The top 1% pays 42% of taxes.
Comment on Saw this on Facebook đ
netburnr@lemmy.world â¨11⊠â¨months⊠ago
Itâs funny because the rich donât pay taxes.
PsychedSy@sh.itjust.works â¨11⊠â¨months⊠ago
Chetzemoka@startrek.website â¨11⊠â¨months⊠ago
They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which impact lower income citizens more.
taxfoundation.org/âŚ/us-tax-revenue-by-tax-type-20âŚ
PsychedSy@sh.itjust.works â¨11⊠â¨months⊠ago
Fair correction. So, youâre saying they do pay taxes?
steakmeout@aussie.zone â¨11⊠â¨months⊠ago
Keep shifting the goalposts. Thatâs how you win, right? Howâs that boot leather taste?
unfreeradical@lemmy.world â¨11⊠â¨months⊠ago
Thatâs the truth, 110%.
tdawg@lemmy.world â¨11⊠â¨months⊠ago
They do if you have taxes on captial gains :)
IDontHavePantsOn@lemm.ee â¨11⊠â¨months⊠ago
Canât get taxed if you never cash out.
tdawg@lemmy.world â¨11⊠â¨months⊠ago
Most tax programs which apply to capital gains apply to the sell and exchange of the stock. Dividends are also taxed (at least here in the states). So yes, you get taxed no matter what you do unless itâs a net loss
ScrotusMaximus@lemmy.ninja â¨11⊠â¨months⊠ago
Thatâs why the quiet part is to borrow against the assets in perpetuity. No tax on money you take out in loans using your investments as collateral! This is effectively a home equity loan for the rich. Now, you canât keep paying interest on your growing loans forerver. Why, Scrotum Maximus, that would be unsustainable! Not to mention that baby faced intern fresh out of grad school with 300k of student loans to be repaid keeps pointing out your interest only loan to his supervisor and posting on antiwork.
So move onto step two! You and your other insider buddies are going to do a little pump and dump action. For this phase of the plan we are going to crash the market, and write off the impaired value of our investments and debt. Scrotus, that sounds complicated, you might say. Sure, maybe for a peasant such as yourself, it might be. All we have to do is make our investments worth less on paper! A little bad press, some failed deliveries, a enshittified platform, a war breaks out on the wrong people. Nothing is actually changing hands. That would be silly. This has the added intentional bit of killing off the bank or investors we owe money to, figuratively of course. Weâre not actually killing anyone, mind you. That would be a crime and as we all know crime is only for the poors.
A year or two passes. We are on our yacht living off the loan money. We are in the final phase of our plan: no one bought the snake oil, the enshittified apps arenât making ad revenue and that war sure hurt that new market. Our investments are worthless and we canât borrow anymore money to pay for the yacht diesel or scantily clad deck boys. Gosh darn it, Scrotus, now what?
It just so happens the bank that loaned us money had to be bought out by JPAmerica Bank with taxpayer bailout money thanks to the votes from our friends đ in government, and good news! Theyâre willing to work with us to refinance the loans because an investor bought our shitty debt for pennies on the dollar! What a sucker, amirite?
No tax on loans! The poor hate this one trick
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vagrantprodigy@lemmy.whynotdrs.org â¨11⊠â¨months⊠ago
Exactly why dividends need to be mandatory for profitable companies if we are not going to change the tax system.