
- maaku 10y ago
  You get social security back.
  - Retric 10y ago
    No you don't. It has built in welfare so for example a married couple gets more from Social Security than a single person. Blind from birth? You to can get a social security check. Remember, there was no investing. Year 0 people got welfare without paying anything in and now wealthy people get to dog a welfare tax by saying it's not our problem.