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Topic: In other news ...

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FearlessF

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Re: In other news ...
« Reply #7798 on: August 20, 2021, 10:54:17 AM »
The majority of U.S. households paid no federal income taxes in 2020, a spike driven by the pandemic-induced economic downturn and multiple rounds of tax-based assistance. The trend is likely to continue in 2021.

Nearly 107 million households — or 61% of U.S. households — owed no federal income taxes in 2020, according to estimates by The Tax Policy Center, marking a 40% increase from 2019 when 43.6% of households didn’t pay taxes.

“Even though those numbers are very dramatic, they are only temporary,” Howard Gleckman, senior fellow at the Tax Policy Center, told Yahoo Money. “What happened was because of COVID and then because of the policy response to COVID. Many more people did not pay federal income tax in 2020.”

One reason for the drastic drop is the financial hardship many Americans experienced last year. More than 20 million workers lost their jobs in 2020 with low-income workers hit hardest. Many of the low-wage workers paid little income taxes before the pandemic, and the drop in income meant they owed even less money to the Internal Revenue Service.

https://money.yahoo.com/households-paid-no-income-tax-last-year-143002729.html?guccounter=1&guce_referrer=aHR0cHM6Ly9sLmZhY2Vib29rLmNvbS8&guce_referrer_sig=AQAAALq4h9zK2ttSmADq_4lWOSTYkEX8U11pZy9tSR_A0-0d6oRuk40UqH765ffXe-aupowQwNOmCE1CxljQKCBE0Nug4Es2nvJHP0dL5LFEbbmksnoTDu_jETvZNILGoKlVw9CGVR6gbMZqc4fZR2Ngly7I4yUtAU-vwrvOfGacbBpl
https://money.yahoo.com/households-paid-no-income-tax-last-year-143002729.html?guccounter=1&guce_referrer=aHR0cHM6Ly9sLmZhY2Vib29rLmNvbS8&guce_referrer_sig=AQAAALq4h9zK2ttSmADq_4lWOSTYkEX8U11pZy9tSR_A0-0d6oRuk40UqH765ffXe-aupowQwNOmCE1CxljQKCBE0Nug4Es2nvJHP0dL5LFEbbmksnoTDu_jETvZNILGoKlVw9CGVR6gbMZqc4fZR2Ngly7I4yUtAU-vwrvOfGacbBpl

apparently, it's not just the very wealthy that don't pay income tax


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Mdot21

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Re: In other news ...
« Reply #7799 on: August 20, 2021, 11:02:53 AM »
Quote from: Cincydawg on August 20, 2021, 08:15:57 AM
OK, how?  You said raising their income tax rates, which would do nothing.

A wealth tax may be unconstitutional, in addition to having unintended consequences.

I think folks conflate WEALTH with INCOME.  We tax the latter.  A billionaire can easily, and legally, have zero income.
Right- and this is the problem. They are gaming the system. If you won't un-rig the system, then tax their wealth if they continue to game the system to show no income. An income tax was unconstitutional. Until the government amended the constitution. Make an amendment for a wealth tax on the ultra-wealthy. 

OR maybe a better idea would be to just use government agencies to pass & enforce regulations- like the SEC declaring that CEO's and other top executives cannot be paid $1 in salary and the rest in stock or stock options. Just ban stock related compensation. This is well within their powers. And have the federal reserve pass regulation that banks cannot make 0% interest loans to people who put up publicly traded shares up as collateral.

This would do what? It would force the massive publicly traded companies to actually PAY THEIR CEO'S and other top executives an income- which would in turn would be taxed. And it would force people like Bezos to have to sell stock to earn income- which would be taxed- instead of borrowing hundreds of millions of dollars at a clip from a bank with a bullshit loan that's 0% interest.

And the large corporations aren't any better. In 2020, 55 of the largest corporations in the US paid no tax. And those 55 corporations had spent roughly $500 million combined on lobbyists & political contributions in the previous few years.
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Mdot21

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Re: In other news ...
« Reply #7800 on: August 20, 2021, 11:04:41 AM »
Quote from: FearlessF on August 20, 2021, 10:54:17 AM
The majority of U.S. households paid no federal income taxes in 2020, a spike driven by the pandemic-induced economic downturn and multiple rounds of tax-based assistance. The trend is likely to continue in 2021.

Nearly 107 million households — or 61% of U.S. households — owed no federal income taxes in 2020, according to estimates by The Tax Policy Center, marking a 40% increase from 2019 when 43.6% of households didn’t pay taxes.

“Even though those numbers are very dramatic, they are only temporary,” Howard Gleckman, senior fellow at the Tax Policy Center, told Yahoo Money. “What happened was because of COVID and then because of the policy response to COVID. Many more people did not pay federal income tax in 2020.”

One reason for the drastic drop is the financial hardship many Americans experienced last year. More than 20 million workers lost their jobs in 2020 with low-income workers hit hardest. Many of the low-wage workers paid little income taxes before the pandemic, and the drop in income meant they owed even less money to the Internal Revenue Service.

https://money.yahoo.com/households-paid-no-income-tax-last-year-143002729.html?guccounter=1&guce_referrer=aHR0cHM6Ly9sLmZhY2Vib29rLmNvbS8&guce_referrer_sig=AQAAALq4h9zK2ttSmADq_4lWOSTYkEX8U11pZy9tSR_A0-0d6oRuk40UqH765ffXe-aupowQwNOmCE1CxljQKCBE0Nug4Es2nvJHP0dL5LFEbbmksnoTDu_jETvZNILGoKlVw9CGVR6gbMZqc4fZR2Ngly7I4yUtAU-vwrvOfGacbBpl
https://money.yahoo.com/households-paid-no-income-tax-last-year-143002729.html?guccounter=1&guce_referrer=aHR0cHM6Ly9sLmZhY2Vib29rLmNvbS8&guce_referrer_sig=AQAAALq4h9zK2ttSmADq_4lWOSTYkEX8U11pZy9tSR_A0-0d6oRuk40UqH765ffXe-aupowQwNOmCE1CxljQKCBE0Nug4Es2nvJHP0dL5LFEbbmksnoTDu_jETvZNILGoKlVw9CGVR6gbMZqc4fZR2Ngly7I4yUtAU-vwrvOfGacbBpl

apparently, it's not just the very wealthy that don't pay income tax
you do realize that the richest 400 Americans alone- have more total wealth than the bottom 150 million Americans combined, right? That's 400 people, who have more than about half the country. And that gap has only grown larger in the last 17 months. This is scary. This could lead to the end of this society if it continues on this pace.
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longhorn320

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Re: In other news ...
« Reply #7801 on: August 20, 2021, 11:07:45 AM »
Quote from: Mdot21 on August 20, 2021, 11:02:53 AM


And the large corporations aren't any better. In 2020, 55 of the largest corporations in the US paid no tax. And those 55 corporations had spent roughly $500 million combined on lobbyists & political contributions in the previous few years.
I call BS on this please provide your source
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longhorn320

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Re: In other news ...
« Reply #7802 on: August 20, 2021, 11:09:34 AM »
Quote from: Mdot21 on August 20, 2021, 11:04:41 AM
you do realize that the richest 400 Americans alone- have more total wealth than the bottom 150 million Americans combined, right? That's 400 people, who have more than about half the country. And that gap has only grown larger in the last 17 months. This is scary. This could lead to the end of this society if it continues on this pace.
source please
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FearlessF

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Re: In other news ...
« Reply #7803 on: August 20, 2021, 11:16:19 AM »
echo?
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Mdot21

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Re: In other news ...
« Reply #7804 on: August 20, 2021, 11:17:24 AM »
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Mdot21

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Re: In other news ...
« Reply #7805 on: August 20, 2021, 11:20:14 AM »
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Mdot21

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Re: In other news ...
« Reply #7806 on: August 20, 2021, 11:23:49 AM »
from Stanford. nothing but genius nerds there;



https://www.youtube.com/watch?v=nATERilo3TM
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longhorn320

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Re: In other news ...
« Reply #7807 on: August 20, 2021, 11:29:00 AM »
Quote from: Mdot21 on August 20, 2021, 11:17:24 AM
https://itep.org/55-profitable-corporations-zero-corporate-tax/
Thank you


a review of the source says that these companies used a variety of legal deductions to lower their tax liability

research and development cost
energy saving investments

were two of them

if your bent is to take away such allowable deductions fine

be careful cause these corporations employ millions of taxpayers and pay a huge amount in employee payroll taxes

if you take away these deductions there is a risk of the companies simply going to another country where tax laws are better for them
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longhorn320

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Re: In other news ...
« Reply #7808 on: August 20, 2021, 11:41:18 AM »
Quote from: Mdot21 on August 20, 2021, 11:23:49 AM
from Stanford. nothing but genius nerds there;



https://www.youtube.com/watch?v=nATERilo3TM
nothing quite like being preached to by a citizen of another country 

no thanks 

I'll still take America over any other country 

its interesting he's from a country that continually violates its citizens rights
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Cincydawg

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Re: In other news ...
« Reply #7809 on: August 20, 2021, 12:00:09 PM »
Quote from: FearlessF on August 20, 2021, 10:53:12 AM
I agree, but.......... the billionaire has to cash some stock to pay for his lifestyle.

meals, travel, maid service, chauffeur, ect.  Just like you and me.

so, he should be showing more income than you and me combined, because he's spending more to live than we are.

as I stated, capital gains tax
No, he doesn't, at all.  You can easily get margin loans on stock, as I noted before, and you can invest in municipal bonds and get income with zero tax, or you can just eat cash on hand.  As I said, a wealthy person does not NEED income.

This is an extreme example, but imagine I own $1 billion in stock "X" (not US Steel).  It pays no dividend, that is my entire wealth, and I need say $20 million a year for lifestyle.  I can easily borrow $50 million off that on margin, buy some municipal bonds (they don't pay much now, but maybe 2%, tax free), and get interest for future years expenses.
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Cincydawg

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Re: In other news ...
« Reply #7810 on: August 20, 2021, 12:02:38 PM »
As for executive compensation, the carried interest exemption is the huge one Congress won't touch, Dem or Rep, because few understand it.

I bet a lot here have never heard of it, or don't know what it means.

As for CEOs getting stock options and RSUs, obviously if the stock price goes DOWN, they end up with nothing.

And when they get exercised, the proceeds are taxed as earned income, this I know personally.  I nearly had to pay for not withholding enough last year.
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FearlessF

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Re: In other news ...
« Reply #7811 on: August 20, 2021, 01:01:11 PM »
Quote from: Cincydawg on August 20, 2021, 12:00:09 PM
No, he doesn't, at all.  You can easily get margin loans on stock, as I noted before, and you can invest in municipal bonds and get income with zero tax, or you can just eat cash on hand.  As I said, a wealthy person does not NEED income.

This is an extreme example, but imagine I own $1 billion in stock "X" (not US Steel).  It pays no dividend, that is my entire wealth, and I need say $20 million a year for lifestyle.  I can easily borrow $50 million off that on margin, buy some municipal bonds (they don't pay much now, but maybe 2%, tax free), and get interest for future years expenses.
perhaps these loopholes should be eliminated?
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