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Even with all that, top 1% of earners pay more than 40% of overall tax revenue in the US.
by jimbokun 11mo ago
Even with all that, top 1% of earners pay more than 40% of overall tax revenue in the US.
- ceejayoz 11mo agoNow do the corresponding percentage of the wealth they hoover up. (Plus, one of the tricks employed is to avoid earning actual taxable money. Steve Jobs famously had a $1 salary; folks like Musk now just borrow against their ever-rising shares. https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax https://www.propublica.org/article/the-secret-irs-files-trov...) > But take out a loan, and these days you’ll pay a single-digit interest rate and no tax; since loans must be paid back, the IRS doesn’t consider them income. Banks typically require collateral, but the wealthy have plenty of that.
- jack_tripper 11mo agoThe likes of Musk and Bezos are not earners though. They don't get a salary. They pay nothing in taxes as long as they don't cash out their wealth.