https://www.propublica.org/article/the- ... income-tax

This is a pure hatchet job. Absolutely no consideration is paid to the reasons why it's actually good that billionaires pay little to no income tax. Billionaires don't have liquid assets like you and me and are compensated in stock options (WHICH IS NOT INCOME). More people need to know and understand this.

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you just found this out now? didn't the nba channel do a documentary on this?

What the hell is the nba channel?

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Hank Scorpio is ProPubica

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So we're all good with journalists getting their hands on individual tax records of Americans and publishing them?

Yes. Especially people involved in tech.

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Why are only 14 percent of black CPS 11th-graders proficient in English?

i learned that a happy couple should never get married. have 2 kids.

girlfriend/mom doesn't work - no income. raising 2 kids. gets $$ for welfare/housing vouchers as an 'unemployed' single mom. working boyfriend/father lives there, obviously his mailing address must be different. girlfriend/mom really does work - just gets paid in cash. grandparents also getting govt. $$..raising kids as the happy single parents work.

a friend of mine came to the usa from sicily when he was 20. told me that what he learned about the usa after 35 years: the govt. takes care of the poor and wealthy, everyone in the middle gets fucked.

plenty of scams going on. demand for identity theft has increased due to the generosity of uncle sam. love seeing medicare fraud assholes taken down..plenty of those too.

I genuinely don’t care.

Taxing wealth is exceedingly stupid, but I don’t expect to be a billionaire any time soon, so fuck it. Reap what you sow and all that.

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Billionaires

The saviors of humanity.

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I think the stupid thing is having rules and loopholes in place that the ultra wealthy can exploit because they have the means to pay a team of accountants to save them every nickel possible.

Yay, Government!

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I agree. How many thousands of pages is the tax code? No one understands it. You should be able to figure out your taxes without a professional to navigate the goofy laws in the first place (personal taxes that is, not business taxes of course).

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"Play until it hurts, then play until it hurts to not play."
http://soundcloud.com/darkside124 HOF 2013, MM Champion 2014

I’m not reading the whole article, but does it touch on the billionaire philanthropy scam?

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JLN trampling all over the glorious First Amendment. Very sad!

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I'm not saying codes or certain tax breaks shouldn't exist, but people/businesses with two and three comma wealth should not be able to exploit things to basically pay next to nothing in tax.

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Most of the problem seems to center around stock options and/or capital gains deferrals. At some point I can see the gov treating stock gains the way they do profits in commodity futures/options. On December 31, your open positions are marked to the settlement prices and you pay taxes on the unrealized gains (in addition to the realized gains from closed-out trades during the year).

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Wouldn’t that hurt retail traders, and the stock market at large when so much money is pulled out because no one wants to pay taxes on unrealized gains?

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Retail traders need to pay their fair share!

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

I will not have a comment until Deni$ tells of his personal struggles with this.

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2018
#ExtendLafleur
10 More Wins

They wouldn't be a happy couple if they were married...except for Darkside

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

Plutes gonna plute
Pultes gonna Pulte

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I don't really see how interesting this article really is though.

Let's say that someone wins the lottery and has 10 years to turn in the ticket worth $500 million. He can keep that ticket locked away for years and pay no tax on it. He owns the ticket. He's worth $500 million. Is he avoiding taxes by not cashing it in right away? Should his tax rate be defined based on what he could have right now? Should he be given a tax bill of $200 million the day after he gets the ticket even if he doesn't cash it?

When he cashes it, he will pay taxes on it just like a billionaire will.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

You didn't read the article.

What part did I miss? I concentrated on the unrealized gains they were using to say that they were paying a tax rate of like .5%. There was a very generic analysis of "tax breaks" which included things like deducting interest payments but it really didn't seem to make a big difference either way.

Any answer to my lottery ticket question?

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

He would realize 500 million in income in ten years. MANY ensure that the vast majority of their income is never realized.

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Pretty savvy if you can make it though life as a billionaire with no income.

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If I had billions of dollars I would simply borrow millions upon millions of dollars using my assets as collateral. That way I could have liquid cash but show now real income.

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Which assets, how did you acquire these assets, are they already encumbered...

Provided all these things can be answered and your banks are onboard, may God guide you on your quest.

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I inherited a big tall building worth a billion bucks free and clear.

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Well done. You’re living the dream.

Now, typically your lender is looking at that collateral as a secondary or tertiary source of repayment. After all, they’re banks, not commercial real estate firms. Hopefully you have an equally tax free primary source of repayment to justify the loan.

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