If Elon Musk can buy Twitter, he can pay his fair share in taxes
By: Las Vegas Sun
S E E D E D C O N T E N T
By Cassandra Rice
Rising inflation and the escalating cost of everything from gas to houses made Tax Day this year more memorable for some Americans than in past years. Rising economic anxiety is bound to collide with middle-class tax bills as families worry about the future and make plans to tighten their belts over the short-term.
But the nation's roughly 700 billionaires face no such worries. Unlike the rest of us who struggled through the pandemic and are now trying to catch up in its aftermath, billionaires increased their wealth substantially during the past two years. Elon Musk, as of Friday, had an estimated net worth of $218.6 billion. It doesn't sound nearly as large as it actually is.
Let's do a thought experiment. Say that you made $100,000 a day. It would take you 6,947 years to catch up to Musk's level of fortune. This wealth is obscene. That's the only way to describe it, when millions of people are struggling with the basics; one person having that kind of wealth is obscene.
Yet, thanks to our skewed tax code, they won't have to pay more in taxes like the rest of us do.
In Nevada, the Fertitta family, which closed the Fiesta Henderson, has enough wealth to burn $100,000 every single day for 74.5 years.No one needs that amount of wealth.
The concentration of growing wealth among the top .01% of Americans is astounding. The nation's billionaires now collectively control more wealth than the bottom half of the American population combined — that's roughly 0.00002% of the population owning as much as 165 million people. That massive wealth doesn't just enable the billionaires to buy rocket ships and professional sports teams,it also gives them unfettered political power to keep the rules rigged in their favor.
When it comes to taxes, for example, the ultra-wealthy don't follow the rules that the rest of us live by — they have their own. Loopholes and tax breaks enable many wealthy people to consistently pay lower tax rates than nurses, fire-fighters and accountants.
While the rest of us pay taxes on the income we earn from work, the wealthy pay nothing on gains they earn from stocks and other financial assets — their chief source of income.
When we get a raise at our jobs, we make more income and pay more taxes. But when rich people hit a stock market bonanza that increases their wealth exponentially, those gains are not taxed unless they sell the assets. Economists have determined that when wealthy people's stock gains are counted as income, the nation's 400 richest billionaires paid a tax rate of only 8.2% over a recent nine-year period. Meanwhile, the average federal income tax rate for all taxpayers was 13.3% in 2019.
It doesn't have to be this way. Wealthy people could continue to be wealthy while paying what they owe in taxes like the rest of us. But Congress needs to act on good proposals that would finally require the richest people in America to pay a fairer share of taxes than they currently do.
President Joe Biden and Sen. Ron Wyden, D-Ore., have proposed different versions of a billionaires income tax that would require rich people with hundreds of millions or billions in wealth assets to pay taxes on the annual increases in their wealth generated by stock and other assets, the same way the rest of us pay taxes on our income from work. Polling shows this policy is widely supported — by 64% of voters overall and 61% of independents.
The revenue raised from taxing this richest category of Americans could be used for any number of critical investments, including lowering the cost of health care and education, covering dental, vision and hearing services for seniors in Medicare for the first time, and increasing public safety.
If Congress took action to make the rich abide by some of the same tax rules that apply to everyone else, the rich would stay rich but the rest of us — who helped make people like Jeff Bezos and Elon Musk rich in the first place — would benefit from that wealth, too.
Cassandra Rice is a local businesswoman who owns Gymcats Gymnastics and Dance Center in Henderson.
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John is it just people that lean right or all the billionaires, Gate, Bezos, Brin, Page, Zuckerberg.
Of course it is all of them.
Would the author like to try some basic math? If they taxed the rich at 100% yearly; the government still wouldn't have to pay for the liberal wish list being presented. Not even a fraction of it. Hell it won't even pay for current spending level deficit.
Democrats are great at spending other people's money; even when there isn't money left to spend.
I am all for taxing the rich; and the rich paying their fair share. We can start with these rich.
I am sure these prominent Democrats are more than eager to "pay their fair share"; so why aren't they. They don't need any laws to do so. They don't have to take every deduction available in the tax code. They don't have to hire high priced lawyers and accountants to do their taxes; and pay the least amount possible.
Time for Democrats to lead by example.
Nothing you say here addresses the tax rate paid by billionaires.
You want to tax the damn rich; I have given you the damn rich. The fact they are hypocritical Democrat politicians that love spending other people's money is your problem.
The usual useless information. I don't waste my time anymore reading his projection, deflection, and denial.
But you still waste your time telling us what you don't do.
According to the laws passed by Congress, Musk has paid his fair share of taxes.
Instead of writing articles, the author should be lobbying Congress.
Yes, and less government involvement the less complexities and the less rigging.
The guy has 240 billion dollars. He's supposed to pay a lot more than the rest of us.
Again, you act like that is his gift to the nation. As the richest person in America, he is supposed to pay more than anyone else. The question is not what he pays now, but what he should be paying to pay his fair share.
You simply are not addressing the issue raised in the seeded article. Why is that?
How much should that be?
They don't want to say. "Their fair share" and "more"; which are both euphemisms for all of it. Can't have the race to the bottom without getting rid of those at the very top.
It is beyond inexplicable that there are those who dont want billionaires to be heavily taxed.
Tell me why Musk should not be taxed up the wazoo.
Are you afraid he will be poor at the end of it?
Let's do a hypothetical...
You want rich Americans to pay their fair share, but no leftist has ever given a number as to what they consider a fair share.
Let's say you make 50,000 a year and pay 10 percent in taxes, or 5,000.
Do you think Musk should pay the amount of taxes to meet your after tax salary, or is that not fair enough, as he should pay even more?
Face it, John, Elon Must paid more i taxes this year than you probably have made pre tax your whole life/
You don't like it? Find a product that is popular, market it, manufacture it, and make your billions. My guess is your attitude would change when you actually become successful.
Them that has the gold...rules
Perhaps because the issue is beyond stupid and unworkable.
I doubt that there are many Americans that make $50K and pay $5K in federal income tax.
Around 57% of US households paid no federal income tax in 2021. Apparently, their fair share is zero or more likely a negative number and the government paid them.
I understand that. I was just making a hypothetical to John because it seems no matter how much a rich American pays in taxes, it's never enough.
It seems leftists don't want anyone to make more than they do.
Define "heavily".
And then define "fair share".
I understand, I asked him what fair share meant and am still waiting on an answer.
Only thing you will get is "But Truuuuuump".
Then you should really address your issues with your Congress-critter.
Why dont we let Elon Musk decide what he wants to pay in taxes? After all, he is brilliant and surely he will come up with a more fair figure than anyone else could. And if he decides he just wants to pay one dollar, well after all he benefits society in so many other ways. /s
This is what is stupid.
So tell us what Musk pays in taxes Mr. expert monkeypox?
You have a new deflector and projector and denier here.
Elon Musk paid about $11 billion in taxes in 2021 .
Ah yes... Looney leftists demanding somebody pay their 'fair share' of something while never describing what "fair share" actually is.
Must be a slow day for Trump hysteria.
Not only do they want the rich to pay some unknown amount, now they want to tax ALL the rich's money, even the money they have saved.
Yes, the wealth tax. If they can tax wealth then by rights shouldn't that be all wealth? If you own your car outright you should also have to pay an annual tax based on the value of the car, that that is above and beyond the fees to license the car. /s
The wealth taxes that have been proposed apply only to people with 50 million dollars or more of wealth, they dont apply at all to the average Americans car.
Unless you have 50 million dollars you havent yet bragged on NT about, you have nothing to worry about.
So what you are telling me if something doesn't directly impact me then I don't need to worry about it.
For some strange reason, you talked about wealth tax being applied to automobiles. That is not how it would work.
Only because so many taxes when introduced tend to expand.
But just to clarify, you are telling me that so long as I do not have over $50 million in assets I do not need to worry about this potential new tax. Is that what you are saying?
If you would like to worry about it, then worry about it.
You dont understand the wealth tax proposals, but what you worry about is up to you.
The problem with your line of thought is that there are a lot of things that don't worry me personally and really don't impact me directly and if I take that same advice to not worry about it, what happens then? After all the baby food problem is nothing that directly impacts me, so I shouldn't worry about it? Or should I be part of the solution to help fix things or at least lend my voice behind those who are willing to step up? Racism does not directly impact me, so by your advice I shouldn't need to worry about that either. But by not worrying about racism I can only let it continue. Seems like the wrong approach.
So the entire don't worry about it as it's only those who have $50 million or more is really the same issue. It doesn't directly impact me but as a citizen it is something that I should be concerned about. And I do understand about the wealth tax proposals and you seem to ignore the downside of such taxes.
No reply JR? No discussion about the possible negative pieces of the wealth tax proposals? No discussion around the seemingly inevitable expansion of new taxes based on the history we have seen from Washington? No attempt to educate me on what you seem to think I don't understand?
Just so I am clear. If I am taxed on wealth I have this tax year am I taxed on the same wealth again next year unless my wealth comes below the 50,000,000 threshold?
And it's never been answered that I have seen, if you hold stock (as this is the most common means of the "rich" holding that great wealth, after all Musk doesn't have all those billions stashed in cash under his mattress) which has a total value of $100 million and you are taxed on that value, and the next year the company stock took a hit and is now only worth $90 million, can you claim the loss on your taxes or do you just lose the taxes you paid on that $10 million that was lost from last year?
The most well known wealth tax plan would be 2% on any sum over 50 million. Done annually.
cars are considered assets.
Seems a little hinky on the face of it. What does the middle class get out of this new plan to spend other peoples money?
Interesting question. If I had to guess it would be considered a "well you are rich enough to absorb it" plan. Maybe it would help if the government worked on living within its mean and didn't try so hard trying to get more money from the people they feel are not paying their "fair" share.
It's a tax on wealth. If you have a car collection, that's part of your wealth.
You've noticed that, have you?
You don't need to worry about it anyway. It's a ridiculously stupid idea that won't ever pass.
At Davos, Some Millionaires Insist: 'Tax The Rich'
Posted: Mon, 23 May 2022 21:47:51 +0000As some of the world's wealthiest and most powerful people— sans the usual Russian oligarchs—descend upon the swank Swiss ski resort of Davos for the start of the World Economic Forum's annual meeting on Sunday, a multinational coalition of millionaires of conscience took direct action to demand that governments #TaxTheRich.
Activists from Patriotic Millionaires, Patriotic Millionaires U.K., taxmenow, and the 99% Initiative, who protested outside the elite compound, had a message for conference delegates: "Extreme wealth is eroding democracy," and taxing the rich will "reduce inequality and help deal with the cost of living scandal playing out in multiple nations around the world."
Meanwhile, the Fight Inequality Alliance called on activists around the world to mobilize in "a visible show of people power around the world to tell our governments to stop listening to the 1% and start listening to people most affected by inequality."
Taxmenow co-founder Marlene Engelhorn, an heir to the founders of chemical giant BASF, explained that "as someone who has enjoyed the benefits of wealth my whole life I know how skewed our economy is and I cannot continue to sit back and wait for someone, somewhere, to do something. I feel there is no option left for us other than to take action."
Always gotta love the line about the rich demanding that governments tax the rich. As far as I know, no country around the world will prevent anybody from paying more in taxes than is legally owed. So in reality nothing is preventing these rich from sending in more money. Makes you wonder just how many of them willingly send in more money now then what they owe in taxes.
Or the idiotic claim that they pay their "fair share". Then can't define what the "fair share" is.
yep.. but "fair share" fits well on a bumper sticker.
After all, we know it's just more political slogans based on fear. Saying that to their base will allow the base to feel that it's "unfair" for the rich to not pay more. When the reality is all that really needs to change is Congress changing the tax laws. But rather than come up with a workable plan, the two sides are so diametrically opposed so all they can do is pump fear to the public in order to get their votes.
Feelings, what a way to run a government... damn, didn't know that movie (Idiocracy) was so close to reality...
Of course I could define their fair share, in my opinion. I am only one person though, their official fair share would be a consensus of the voting congresspeople.
How much do you love the fact that 700 billionaires in the US have as much wealth as the bottom half of the entire population (appx 100 million adults)? It is obscene, but all the right does is make excuses for the ultra rich not paying taxes.
So since Congressed passed the tax bill, they are paying their fair share.
Except the ultra rich DO pay their taxes. Elon Musk, as reported in CNN, paid $11 billion in taxes last year.
you aren't supposed to use logic, just bitch.
and that's just it. It's you OPINION. And from what we've seen, it's not as "informed" as you think it is.
How jealous are you of those 700 billionaires? Want to be part of them? Put in the work like many of them have. Don't just spout off bullshit slogans like "Tax The Rich" or "Pay Your Fair Share". It makes you look like an uneducated mindless lemming.
using your "logic" we would never have new tax laws and rates.
instead of pillorying rich folks for following tax laws, bitch to your Congress people.
Dems have the majority, fucking DO something!
And that's all it is. Mindless lemmings spouting off idiotic phrases in the hopes something will listen to they think is happening.
Of course not. Does the House or Senate have a new tax bill pending? What are the rates? Maybe we can exclude 70% of households from paying income tax instead of just 50%.
Will you please stop saying stupid things to me?
There are 700 billionaires in America. based on 200 million adults . What that means is the chance of becoming a billionaire is 1 out of 300,000 , or so. That is the size of Pittsburgh. Statistically , of all the people in Pittsburgh, one of them will be a billionaire. And your suggestion is, dont tax billionaires , become one or stop "bitching'.
Dont you ever get tired of making ridiculous comments?
thing is, democrats are the majority, so I think now would be the time for them to shit or get off the pot.
is there anything worse than mindlessly whining about something and doing nothing about it?
Some would consider constantly repeating that billionaires who already file taxes and do pay whatever income tax they owe according to the law as not paying their fair share, as stupid. Their "fair share" is defined by tax code. So it's completely ridiculous to state they are not doing what they should be doing when they are already following the law.
Only way to understand that is to believe that you are jealous of their wealth. Or that you just don't understand tax code and prefer to continue to make stupid comments.
The problem is you're listening in stupid.
Then you should get to work.
And where did I say "don't tax billionaires"? The stop bitching, yes, that I did say.
Too late for that. They've shit all over the pot. Their policies have turned the US into a 3rd world country. And sadly the left is too stupid to see that.
Maybe retirees split up the taxes gotten from the rich!
I dont expect Elon Musk to voluntarily say his taxes are too low, so the rest of society needs to make that admission for him.
We have far too many people in America who think it is "just" that 700 people have an equal amount of the nations wealth as the 100,000,000 that represent the bottom half of the wealth scale. There is no basis for concluding this is "just" . The thing is, so many conservatives are brainwashed on this subject.
What a stupid comment. Society needs to make that admission? Society doesn't make that decision. Tax laws do. If the is a problem with his taxes, the IRS can do an audit and take the necessary steps.
Since you insist on saying idiotic things to me this conversation is going to have to be over.
Idiotic. You mean like stating society should determine somebody's tax rate?
I have a feeling "fair share" is defined as being able to tax them to equal the amount of money they want to spend. And if they want to spend more they just move the "fair share" goal posts.
Sounds about right.
not a thing in the world stopping folks from sending the IRS all the money they want. how come these rich folks wanting higher taxes don't do that?
dont make such lame comments to me
demanding people richer than you pay their always undefined fair share when about half pay nothing seems way lamer to me.
I am sorry my logical post seems lame to you.
I said that exact same thing to my brother in law. He started stammering "but but but but but fair share". I thought he was having a seizure.