We can never have a flat tax. The liberals need inflation to increase prices so taxes increase accordingly and the republicans aren't far behind. That is the theory they based the 5 trillion dollar bill they have that is foundering saying it's paid for?Never said it wasn’t legal, I said it’s a loop hole, as such it’s legal. When Bezos, Musk, etc get out of paying income taxes for years at a time, it’s a fundamental problem. There are many, many ways around it. Easiest way 1) get paid in stock not salary that never pays a divided. 2) get loans to live off of (not income, so loans are not taxable), 3) Die, pass on your unrealized stock gains to the next generatio.
The other way is exploiting Roth IRAs, Peter Thiel did this brilliantly, and since he now a citizen of New Zealand too, he can even pass his 5 billion roth IRA on, without every paying taxes on it by denouncing his US citizenship and exploiting more loopholes.
I personally am for just a flat tax. Get rid of all the needless complexity.
Not one argument you put up is illegal, so it can't be a loophole. They are using the tax laws given to them by congress to their advantage. I think we all do that to some degree.
You can't be serious about unrealized stock gains. Do you really understand how that works and how detrimental that is for the working stiff and their 401K or personal stock? If my stock makes 100% this year, and next year, it goes into the tank making -100 percent, the liberals want to charge the same tax even though its a loss to the owner of the stock because of unrealized gains.
This bill only focuses on 700 people in this entire country. Is there anyway those proposed taxes against their combined income is going to reach 5 trillion?
My calculator says no way.
The same with Musk and all of them in that 700. They are corporations.
Corporations don't pay taxes per say. If they get a tax on them, they pass it on to the consumer which in this country is the middle class which results in inflation.
Since the poor can't handle inflation, sugar daddy comes out with new free money to help them barely stay alive along with other gubberment hand outs to keep the vote liberal.
See how that works?