Article

2021-06-08 Government Corruption

ProPublica Gets Its Hands On IRS Data Of Very Rich Americans

A few things - this article doesn't give links to the actual database / other solid information on what numbers are actually on their 1040's, which then allows the leftists at ProPublica to deliberately conflate wealth / net worth with income, only the latter of which is subject to tax, in order to paint these guys in the worst possible light. Dishonest to the core, but you knew that already.
[ProPublica via TaxProf blog] - ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
Ever hear of a net operating loss or a carryforward loss, guys?
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
Also ignored are the employer payroll taxes paid by their respective companies, generally 9% - 10% of total wages.

Posted by Raj 2021-06-08 16:02|| || Front Page|| [12 views ] Top

#1 Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax

That's "news"? Yawn.....zzzzzzzzzzzzzzzzzzzzzzzz.

Posted by Clem 2021-06-08 16:32|| 2021-06-08 16:32|| Front Page Top

#2 Yeah - not exactly a news flash but it helps to keep highlighting the slanted news on this stuff.

Uh oh - I said 'slanted' - apologies in advance to the Asian-American Rantburg commentariat.

Posted by Raj 2021-06-08 17:21|| 2021-06-08 17:21|| Front Page Top

#3 Next time use 'sloping.'

Oh.... WAIT !

Posted by Besoeker 2021-06-08 17:24|| 2021-06-08 17:24|| Front Page Top

#4 ProPublica getting its hands on evidence of tax evasion doesn't mean anyone will do anything about it. Isn't that the way it always goes?

Posted by jpal 2021-06-08 17:40|| 2021-06-08 17:40|| Front Page Top

#5 It's tax avoidance, not evasion. These returns are put under an IRS microscope once they're filed.

Posted by Raj 2021-06-08 17:46|| 2021-06-08 17:46|| Front Page Top

#6 Farmer Bill Gates

1031 exchanges, capital gains tax wash

Posted by Skidmark 2021-06-08 17:48|| 2021-06-08 17:48|| Front Page Top

#7 Had that conversation with a client yesterday; basically you defer cap. gains until you're dead and it becomes part of your estate.

Posted by Raj 2021-06-08 18:06|| 2021-06-08 18:06|| Front Page Top

#8 Even CNBC is slanting this in a 'wealth to tax' manner so they can claim next to nothing in tax being paid every year. Too bad there aren't comments sections on these columns.

Posted by Raj 2021-06-08 18:19|| 2021-06-08 18:19|| Front Page Top

#9 #2, #3 ... ok so long as you don't use any gobbledy...gook.

Posted by Sheng Hapsburg6960 2021-06-08 19:35|| 2021-06-08 19:35|| Front Page Top

#10 Gregory v Helvering(1934) - Supreme Court case that said
For a business reorganization to affect tax liability, the reorganization must have economic substance, not be merely an attempt to reduce tax. However, "the legal right of a taxpayer to decrease the amount of what otherwise would be his taxes, or altogether avoid them, by means which the law permits, cannot be doubted."

Posted by Rambler in Virginia 2021-06-08 21:44|| 2021-06-08 21:44|| Front Page Top

#11 And the class warfare narrative continues to get pushed.

Posted by Raj 2021-06-08 21:44|| 2021-06-08 21:44|| Front Page Top

#12 News "slanted" or "sloping?" Oh,jeez.
Don't ever use those, if you please.
Lest journos go mental,
Just say "oriental"
Or play the percentage: "Chinese."

Posted by Chegum Angumble1005 2021-06-08 21:50|| 2021-06-08 21:50|| Front Page Top

#13 And... as usual, shuffle lines and sense to taste.

Posted by Chegum Angumble1005 2021-06-08 21:53|| 2021-06-08 21:53|| Front Page Top

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