Excellent breakdown by David Pakmam, on why Amazon has a negative tax rate.
People with money want to live in NYC despite high taxes because….its NYC! No Manhattanite is moving to Tampa or Topeka to lower their tax bill
“Between then and 2016, the number of millionaires filing taxes in New York increased by 72 percent, with those millionaires’ total income increasing by 54 percent in that time, according to the Fiscal Policy Institute, a union-backed nonpartisan think tank.”
A former BlackRock executive urged lawmakers in Albany to create a multimillionaire’s tax to help pay for schools and affordable housing.
Thanks for paying more in taxes working and middle class suckers! Now people with private jets can write them off their taxes, you and your Toyota Corolla car taxes, that’s no longer deductible though. #MAGA
The number of individual tax returns received and processed by the IRS also fell sharply year over year.
A lot of people are claiming that a 70% marginal tax rate on income above $10,000,000 per year, or a 77% estate tax rate on inheritances over $1,000,000,000 is “unfair because people earned that money”. Let’s talk about unearned income:
Unearned income is derived from dividends, interest, bonds, and other passive income devices – it does not come from work or labor. It is literally called unearned income for a reason, nobody worked for it, nobody earned it. Most wealthy people get their wealth from unearned income. It’s people who sit on trust funds, have massive stock and real estate portfolios, or hold bonds in a vault somewhere. The most these people ever labor is opening envelopes or clicking a mouse to check their financials holdings.
Stop saying this money was earned because it wasn’t, it’s literally in the name – unearned income
Legacy wealth is antithetical to the conservative mantra of being self made and bootstrapped.
Independent Senator Bernie Sanders is proposing to expand the estate tax on wealthy Americans, including a rate of up to 77 percent on the value of estates above $1 billion.
And all of you will pay NOTHING under the Estate Tax, also known as the death tax by the right wing spin machine, because you don’t have over $11 million in assets.
From a moral, economic and political perspective our nation will not thrive when so few have so much and so many have so little. The fairest way to reduce wealth inequality, invest in the disappearing middle class and preserve our democracy is to enact a progressive estate tax on the inherited wealth of multi-millionaires and billionaires. Today I’m introducing a bill to do just that.
Can we finally put the trickle down myth to bed now?
The White House had predicted that the massive fiscal stimulus package would boost investment and job growth.
“The wealth tax is projected to apply to less than 0.1 percent of U.S. households, and would raise $2.75 trillion over 10 years, Saez said.”
Warren’s proposal comes alongside other Democrats’ plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals.
Damn, Trump is really sticking it to those global elites!!
“Thanks to the lower corporate tax rate, Goldman’s tax bill fell by nearly $5 billion, or 70%. That was the key factor in net earnings jumping to nearly $10 billion from 2017’s $3.7 billion.”
Breadcrumb Home Finance January 16, 2019 10:56 AM Goldman earnings lifted by sharply lower tax bill A $5 billion savings helps dull the pain from ongoing mess in Malaysia Aaron Elstein Tweet Share Share Email More Print Associated Press Goldman Sachs’ profit soared last year as its tax bill plunge…