Income Inequality

BigRedBuster said:
Before this leak, did you know there are years that you pay more income tax than Jeff Bezos? Are you happy about that fact?
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https://www.google.com/amp/s/www.seattletimes.com/business/irs-records-show-wealthiest-americans-including-bezos-and-musk-pay-relatively-little-in-income-taxes/%3famp=1
 

ProPublica analyzed the data by focusing on the soaring fortunes of the country’s wealthiest members in recent years and alleged they were paying a “true tax rate” of just 3.4%. The news organization came up with this rate by calculating estimates of the value of their stock portfolios and other assets and then how much they paid in federal income taxes. This is not how tax rates are normally measured.
 

The core issue for many of these billionaires is how their income grows compared with how their wealth grows. The U.S. tax system focuses on income, not so-called “unrealized gains” from unsold stocks, real estate or other assets.

Bolded mine.  We tax realized income. It wealthy in this country.  If Bezos didn’t take an income but his Amazon stock went up 30% and he didn’t sell any, his tax liability is going to be low.  

 
Archy1221 said:
If he is following the tax code, really makes no difference to me.  As long as he plays by the rules set forth by our elected officials. Why would you be mad at him?  
Do you voluntarily pay more in income tax than you have to?  If not why should he?  
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I never said anything about being mad at him.  And asking if I voluntarily pay more is an idiotic question.  
 

Are you happy with a tax system where you pay more income tax than Jeff Bezos?

 
In 2007, and again in 2011, billionaire Amazon CEO Jeff Bezos reportedly paid nothing in federal income taxes.

That's according to confidential tax documents filed with the Internal Revenue Service obtained by ProPublica, which were revealed in a bombshell new report on some of the world's wealthiest people. Bezos is currently listed by Forbes as the richest person in the world, with a net worth of $188.8 billion.

Bezos avoided paying federal income taxes in those two years by losing more money investing than he earned from other income, according to the report. In both years, the report said, Bezos paid nothing in federal income taxes by citing investment losses greater than the amount he earned from various income streams (stock dividends, salary, etc.).

For the years he did pay federal income taxes between 2006 and 2018, Bezos paid a total of about $1.4 billion on a reported income of $6.5 billion, or a rate of about 21.5%. That reported income does not include the vast increase to his net worth during the same period — about $127 billion, according to Forbes — due to his stake in Amazon.

 
DevoHusker said:
In 2007, and again in 2011, billionaire Amazon CEO Jeff Bezos reportedly paid nothing in federal income taxes.

That's according to confidential tax documents filed with the Internal Revenue Service obtained by ProPublica, which were revealed in a bombshell new report on some of the world's wealthiest people. Bezos is currently listed by Forbes as the richest person in the world, with a net worth of $188.8 billion.

Bezos avoided paying federal income taxes in those two years by losing more money investing than he earned from other income, according to the report. In both years, the report said, Bezos paid nothing in federal income taxes by citing investment losses greater than the amount he earned from various income streams (stock dividends, salary, etc.).

For the years he did pay federal income taxes between 2006 and 2018, Bezos paid a total of about $1.4 billion on a reported income of $6.5 billion, or a rate of about 21.5%. That reported income does not include the vast increase to his net worth during the same period — about $127 billion, according to Forbes — due to his stake in Amazon.
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@BigRedBuster. @Frott Scost

 
Weird, I didnt know you can buy 10 houses and a yacht with a yacht on it with stocks. The money is there somewhere and its not all in stock. 

 
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