Here's a breakdown of the billionaire tax rates

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[joesnapple]

Anyone who advocates taxing unrealized gains is ignorant to how economics work.

[Corkfish]

Sorkins reaction is priceless. But, but, but...
The guy has clearly never taken a basic tax course

[ShoppingWithStyle]

Billionaires need to pay fair share - alt min tax makes sense. Unrealized gains taxing seems problematic though.

[SneakySteevy]

When the taxation rates changed in the united states? I found 37% instead of 24% for salary over 550k.

[philp]

And after write offs they will show almost 0 income and pay 24% on that.

[markpryborowski]

If you start taxing capital gains on the middle class at forty four percent you'll break their backs especially once retiring If you start taxing capital gains on the middle class at 44%, you'll break their backs, especially ones retiring.

[SneakySteevy]

Those journalist are very bad at mathematics.

Billionnaires doesn’t pay twice what a firefighter is paying. Not at all.

Firefighter who wins 100k per year at 12% tax rates = 12000$

Billionnaires who have 1 billion and his tax rates is 24% = 240 000 000$

Is 240 000 000$ twice 12000$ ? ABSOLUTELY NOT! It is 2 000 000% more than firefighter!

I think they pay there fair shares!

[Tom]

Sorkin didn't pass 5th grade math

[cryptobyt]

I think its quite simple to tax the rich. Most of their money i think comes from the securities (their company valuation). So i think the good way to tax their value is to handle their asset in company just like normal asset (like house, land and cars). I propose, they must report average eod price of their public listed company share price and eoy price of non public company valuation. And tax them at 0.05-0.5% based on that value every year. And use the money to public utilities

[thejeffinvade]

12% tax rate for 100K income? That’s too low, And it’s only federal.

[kurtphilly]

This is a total joke! I want to know the actual tax rate, not the average tax rate. How much are billionaires not paying ANY taxes on? Let’s assume these numbers are correct; someone earning 10X-500X or more pays only double the tax rate. That is not a very progressive tax system. If you are excluding net worth as well is an important factor you are only getting part of the picture.

[ahamed]

love Andrew trying to cope with the IRS numbers.