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The top 1% of that 1% pay almost nothing. This is what gets people all riled up about. And the 99% of the top 1% are the ones that pay. Mostly because it expen
by sroussey 4y ago
The top 1% of that 1% pay almost nothing. This is what gets people all riled up about. And the 99% of the top 1% are the ones that pay.
Mostly because it expensive to get around taxes, something the 1% of the 1% can easily afford.
- qzw 4y agoIt's not just the expense of getting around taxes, but also the difference in sources of income. If most of the income is on a W-2, there are just not as many ways to get around any income taxes. But if it's mostly business or investment income, that's like Minecraft for accountants.
- cronix 4y agoAnd a lot of people always throws around terms like "almost nothing" without defining it in terms of actual dollars. Is it like 50M is nothing compared to their 10B net worth? What are we talking about/comparing here?
- sroussey 4y agoTrump paid zero for years. Privately, I know how to make investment income go to zero if you have enough of it. It’s all rather fascinating. Really, the top 5% of the top 1% could do it. But if you have less than $1m income (or cap gains), then it’s likely not worth it.