Billionaires Pay Lower Tax Than WORKING CLASS

Krystal and Saagar discuss new data showing billionaires now pay a lower tax rate than average working class Americans.
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[@matiasj4327]

americans wouldnt hate paying taxes if they saw their tax dollars working for them instead of endless wars. imagine if our taxes were invested in education, infrastructure, materially benefiting everyones lives in a clearly visible way.

[@jacobzindel987]

We already spend more on education than any other country on earth.

[@Don.M.]

The most glaringly obvious thing we deserve is healthcare. For god’s sake, we lost 1.2 MILLION American lives to Covid, yet our leadership won’t even mention it…

[@malcolmring242]

Exactly it. More taxes does not show a better America. People notice essentially no difference based on the tax rate. Mark Cubans tax bill is going straight to Ukraine / Israel.

[@TheUnexpected111]

​​​@@Don.M. if we have universal healthcare, it needs to be a voucher system for private healthcare because governments prove time and time again that they will use it for their own purposes, with private healthcare you at least get competition. One of the leading causes of death for young people in Canada is government provided MAID ffs.

[@justinwilliams2000]

How about no taxes. I'm good with that one.

[@ryancj1542]

The federal government has a spending problem. Not a revenue problem.

[@jonathan7249]

Really.. But how many times you VOTED?? 😂😂😂

[@tsis-k-koj]

Well the working class could pay lower taxes if they would just lobby the politicians with the money they dont have.😂

[@tommyboym6563]

Lower class pay almost nothing in $’s. You keep getting manipulated by the % game.

[@jerichoanderson6055]

😂

[@kaybrown7733]

​@tommyboym6563 It must be my imagination seeing the actual money coming out of my wages for TAXES! 🤣🤣🤣😂

[@rodimcgeesums633]

IMO it should be the young workforce in general should be paying MUCH LESS almost nothing in taxes. Because that’s the time we should be maximizing the compound effect of savings interest and annual investment returns on our 401Ks, etc. Apply exceptions to the top 10% bracket for joint/individual income but even then lower the tax rate for the youngest members. We should be moving from a progressive income tax to a progressive seniority tax. Let it serve as a big incentive for younger members to get into the labor pool quicker and sooner and discourage more senior members of the workforce to keep on hogging to the typically more well paid and upper level positions. Force worker churn according to age in the workforce. Exceptions should of course be applied for lower income workers. Savings interest should also be age based as well to encourage saving as soon as possible and as much as possible and to encourage the banks to do this raise up the FDIC protection limits ($250,000 right now) for account holders of that institution that implement higher savings interest. Encourage financial and fiscal responsibility through the financial and taxation mechanisms.

[@christopherwalch6291]

10 percent of a 20,000 dollar a year income is 2,000 dollars. 10 percent of a 1,000,000 a year income is 100,000. And what is 5 percent of 1,000,000 a year income...5,000 dollars!!! I just cut that rich guys taxes in half, and he is STILL paying more than the other guy. GET THE POINT?! It's basic math people!

[@Xairos84]

Duh. The income tax is the most reliable tax for the govt. It's easy. Richest Americans have illiquid assets. A paycheck is liquid. The tax code is built for investors not for employees.

[@AntonioRivera28]

because the constitution only allows taxing income

[@anthonytwohill9726]

​@@AntonioRivera28 Untrue. Article 1 section 8 Go read it.

[@Videomorgue]

​@AntonioRivera28 then explain tariffs, sales taxes, property taxes, FICA taxes, fees, fines...

[@Mncrr]

The problem is people who pay income tax on their money and then invest shouldn’t be double taxed. The ultra rich don’t collect salaries and are paid in stock options therefore no payroll to tax. There lies the scam

[@kaybrown7733]

@@Videomorgue And don't forget the legal shakedowns by the government called civil asset forfeiture. 😂

[@dong6092]

The main reason rich people pay less tax is that unearned income is taxed at a much lower rate than earned income.

[@vmoses1979]

Or you could just borrow against your massive wealth indefinitely and pay nothing at all.

[@dong6092]

@@vmoses1979 Yes, I forgot about the Elon Musk method.

[@blackjackjester]

​@@vmoses1979that basically one of few things I would actually change. If you take a loan over $1-2 million against your assets, that should be considered taxable income. I dont want successful family businesses to have to sell out every generation. I don't want farmers to have to sell their land to a corporation because the paper value is millions. But you also can't and shouldn't tax unrealized gains... That's idiotic. They may be room to crank up inheritance taxes on public shares.. But those kind of taxes are not something the government can really rely on. Elon doesn't die every year

[@godfathaofyo]

@@vmoses1979 how do you suppose they pay back the loans they take out? They create taxable events. You think banks are just letting the rich take out perpetual loans, using one to pay off another? i don't think so

[@vmoses1979]

@@blackjackjester Of course you can and should tax unrealized gains of a certain class of wealthy people whose assets are stocks, bonds and other fairly liquid assets. If you have a billion in tesla shares paying a 2.5% wealth tax - 25 million will not be a huge burden and will go a good way towards having the rich pay their fair share. Given the explosion of wealth from stockmarkets - a system that waits until gains are realized is inefficient. Taxing unrealized gains in a small way will also incentivize billionaires to invest in riskier and more high potential businesses.

[@giovannidicapo6213]

I'm a 80's kid but in the 50's & 60's average annual income was $1,200. Minimum wage was $0.75 - $1.00/hr. Average home prices were $7,400. Just that alone tells you something has gone HORRIBLY wrong since. In the 50's & 60's a minimum wage worker could buy a house and pay it off in less than 10 YEARS!!!!!!!! The gov't is not working for you. 1. Gov't printing $ and outspending it. 2. They have prioritized company's over employees and workers. 3. Wall Street CEO's are dictating policies and they don't give DAMN about the American dream --- profits profits profits share prices share prices share prices. Finally realizing capitalism will fail!

[@Lomhow]

Yeah, now banks demand 30 year FIXED mortgages

[@gloominousdoom11]

Yea, what's even crazier is some of the politicians that got us to this point are still in office. One of them is president.

[@WillieFungo]

America's problems have nothing to do with capitalism. The is the result of government policy, not capitalism.

[@deanofrankenstein6391]

Ever thought about running for office? With that message, you'd have my vote.

[@pumasheen]

@@WillieFungo govt policy is bought and paid for by the capitalists

[@daveblackman816]

They didn’t hire 87k agents for bill and Jeff. It’s for us.

[@matthewpulizos3444]

lol your nothing but a Conspiracy theorist!!

[@zufalllx]

​@@matthewpulizos3444today's conspiracy theory is tomorrow's fact.

[@CityGamer1337]

Did you see the government admit that was the case on the low?

[@ItsMe-on6tt]

The billionaires fought to not hire agents. If you oppose IRS funding, you are welcoming the wealthy avoiding taxes.

[@matthewpulizos3444]

@@zufalllx you got that right.

[@davidliskey3553]

In other news water is wet

[@evannatland5151]

MY GUY!😂😂😂😂

[@Jsonwon]

I believe Steve Jobs. when you are rich its easy to make people think you are good person.

[@kaybrown7733]

Dont firget the sun is hot! 😂

[@mehtacotute]

Water is not wet. Items that come into contact with water are.

[@iller3]

the worst part about everytime we see one of these segments, is that no one in the comments puts two and two together and asks: "Well what are they doing with all this extra capital??". They're not putting it into banks! They're not investing in manufacturing!

[@ekrenz5268]

And they piss on us and call it "rain."

[@JokerG16]

"they" being the govt

[@kaybrown7733]

​@@JokerG16and the wealthy who own the government.

[@svendtveskg5719]

And then they'l make you pay for it...

[@happycompy]

I guess that's what they meant by "trickle down"

[@christopherwalch6291]

10 percent of a 20,000 dollar a year income is 2,000 dollars. 10 percent of a 1,000,000 a year income is 100,000. And what is 5 percent of 1,000,000 a year income...5,000 dollars!!! I just cut that rich guys taxes in half, and he is STILL paying more than the other guy. GET THE POINT?! It basic math people!

[@carycunningham9510]

This is what class warfare looks like. We live in a corrupt oligarchy. We need ranked-choice voting, ballot access, and more parties.

[@davisladd6473]

How about less government?

[@carycunningham9510]

@@davisladd6473 Less government, or less corrupt government?

[@CampingJimmy]

Rank choice voting is moronic. Who doesnt have access to the ballot? Go start your own party if you want more parties.

[@deez3913]

Ranked choice sounds good but there's a lot of evidence it's a Trojan horse that'll allow big money to get more political power. If voters can't make okay decisions during primaries how the F are they going to do any better with more choices? There's been much better people running in the Dem side a while now but voters still GO with the corrupt establishment goons 99 percent of the time.

[@RARufus]

@@CampingJimmyHaving two parties is moronic. The two parties work together to block other parties from even having a chance. Don’t be obtuse.

[@jamescassidy6717]

Fix the headline. Add "rate". It's deceptive

[@J_P_33]

Tax code is for the business class, not the working class. You want to pay less in taxes, don't bother with wage work.

[@MikePSU]

It's a weird curve. The top 1% in large part pays substantially higher taxes than the average American, but the uber wealthy, making upwards of 8 figures annually have the means to game the system in such a way where people who are just doing well for themselves aren't able to take advantage of really. The 1% and the .01% can't be lumped together frankly, that's why the solution isn't raising taxes, it's closing loopholes.

[@lduff155]

Don't change the tax codes for billionaire. Allow the middle class to have some of the same tax breaks as the billionaires. For example, ANY costs you need to incur to do your job (i.e. travel to work, work clothes, work shoes, etc) should be tax exempt expenses because YOU incur them. Not the corporation who employs you who ironically gets all the tax breaks.

[@1timothydillon]

You already have those tax breaks, you just have to learn what they are. I use to have a full time job, part time toy business, own a rental property, and I was in a medical study. I use to itemize the hell out of my taxes every year. Don't take the standard deduction, that's were everyone screws themselves over. There are eighty thousand pages of tax laws. Ten percent tells you what to pay taxes on, the other ninety percent tell you how not to pay those taxes.

[@MartianManHunter7]

Why does it matter if the government can just print the money. There's no point in taxes if you're just going to print

[@jayboeker1935]

Can't believe in 2024 people are still advocating for tax breaks lol. They don't work. The government still has to pay the bills. This is how are national debt is through the damn roof. Republican give the rich tax breaks, but never cut spending even increasing sometimes.

[@pickettmandi]

​@@1timothydillonTrump and the Republicans got rid of all the deductions.

[@philipl6064]

standard deduction is like $15K. you really want to itemize each tank of gas?

[@Theresa-wp6kv]

A 10% flat tax would solve a lot of problems especially when you take away all those tax loopholes and no one gets a break

[@2TrillSenna]

Nah.

[@robdiddy55]

Lol😂😂😂 bro. Make billionaires not exit anymore. Tax the fuck out of them.

[@bryson8918]

why would I prefer someone who grosses 10k to pay the same rate as someone who grosses a billion? I'm with you on the loopholes, but I'd rather just close the loopholes and return to what America used to have before Reagan. a flat tax is by definition regressive because 10% hurts someone on the lower end of the spectrum significantly more than someone whose wealthy. I make a decent amount of money.. I'm not sure why someone making a quarter of what I earn should pay the same rate.. especially when you consider the fact that, they are the ones spending a larger % of their earned income INTO the economy.. as opposed to wealthier people (like myself) who just invest it

[@BruceRiggsGamer]

Ha.

[@bryanachee7133]

@@robdiddy55 it would do nothing but make you feel "better"

[@Firerose101]

We need to lower it for working class

[@JJones-zg7yz]

They already don't pay lol

[@Firerose101]

@@JJones-zg7yz Working class pays a lot. What are you smoking?

[@Firerose101]

@JJones-zg7yz Bill Gates is that you?

[@Buttlather]

​@Firerose101 No, middle and specifically upper middle pay a lot of tax. Lower class really doesn't pay almost any. Certainly not federal income tax. And they often pay negative tax (EIC, SNAP, medicaid).

[@bryson8918]

@@JJones-zg7yz how so? The federal brackets are $0 - $11600 is 10%, $11,601 to $47,150 is $12%, and $47,151 to $100,525 is 22% (the bracket a lot of Americans end up in)

[@thehippie3610]

Shocking nobody. It's because they get paid in stock options.

[@anthonytwohill9726]

And we can change the capital gains tax.

[@McP1mpin]

And when they eventually sell those stocks? What happens then?

[@kaybrown7733]

​@@McP1mpinmost don't sell. They pass them down in a trust that has little taxes when their kids sell those stocks. 😂

[@Deej1188]

@@anthonytwohill9726It’s a hard sale for a teacher and a nurse who put away a few hundreds dollars a month in a low cost SP500 ETF to have to pay income tax on the sale of those shares when they retire. They were already taxed on that money when they earned it. It’s like we’re all gonna have to take a step underwater to grab the billionaires.

[@rtquest22]

@@anthonytwohill9726 you have no authority to change capital gains tax. Even if it is, taxes will be passed onto you and others in a form of commodity prices.

[@aaronrogers9251]

The government also needs to reduce its spending. Hard to support higher taxes when it already misspends what it already gets. Definitely need to reduce taxes on middle class

[@deez3913]

More ignorant nonsense, govt spending can actually increase economic growth but what it's being used for now and since the 80s is doing the opposite.

[@user-wv5ut7hq1q]

Easy solution: raise taxes on hundred millionaires and billionaires and mega large corporations in a major way, lower taxes on small businesses and upper middle class and below.

[@aaronrogers9251]

Sounds nice but raising taxes disincentivizes companies to continue producing in america, we will create more wealth for everyone if we lowered all taxes and slashed spending. Why cant we do a flat tax and simplify the tax system? We need to shrink government and unshackle the economy bogged down by bureaucracy.

[@vmoses1979]

​@@aaronrogers9251Why does raising taxes on the rich including companies disincentivize investment and job creation? Are you saying these folks/entities are sociopaths who don't care about the communities they make their money from. It's best to plainly state what they really are rather than covering up for them.

[@aaronrogers9251]

Do you think the government, either state or federal efficiently spends your tax dollars? Also yes some corporations will take profits over communities. Corporations leave cities all the time when manufacturing is cheaper elsewhere, just look at the rust belt.

[@yesyoucan5855]

This is crazy because most of these people wouldn’t be rich without us.

[@acbower4468]

That’s how business works

[@gatorone]

If trump did it illegal, why is he not in trouble for taxes

[@McP1mpin]

The IRS audited him every year he's in office by law and Congress audited him after that. It's only when all of the indictments they've thrown at him seem to be falling apart that suddenly they're finding tax fraud? Ok.

[@jbo8540]

He is in trouble for taxes. He's likely going to end up owing hundreds of millions after the IRS finishes its current audit.

[@McP1mpin]

Because they were waiting until the right time. He was audited all 4 years in office by the IRS and then audited it again by the House of Representatives, but they waited until all of their criminal cases started falling apart and his popularity to go up before auditing him again and suddenly finding $100 million in back taxes?

[@mr.bidnessman2469]

@@McP1mpinpeople believe their bullshit stories every single time despite them being proven not just false but intentionally malicious. Russian piss tape, n word tape, Summer Desvos sexual assault case led by Gloria Allred who went on tv begging Trump not to counter sue them, Comey letter, Piss dossier, Russian bank connection, Obama wiretapping Trumps campaign and so on. Mueller being the most embarrassing of them all.

[@iller3]

well for one, Trump was never a true Billionaire. All those buildings with his name on them were only licensing his "brand". He may have tons of assets "on his balance sheets" also, but you never get to see how much he still owes in pending loans on them PLUS compounding interest

[@PepeToTheMooon]

I used to get 3k in tax returns every year for the last 5 years. Now I suddenly owe this year. Nothing has changed but my little 2% yearly raise.

[@tommyboym6563]

But what was your total tax burden each year. Who cares about refund amount. Look at the total tax bill you paid.

[@TRC296]

Same here. I now owe when I never have before.

[@insanittiez4860]

We are still riding on the Trump tax Cuts bill so if you all of a sudden owe, that’s where I would point the finger. At least you had some time. For me, I immediately went from a refund to owing taxes for the first year the tax plan was implemented.

[@bryson8918]

getting a return means you paid more in taxes than you should have 11 out of 12 months. I'd much rather owe an save a larger % of my income every month, than owe more everything month and get a return at the end.

[@tommyboym6563]

@@insanittiez4860 but what was your total tax $ paid? Stop being an idiot who only cares about pre-paying vs refund.

[@bboobb9001]

23% is pretty high, tbh, considering it goes to so many wicked things other than helping people. The focus needs to be on reducing working class tax and stopping the government officials from stealing and wasting what we're giving them.

[@rummy98]

When people hear corporation, they think Apple, Wal-mart, Amazon but there are millions of small corporations in the US. I have one of them and the tax cut from 35% to 21% was a godsend.

[@Nik-ik8mv]

Free market, free trade, free market, free trade, no?

[@theharmelodynetwork]

Well, I think the only logical solution is to lower the taxes of the average American.

[@broteinstain8256]

Lower if to for the average Americans and make up for it from the exorbitantly wealthy Americans.

[@theharmelodynetwork]

@@broteinstain8256 or just lower everyone's taxes because... well... its theft. the government didn't earn it, it just stole it.

[@tommyboym6563]

Trump did, Biden plans to undo it

[@insanittiez4860]

Lowe taxes doesn’t mean as much as you think. What you want is higher deductibles. I can lower your tax rate by 5% but if I get rid of your deductibles, you will be in a worse off position. Lower tax rates when compared to deductibles only starts working in your favor when you start earning big

[@godfathaofyo]

except Dems don't want to lower taxes, they just want to give free money away to people who will benefit them at election time.

[@Gogogo978]

I’m surprised to see people defending billionaires like are you that ignorant or stupid which one is it?

[@mishakafaka6180]

Who’s defending them? Billionaires just take on loans to avoid taxes, governments don’t care because taxes come from number of people their assets employ. Shouldn’t we want more government revenue to pay for social programs? Or do we just want government to make us feel better?

[@jbo8540]

Bought out?

[@jimbob9407]

Lmao I’m not surprised to see people like you crying that others have more than you. You voted Biden didn’t you?

[@tommyboym6563]

Because you pay nothing in taxes while a billionaire pays millions of $’s per year. Maybe if you would pay your fair share?

[@formerlyknownashammerofthegods]

Yeah, 49 percent pay zero tax so there’s that.

[@roscojenkins7451]

We say tax the rich. They say they will. They then heavily tax millionaires and ignore billionaires

[@JokerG16]

LOL nah.. it was from "tax the millionaires!" to "tax the billionaires!" after Bernie and other congresspeople have become millionaires

[@EnPatrolle]

Great segment!

[@ralphlinville6646]

Why does the gov’t tax the middle class?: Because thats where the money is.

[@anthonytwohill9726]

But they've been doing that so heavily over the past 40 plus years and now the middle class is nearly gone.

[@taragnor]

Not really no. The wealth distribution now is heavily at the top. The top 1% own more than the rest of the 99%. Unfortunately part of the things they own also includes politicians writing the tax law.

[@Xairos84]

@@taragnor I get the sentiment, but it's incorrect. The tax base of the middle class is incredibly broad. And their income is steady and predictable. Wage earners from 40k - 400k that are on the books of any business is ripe for the picking for the govt. The tax code is written for investors, basically people who take their income and put it in structures that use that money for write offs. The middle class has little to no write-offs.

[@taragnor]

​@@Xairos84 Politicians were paid off by the rich to make those write-offs. The tax code is what it is because of corruption. If we actually just looked at the raw amount the rich were making and got rid of the write-offs, we could tax the rich almost exclusively and not even need to bother the middle class and poor. The whole write-off system should just be abolished. Shouldn't matter where the money came from or what you do with it. If it's income, it's income. Tax it.

[@jimbob9407]

What a completely ignorant statement

[@habbadabbado5765]

We don’t have a revenue problem, we have a spending problem!

[@sammy-gd7hw]

company. Pays 23% income tax. Pays 20% in wages and benefits to employees. Pays 15% just in material costs Pays 5% in research and development. Buying new technology as high as 10%. Need I go on. Realistically. 20% to 25% is realistic for a company to pay. This 38% and up is rediculous.

[@careercoachperry]

A while back I was in an argument with a friend who believed I should pay higher taxes because I made really good money. At the time I was making about 150k a year. By no means struggling, but also by no means was I truly wealthy like a Jeff Bezos or Elon Musk. She was incredibly frustrated when I told her I paid something like 33% of all of that to the IRS (I paid more because half that income was freelance work). She didn’t believe that I had to pay that much. She thought I effectively paid nothing much like our billionaire friends. Point is, even us higher income earners and upper middle class folks want the rich to pay higher taxes. We’re also getting completely screwed. My income has actually gone down a bit in the midst of inflation and I haven’t felt this much strain financially since I was in college. Yet I still find myself paying tens of thousands a year in income tax and social security. It’s completely disgusting.

[@bendershome4discountorphan859]

Time to change this bs

[@tommyboym6563]

Agreed. Flat tax, everyone pay their fair share. $85k per individual regardless of income.

[@anthonytwohill9726]

I thought Trump fixed it with his tax "reform?" No?

[@christraeger5090]

@@tommyboym6563 Awful idea man. A flat tax would result in a proportionately higher tax burden on lower-income individuals. Even though everyone theoretically has the same tax rate, those with less income are going to pay a higher percent of their disposable income. It would be a gift for billionaires.

[@tommyboym6563]

@@christraeger5090 I want to go to dinner with you! I get to eat as much as I want and you get to pay. You are so generous. Thank you. I really love stealing money from Billionaires to funnel to corrupt politicians to give to their crony donors to provide low quality ineffective services to enslave poor people. You are evil.

[@acbower4468]

@@christraeger5090considering the bottom marginal rate is 10% then 12%, then 22% (where most Americans are) you’re gonna have to eloberate more on what you actually mean here…

[@678hump]

THIS JUST IN: "Duh!"

[@joshortega2231]

Because they can afford accountants, tax attorneys, financial advisers, brokers, etc.

[@caldepen372]

What makes it truly despicable is if you subtract the cost of living, the ratio gets even worse.

[@MrBobberino01]

Way does anyone pay federal taxes? Just print more money.

[@billkraemer4710]

That what Joe does.

[@rtquest22]

​@@billkraemer4710Trump did the same so what's your point?

[@revitplumber]

Because it’s considered a regressive tax. It would be like implementing a “flat tax”. I don’t hold any opposition or support for this position, but I know this is why some oppose it as they feel it disproportionately impacts the less wealthy.

[@jimbarino2]

Because if you don't tax it back you don't create enough demand for the currency to maintain it's availalble.

[@joshuatunis6732]

If the middle class pay more in dollar terms than billionaires.. doesn’t that mean the middle class is growing?

[@ramstrong1961]

Jimmy Dore - "The US Economy Is A HOUSE OF CARDS"

[@deez3913]

People were saying that way before dummy dore

[@ramstrong1961]

@@deez3913 It wasn't him saying it. Dummies have habit on commenting on things without knowing what their talking about

[@adambrown3918]

I'm still trying to pick myself up by my bootstraps. 😂

[@LTdan457]

Sounds like the tax code needs to redefine income to also include proceeds from these “speakers fees” all these politicians collect and also the present dollar amount of awarded stocks as part of these executive compensation packages of which need divested and payed or pay the capital gains tax, whichever is lower.

[@Pug318]

I agree with the tax issue but to me the bigger problem is the government continues to overspent by 2 to $3 trillion alone this year so no amount of additional revenues will fix that problem until the government stop spending more than they receive

[@austintrousdale2397]

Then may we prioritize a smaller Pentagon budget and decreased foreign aid, particularly to a certain country in Eastern Europe and another, smaller state in the Middle East…

[@russdavis71]

A 10% flat tax would solve a lot of problems especially when you take away all those tax loopholes and no one gets a break.

[@jimbob9407]

Imagine supporting income tax

[@xandercrew6088]

@@jimbob940710% is infinitely better than what we have now

[@lustbubo4638]

​@@jimbob9407imagine thinking it will go away lmao

[@LadyRubyEye]

Flat tax is retarded and would literally bankrupt the country.

[@mrastickman]

A flat tax would have to be 15 to 20 percent to maintain current revenue.

[@scottireland5414]

There is no inalienable human right to force other people to take care of you.

[@julianbluefeather8491]

People need to hear this!!

[@snowbunny783]

Don’t hate the player, hate the game. The game was written by your politicians. Hate them and get them out of office

[@raggedflaggon9566]

80% of laws are written by lobbiests who are paid for by the rich. So literally, the rich are indirectly writing the laws. Then they pay congress to vote for them.

[@cesarmeza5331]

And the lobbyist paid for this corporation's control congress. The truth is corruption is legal in the US

[@whydoineedahandlewtf]

Politicians write the rules according to the will of their supporters, which are, the rich. The rich are in control, not the politicians.

[@stephenradley9798]

Except some players paid money under the table to the person who makes the rules in order to give them a massive advantage at the game. So no hate both those players and the game.

[@snowbunny783]

@@stephenradley9798and anyone with morals wouldn’t accept such bribes that you mention. So it’s the POLITICIANS who are responsible as they WRITE the laws

[@Clydeb_9994]

They should be considered as career criminals and treated as such! They're getting rich while we are getting poorer by the day!

[@inferior-penguin8661]

I work 105 on the books and 10-15 off the books and I am barely keeping my head above water. The American dream is dead

[@michaellapalice3068]

Thats not even a story , its as old as time.

[@coryluke12]

Lower tax RATE… you really need to include that in your title. You’re not paying more in taxes than bezos.

[@scott-proav]

Ummm... Duh.

[@duh...4460]

I approve this message.

[@onetwo9792]

That’s why when politicians say tax the rich everyday Americans have less

[@JD-lt7uv]

I know someone who does event planning for these jerks, and they said they demand to have entirely new furniture EVERY DAY in their hotel suits. And they have the balls to lecture us about OUR carbon footprint.

[@sideshowamit]

Disappointed in Saager, pay more taxes to fund more wars? Starve the govt

[@thisguy7976]

So our schools, law enforcement, and (depending on location) roads will suck even more?

[@thomaskim3128]

@@thisguy7976 Use the money bookmarked for Ukraine to pay for schools and law enforcement. Domestic problems solved.

[@insanittiez4860]

@@thomaskim3128Even if we wanted to, Reps would refuse so this is a non starter

[@thisguy7976]

@@thomaskim3128 That's not going to happen though. My point is that we Americans are no longer the priority of the government. We're already struggling here and money is still leaving our shores. Little would change.

[@peterroberts4415]

​@@thisguy7976those are all state and local issues, not federal issues

[@dvhsk]

What are you going to do about it ? Answer: Nothing.

[@ponchupeechu]

It's not "Now" pay less in taxes. It's been going on for a while. Buffet pointed it out that his effective tax rate is lower than his secretary's a long time ago.

[@Jasper118]

I still have yet to hear a sensible solution to this problem

[@Sideshowbob4100]

Do they really think taxing the 300 richest people more, is going to close the budget deficit. Inflating the money supply caused the raising prices. Stop government spending and give the poor and middle class a chance.

[@robdiddy55]

😂😂😂😂 So you don't want to do anything? We need to take a step forward in every way to can handle the deficit. I would also cut military spending and fund schools.

[@taragnor]

Government in general helps the poor far more than the rich. Its why the rich generally want an impotent government that doesn't regulate or tax them.

[@SurefireMa156]

Yes, it literally would over a couple of decades. That plus a lot of the bs tax give away you give companies. And if you get rid of all the waste in the defense industry where we get over charged for everything so shareholders get more billions.

[@taragnor]

@@SurefireMa156 Yeah, vastly cutting military spending and give aways to corporations makes sense. Problem is that usually people that talk about cutting government spending want to cut food stamps, social security and welfare as opposed to the military.

[@Sideshowbob4100]

@@taragnor Government in general is self interested in helping only its itself. Government trying to fix a problem leads to more government. People who care about the poor usually gravitate to non-profits and charity organizations.

[@eze2190]

Corporations don’t pay taxes. They pass all expenses on to the consumer. The estate tax is criminal. Tax estates after death? They’ve already been taxed on all of it. Any part that hasn’t been taxed. Taxed deferred, should and will be taxed

[@meteor22]

I don't think this is surprising anyone that the upper class get special treatment while everyone else gets gutted to continue supporting their lavish lives.

[@christopherwalch6291]

10 percent of a 20,000 dollar a year income is 2,000 dollars. 10 percent of a 1,000,000 a year income is 100,000. And what is 5 percent of 1,000,000 a year income...5,000 dollars!!! I just cut that rich guys taxes in half, and he is STILL paying more than the other guy. GET THE POINT?! It basic math people!

[@mattmcfly2165]

You could tax them 99% they are effectively always going to pay 15%

[@garys.1415]

Omg. Stop with this nonsense. Keep capital gains taxes low. It’s the best way for the avg person to become rich. If anything, lower income taxes and have the govt spend less.

[@godfathaofyo]

This everyone fails to understand that aspect.

[@SPAMMAN123456789]

When did we decide that money your spare cash makes is worth more then sweat? And this ignores the fact you need to be in a position to have spare cash to buy stocks. And not be constantly paying off a mortgage and credit debt and so on. Some of this may be on part of bad money management on the person. But a lot of it isn't that. Scott galloghway had a great Ted talk talking about the current financial environment for people under 50. That I think you should watch

[@SPAMMAN123456789]

I don't mean to say making money from capital gains is bad. There is a place for investing in companies. Allowing them to expand their buisness and thus hire more people. (provided they don't do stock buy backs or other methods to inflate the valuation of a stock without actually providing a better product or service) that all being said. I do think capital gains tax should also scale with your net worth or how much you make from capital gains. much like tax brackets work.

[@godfathaofyo]

@@SPAMMAN123456789 There already is a scale for capital gains taxes. The rich pay more than you and i do.

[@SPAMMAN123456789]

@godfathaofyo well, first im from canada not the US. Our capital gains is 50% unless you make over 250k. Then it increases to 66%. So no, the top 1% of earners in the US don't pay more as a percentage then i do. But I don't mind because of my earlier comment. I'm in a position where I have spare cash to basically make extra money for next to nothing in terms of effort but continuing on. a quick search shows that 1. The capital gains tax in the US was around 20% since 1960ish, until Biden. Who is slated to push it up to 45.5%. 2. Plus, another 3.8% if you make over 200k. So effectively 24% capital gains for the top 1% which if the only scaling you have is a 3.8% increase after the highest tier of 20% in capital gains taxes(again up until biden) That's a joke for a working citizen of a difference if you make over 200k in capital gains. 3. Litterally look at the Wikipedia article on US capital gains taxes. And the capital gains is lowerthann if you made money just from income in all but the bottom 2 tiers of tax bracket. so again, I ask the question. Why is it a good idea that the money you make from stock investments that take minimal effort, is compensated more than the money you would make from actual labor? 4. None of this includes state taxes. You'd also have to pay for your income vs. capital gains. The average capital gains tax rate by the state is 5%, which again is a joke for the taxes you'd pay on actual labor. 5. The new effective tax rate for capital gains being about 54% now for the top income earners, is a step in the right direction. But none of this accounts for the damage cause by a financial environment that has been punishing to the working class since the 1980s. Again I recommend you watch that Scott galoughway Ted talk.

[@connormack4373]

How about no one pays tax…

[@thedarksidejedi]

This 🎉

[@lustbubo4638]

Sure you go first.

[@middleagebrotips3454]

So that only billionaires can afford fire protection, police and the courts?

[@jimbob9407]

@@middleagebrotips3454lmao go lick more boot…

[@zufalllx]

​@@middleagebrotips3454I would be thrilled if I suddenly couldn't afford police in the courts. To just be excluded from that would be wonderful

[@jameswhitmire716]

Fun history fact. Income tax was supposed to be temporary. It was enacted to help pay for WW1.

[@McP1mpin]

If increasing the IRS budget would net a major return on the investment by targeting the rich then why wouldn't they just divert existing agents from auditing the working class to solely focus on the rich? Why would you need more agents? These two talking points have always been in conflict with one another.

[@jbo8540]

BS baffles brains

[@gearnblanston6205]

Next dumbest comment: "Our tax base has a big gap (deficit) because of low taxes on billionaires". Hey Krystal, take 100% of all billionaire's income and it won't make a dent on the deficit or produce more services because there aren't enough of them.

[@RextheRebel]

Untrue. The billionaires in this country have a collective 54 trillion dollars. Our debt is 33 trillion. And most of that debt we owe to ourselves..

[@iller3]

What income? The income they claim on their taxes?? Or the actual income they're hiding through the exact "legalized" FRAUD that Saagar just detailed in this segment? Stop s i m p i n g for soiopaths just because you're still daydreaming about one day beomcing one of them

[@art-gx7qp]

​@RextheRebel then we will be broke in 2 years andv they will be broke too. Then what??

[@vinnym5607]

You really have no idea what the income of the billionaires is, do you?

[@godfathaofyo]

@@RextheRebel there is not $54Trillion in personal wealth in this country, that is just a lie

[@eze2190]

You mean they pay pay less as a percentage. They pay vastly more than the average American.

[@jongrandboy4294]

Yes that’s exactly the point they make in the video. This distinction doesn’t prove what you seem to think it proves.

[@eze2190]

@@jongrandboy4294 they promoted the video as lower taxes, not lower percentage. Disinformation

[@jongrandboy4294]

@@eze2190 just to be clear, you have a problem with how they presented the information as missing context? Or are you defending billionaires paying a lower effective tax rate than middle class taxpayers.

[@eze2190]

@@jongrandboy4294 you need to re-read the thumbnail. I’ll accept your apology. I’m not defending or opposing the effective tax rate billionaires pay. They use the system as it was written. You would do the same if you could. I use every legal tax write off I can as well. Now, I do believe we should implement the “Fair Tax” system so EVERYONE pays their fair share. There is NO way out of paying your fair share under it. Please don’t respond unless you know of or educate yourself on the Fair Tax System.

[@abrin5508]

Workers pay income tax, rich people pay capital gains, the truly mega wealthy pay neither.

[@pearsonjustis7423]

Absolutely unacceptable

[@SpiritualAtheist]

$25 million wealth cap (world wide) would fix this.

[@mishakafaka6180]

Wouldn’t that just move the problem to a central authority?

[@CampingJimmy]

So you want to crash every economy in the world?

[@tommyboym6563]

All other wealth above that goes to the dictator.

[@jbo8540]

The number of "problems" you'd have to "fix" to get to this level of central authority would wipe out any possible benefits of such a cap

[@McP1mpin]

So you think if all the world's most successful people just stopped investing in the economies of their various countries at the $25 million mark, we would collectively be better off? That's certainly a theory.

[@jbraunger]

I will vote for whoever supports a flat tax

[@jimbob9407]

Imagine supporting income tax

[@quatreraberbawinner2628]

What really hurts is tax on OT, I had 1k taken out of a check when i was working 7 days a week

[@skapur]

Tax rate is not the same as taxes paid.

[@scottireland5414]

People like to believe that fair-share is the same as equal-share. 40.2 percent of the population pays zero income tax. FICA taxes are not the same as income taxes.

[@DouglasBlair-vv4je]

How much does Krystal pay in taxes on the 40 million net worth she has ??!

[@matthewpulizos3444]

lol you know she uses every tax loophole there is.

[@Xairos84]

And you better believe she would be livid if she had to pay taxes on her net worth alone....

[@broteinstain8256]

I feel like she and other wealthy progressive would be ok paying more in taxes if the government actually allocated the money to benefit Americans. Bernie sanders has also said he and other wealthy people should pay more. So not sure what you are getting at other than trying to create discourse.

[@DouglasBlair-vv4je]

@@broteinstain8256 "you feel like" LMAO guess what Skippy I ask questions and point out hypocrisy Just like Krystal does ! So run along You have been Dismissed

[@broteinstain8256]

@DouglasBlair-vv4je Being wealthy and advocating for higher taxes on yourself is hypocrisy? That is admiting you are not paying your fair share and would like to see the tax laws change to be not in your favor. Cute, Goodluck with those calluses on your knuckles you drag around all day

[@OwenHooper-mv4fm]

Yes- but they actually still pay the overwhelming total amount of taxes.

[@majesticglue9100]

lmao, you people are brainwashed to bootlick these people

[@ryanking4942]

and? that makes it okay? lmao

[@vinnyb3978]

Yea but that's just a talking point to get you in their side. The rich should be paying more.

[@lustbubo4638]

​@@ryanking4942umm, yeah. They contribute more than you. Wtf is confusing about this?

[@russdavis71]

Really? Elizabeth Warren went after Elon Musk for not paying his fair share so he paid 7 billion in taxes after cashing in stock. Meanwhile he also exposed the fact that Warren only paid around 5k in taxes after taking in over 5 million in profits. So the government isn’t going to ever change a tax system that benefits them. A flat tax would eliminate tax loopholes, the IRS would only be there to make sure employers take the taxes out and to make sure everyone hits that mark. No more loopholes to exploit.

[@NAR106]

I hear this "they get loans against their assets" argument....but no one ever explains how they pay the loan back

[@Bakerg2006]

Warren buffet said this when flip phones were cutting edge

[@kpdtms]

Why does no one talk about why the Federal gov’t need all of that revenue in the first place? Why should a middle class earner pay the feds almost a quarter if their income?

[@DavidLucas-zq8gb]

Well because we "have" to pay interest to the central bank for all their hard work printing money from thin air, you silly goose! First we pay for it with the illegal inflation tax and then to add insult to injury we have to pay back the money that created the inflation.

[@ClownCarCoup]

Because we’ve decided that’s what it takes to run a democracy; to fund infrastructure, safety net , legal system, military etc. Apparently other countries feel the same. The US taxes (slightly) less than the OECD average rate of 24.9%

[@kpdtms]

I agree we need some but the reason social security is so going to be insolvent and run out is because the government decided to give SSI disability out to millions of people with BS “disabilities” like ADHD and ODD. These people never pay into it but drain it. The point is government collects taxes for bullshit. Most of the government can be done a way with and still have a functioning society with a safety net. We have become used to total corruption.

[@BoberFett]

That's what happens when the Fed keeps the money printer going full speed and inflates asset values.

[@carguy2256]

The thing about take home pay is very true, I work as an engineer at a major company and my take home pay is only 57% of my gross pay after insurance for a family, 401K contributions and all the taxes. Makes me feel broke

[@paulmentzer7658]

The top tax rate of the 1950s was 90%, but most of income subject to the 90% tax rate was subject to a 50% long term investment disregard. In effect the top rate was 45% except for speculators who had to pay that 90% rate if they speculation reached the top tax rate.

[@gameplayparadiseofficial]

Don’t hate the player, hate the game.

[@carminedesanto6746]

So let’s take it all ..that’ll last about 4 months of spending….then what 🤷🏻‍♂️

[@ryanfowler3285]

1% tax on a billion is more than 100% of 30.0000....

[@josephmora7720]

It’s always been like this. They get tax breaks because they’re “job creators “ . It’s been like this forever. If you raise their taxes they just pass that on to the consumer. Must be a slow news day for you all.

[@justinwilliams2000]

Nah it's another "Trump bad" segment

[@WillieFungo]

If America didn't have people like Jeff Bezos, Steeve Jobs or Elon Musk, this economy would be like Spain or the U.K, where salaries max out at like $40,000 per year.

[@theylied1776]

Anyone that's ever started accounting knows that claiming that the richest Americans used to pay 50% of their income is an absolute lie. The deductions that were allowed back then, the wealthiest Americans only paid about 12% to 20%.

[@whowherewhatwhywen]

I still don't understand those people that think that someday I too will be a billionaire. Get real people

[@slomo4672]

How do they pay back their loans?

[@jarvisjackson4833]

You know they will have to pay back those loans with income that will be taxed, they're just deferring their taxes.

[@johnwaynecollection]

Flat tax is the only tax I’ll ever talk about. Everyone should pay equal amount on every dollar they earn. Stop the government from spending. That’s the real problem. Don’t let anyone tell you anyone needs to pay more in taxes. We should all have our taxes lowered.

[@tee4272]

The wealthiest would find more loopholes like offshore accounts.

[@vagabondcaleb8915]

Everyone: No friggin' shict.

[@Imxlnt2]

Corperate bonds, dividend stocks (you can do this too, just keep the money in!) and other investments like Super CDs and Super Now accounts.

[@KalteLanze]

I did the math awhile back, and my "effective" tax rate (401K, insurance, etc. included) comes out to 56.4% of my income. Makes it even funnier when a relative says something like: "The Scandinavian countries aren't that good, they pay 50% tax rates!" Yeah, they might, but at least they get free healthcare and a guaranteed retirement.

[@JamesSmith-ij8nj]

401k is a tax?

[@KalteLanze]

@@JamesSmith-ij8nj It is when it's provided for free in Scandinavia and not in America. Read. Comprehend. Reply.

[@JamesSmith-ij8nj]

@KalteLanze 401k is provided free ? Comprehend yourself...

[@JamesSmith-ij8nj]

@@KalteLanze 401k is free?

[@KalteLanze]

@@JamesSmith-ij8nj Not in America. Congratulations, you have discovered the point I am making.

[@Eric-bh7jy]

Should be a flat rate for everyone. 10% for everyone. No capital gains tax rate. Same rate on all income

[@drewmorrison]

Our tax brackets and loopholes need to change. People who make less than $20k shouldn’t even have to pay income taxes. It’s insane that you can make $10/hr work 40 hours a week for the year and have the government take $5k of that making your effective wage $7.50/hr. Instead of raising the minimum wage, why don’t we eliminate all taxes that would be working full time at the minimum wage? That would essentially be like giving everyone a 22% pay increase without employers having to pay more.

[@ericleffelman9545]

We should all pay the same amount of taxes-zero%

[@lbo9134]

I am never angry at someone who pays less in taxes than they are expected to.

[@jerrycaughman6324]

We’ve gone so far past Boston Tea Party levels it’s shameful.

[@Meitti]

Remember, during the 50's the America's magical "Golden Era", the tax rate for the rich was 80%.

[@scottlint7016]

As they should pay LOWER taxes. They OWN the companies that we work for. They are not employees

[@ClownCarCoup]

nearly $1Trillion per year in legally owed but unpaid/evaded Fed taxes go uncollected each year. That’s 15% of the budget for honest taxpayers to carry these free loaders. They come from all classes, low, middle and high. fund the IRS.