US Politics on Yik Yak | THIS is the issue. 5% reported and 1% in taxes. ALL of our politicians need to do a better job holding billionaires accountable. This is not a matter of “eat the rich” vs. “they worked hard for it”. It’s a matter of “you have a set rate and aren’t paying”

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US Politics 1d

THIS is the issue. 5% reported and 1% in taxes. ALL of our politicians need to do a better job holding billionaires accountable. This is not a matter of “eat the rich” vs. “they worked hard for it”. It’s a matter of “you have a set rate and aren’t paying”

35 upvotes, 7 comments. Yik Yak image post by Anonymous in US Politics. "THIS is the issue. 5% reported and 1% in taxes. ALL of our politicians need to do a better job holding billionaires accountable. This is not a matter of “eat the rich” vs. “they worked hard for it”. It’s a matter of “you have a set rate and aren’t paying”"

Anonymous 1d

That net worth is mostly unrealized capital gains. Looks like he’s paying around 23% tax? That’s on the low side, but apart from that, idk what you’re implying

-2

Anonymous

#1 1d

It’s the massive disparity between the wealth and reported income. This is an example of what the numbers look like when billionaires use tax loopholes to avoid paying up. So yeah “he’s paying 23%” sure, but in reality to his wealth grow, it’s only 1%

Anonymous

OP 1d

There’s a level of corruption that occurs when less than 5% of your wealth is reported as income. And I think we’re all aware of that. You can deny it and say “oh well it’s unrealized”, but that’s just another example of a tax loophole that billionaires use to not have to pay their share. Why are they paying a smaller percentage in taxes than I am at 18 years old? I’m not a billionaire or millionaire. I’m in university and I work 3 jobs to keep myself there.

Anonymous

OP 1d

The net worth growth is just unrealized capital gains. Idk why that’d be taxed. Or even how you’d do it

Anonymous

#1 1d

Sure okay. But we can agree there’s a level of corruption in taking a salary under 100k with the sole purpose of tax evasion, right? Like I see what you’re saying about unrealized capital gains, to which I then disagree with the policy we have in place (we should be taxing them for billionaires specifically)

Anonymous

OP 1d

Idk how you’d tax unrealized capital gains

Anonymous

#1 1d

There have been policies circulating throughout before but they get shot down unfortunately because no one wants to close tax loopholes for the people funding their campaigns.