Comment on Billionaires with $1 salaries – and other legal tax dodges the ultrawealthy use to keep their riches
hector@lemmy.today 1 week ago
Propublica went into some detail about this in a series of articles surrounding their acquisition of the tax returns of some rich dickheads in the US here, including Bezos who paid 600 bucks in federal taxes in 2020 when his worth skyrocketed, and he claimed the child tax credit, just to twist the knife into the poor.
You pay more taxes than bezos does. If one year they did seemingly pay a lot of taxes, you can’t even be sure they didn’t later offset losses back three years to claw that money back, or they can pull losses forward a larger number of years to offset gains.
Think how this treatment would work for working people in the first place. You are a corporation, you hold a job, collect a wage. All the gross income from that is offset by your expenses. Your housing, transport, insurance, healthcare, food, etc. You would pay on what is left over, then you could still find ways to spend that money that would be going to taxes after expenses on charitable donations to offset paying even that, and could find a way to benefit yourself through that giving, especially if you made your own charitable organization, and paid your family members or pals an obscene salary for running that charity. After all you have to retain that talent for your non profit, and it takes a lot of talent to convince people you are worth a half of a million a year for attending a few board meetings and otherwise signing off on operations of a nonprofit.
Here is one of the articles there are a number of related ones: propublica.org/…/billionaires-tax-avoidance-techn…