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.

To listen to Breaking Points as a podcast, check them out on Apple and Spotify





#news #politics #youtube

[matiasj]

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.

[ryancj]

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

[tsis-k-koj]

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

[Xairos]

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.

[daveblackman]

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

[giovannidicapo]

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 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!

[carycunningham]

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

[lduff]

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.

[dong]

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

[ekrenz]

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

[jamescassidy]

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

[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.

[C.J_the_Goat]

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

[aaronrogers]

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

[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.

[bboobb]

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.

[thehippie]

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

[rummy]

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.

[Gogogo]

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

[sammy-gdhw]

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.