Let’s pass an exemption for top executives that they permanently owe 0 income tax in consideration of their role in creating countless jobs.
Wealthiest U.S. executives paid little to nothing in federal income taxes
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Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#12Earlier quoted context omitted.
So less than 3.4% on average. How much do you pay?
I pay zero percent on my wealth, just like you. You should consider revising your comment as you were duped by poor journalism.
I'll admit, I read it as income. But it does make me start to think about the disparities in how wealth is generated across different classes of Americans. For me, wealth is almost 100% generated by my income, so I would say my income tax is basically a wealth tax.
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#13One achieving this level of entrepreneurship can decide on their own how to pay back to society through sophisticated layers of charities and offshore businesses. Thank you for 3 EUR plastic Chinese smartphone handler, thank you for the 80k EUR car with 350km range, thank you for self-assembly cardboard furnitures, thank you for operating systems spying on me in real time.
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#14I'm a little baffled why there have been all these articles of this category recently. It's not news that you don't pay taxes on invested assets you hold and don't sell. That's how it works for everyone who invests their savings. This isn't a 'tax-avoidance' tactic - it's just what owning something is. Are we really advocating for a world where you are taxed just for appreciation? Maybe we are but at least be honest about it - that this would be a radical change from the current concept of ownership.
I'm all for taxing the wealthy more, but I personally don't want to pay taxes yearly on an index fund I've held for 10 years and don't plan to sell until I retire, at which point I will pay taxes on the gains.
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#15Earlier quoted context omitted.
So less than 3.4% on average. How much do you pay?
I pay zero percent on my wealth, just like you. You should consider revising your comment as you were duped by poor journalism.
You could calculate your income tax to wealth ratio though right?
The reason it’s important is that these executives are not paid “income”. Their wealth increases because it’s largely in shares of their companies and then they use non (or low) taxable events to get cash to buy their stuff.
This sort of activity is not available to people whose only source of cash is income.
I’m not sure it’s worth the unintended consequences of changing the tax laws to change this but it’s not poor journalism to point it out and start the conversation.
Edit: I just calculated mine and depending on how you value my home it’s between 5-9% for 2020.
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#16Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#17Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#18[deleted]
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#19Let’s pass an exemption for top executives that they permanently owe 0 income tax in consideration of their role in creating countless jobs.
Great idea. And when they destroy jobs?
Re: Wealthiest U.S. executives paid little to nothing in federal income taxes
#20I'm a little baffled why there have been all these articles of this category recently. It's not news that you don't pay taxes on invested assets you hold and don't sell. That's how it works for everyone who invests their savings. This isn't a 'tax-avoidance' tactic - it's just what owning something is. Are we really advocating for a world where you are taxed just for appreciation? Maybe we are but at least be honest…
Except property tax is a wealth tax. So we have a wealth tax, it’s just highly regressive. https://en.wikipedia.org/wiki/Property_tax_in_the_United_Sta...