How the rich DON’T pay taxes

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John Liang

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johnsfinancetips

Welcome to the most complicated tax code in the world.

kineticraft

Most unrealistic part is that the government actually tells you what you owe

VoidplayLP

Yep, "carried interest" has been corrupt as hell for YEARS and although Congressmen campaign on eliminating it, they ALWAYS fail to follow through once in office.

n-da-bunka

Dont forget the rich rich donates 10% of their "bonuses" to politicians to make this loophole possible.

callmeehnova

Anyone who isn’t a multi millionaire that says this isn’t unfair should really evaluate his political ideas 😅

Aaayhdjfyy

*When asked why the U.S. tax code is so convoluted...* _"Because it's easier to govern criminals than free men"_ - E.B. Tucker

MonkeyMind

"Regular poor"
*Makes $100, 000 a year*

LSA.TEM

“I work in private equity” is the most used line out there. I caught a salesperson, IT technician, and just regular HR saying that.

WingWingHerro

That feeling when the "regular poors" make $100, 000...guess I'm just an irregular poor.

sgrant

Usually you don’t have a full conversation with the IRS.

AndrewO-je

The Carried Interest loop hole needs to be repealed ASAP.

chaunceystewart

For people who are wondering why: "Partners" in certain companies (law firms, hedge funds, I know a doctor who has a private practice that counts) basically buy in to their company. As a result, they get a percentage of the company's total earnings. This is similar to how owning stock in a company works, so the tax code taxes it the same way, which is often less.

There are people making 100k that this applies to, and people who make 10 mil that it doesn't; this isn't a rich vs poor issue, it's a owning part of your company vs not issue. If capital gains were taxed more highly, you bet the bonus structure of the "rich guy" would immediately change to not count. (Which is a problem in itself, of course.)

cgmetallicdragon

I left the US because of taxes and inconceivable student loan and mortgage rate. If I want back to the US even with the same job and income, I would actually slide back into lower middle class status.

funyongod

what bothers me is they tax income then tax purchases and then tax property... maybe they should just tax everyone who owns property... if you're poor and are forced to rent then you pay zero taxes... if every land owner paid tax or lost their land people wouldn't get away with not paying their taxes... shopping malls and factories and housing complexes and farms.. there's so much land owned that it guarantees a huge amount of tax from those who profit off something that belongs to all of us... a family shouldn't get the sole use of land for eternity unless they pay taxes... they should have to use that land to benefit everyone by paying taxes.. or lose it and let someone else use it... many farmers complain so much but they make millions off their land because they produce so much with machines... of course small farmers don't have it easy but they would pay much less taxes... but it's the big farmers are using the smaller farmer's struggle to profit... and then maybe rich people wouldn't buy land they didn't need or use.. and then maybe land prices would be reasonable for the rest of us.. the usa government owns 640 million acres so that leave 1, 760 million acres own by public... they took 5 trillion in taxes so that's a 15, 000 average per person but it's only 2, 840 per acre.. so anyone with just a home on an acre of land or less should be paying 2, 840 per year or less... if you own 100 acres then you should pay 200, 840 a year... 1000 acres, 2, 000, 840 a year.. and the Emmerson family with 2.4 million acres should be paying 6.8 billion dollar a year... hard to do when their net worth is 5.2 billion.. people being charged based on value is too easy to corrupt... an acre is an acre.. you own it.. pay up or let others make it profitable.. anyone renting is basically paying taxes by paying rent.. they squeeze 100 of us in a one acre apartment building making at 500 to 1000 a month that's 50k to 100k per month! and pay 2840 in tax per year!!!! people struggle to find opportunities because the government has little land left to sell.. imagine if the Emmerson's and families like them had to reduce the land they own to only the amount they farm and profit from... the government would have so much land to sell... making more money on sales.. and then so many people would have resources to mine or land to farm... but its these monopolies that own everything that prevent a critical mass of people from making a high yearly income.. if more people make money they would naturally help those who are disabled and in need a whole lot more... crime would go down... stress.. anger.. and so much more.. all from just changing the tax to a simple basic system... no exemptions... no exceptions.. no corrupt assessments... and so much less overhead

domalash