Re: Kamala Harris and billionaires paying their fair share.
When the claim is made that teachers and firefighters pay more in taxes than millionaires/billionaires, there is some truth to that, however as presented it is highly deceptive.
It's a lot of smoke and mirrors.
The very rich don't derive their wealth from what's classified as "inco…
Re: Kamala Harris and billionaires paying their fair share.
When the claim is made that teachers and firefighters pay more in taxes than millionaires/billionaires, there is some truth to that, however as presented it is highly deceptive.
It's a lot of smoke and mirrors.
The very rich don't derive their wealth from what's classified as "income", i.e., what the govt calls "wages and labor", which is what you see on your W2 every year. They get it from dividends and capital gains, which are taxed at lower rates. And they funnel monies through whatever businesses they own, which they write off as tax deductions. They might “pay” themselves a small salary which is reported on their W2, technically putting their personal income into a low tax bracket.
For instance, Oprah Winfrey owns a business, a huge conglomerate. She pays herself a salary of $9,000 per year. This is her "income" which is taxed at a very low rate since it's so small. Now, if the average teacher's salary is $60,000 per year, then yes, they get taxed at a higher rate than Oprah's $9,000 salary. This is the only truth to the claim surrounding the "billionaires must pay their fair share" mantra.
Otherwise, the rest of everything else Oprah earns is dividends, capital gains, and other monies filtered through her various businesses.
Say Oprah wants a new limo. She just buys it through her business, and Oprah, as an employee, uses it. Now, here's the beauty: She can expense the limo as a tax write-off for business, and also claim depreciation on an asset. It really is a great racket, just as long as you have a good team of accountants and tax attorneys working for you..
If billionaires aren't paying their fair share, why hasn't the team she's on done something about it already? Seems like she's campaigning against herself.
I wish someone would ask her what is on the menu at McDonald's. I doubt she'd know.
A small business set up as a corporation can do the same thing most family farms are set up as a corporate business construction companies also you name it and as they grow they incorporate
Re: Kamala Harris and billionaires paying their fair share.
When the claim is made that teachers and firefighters pay more in taxes than millionaires/billionaires, there is some truth to that, however as presented it is highly deceptive.
It's a lot of smoke and mirrors.
The very rich don't derive their wealth from what's classified as "income", i.e., what the govt calls "wages and labor", which is what you see on your W2 every year. They get it from dividends and capital gains, which are taxed at lower rates. And they funnel monies through whatever businesses they own, which they write off as tax deductions. They might “pay” themselves a small salary which is reported on their W2, technically putting their personal income into a low tax bracket.
For instance, Oprah Winfrey owns a business, a huge conglomerate. She pays herself a salary of $9,000 per year. This is her "income" which is taxed at a very low rate since it's so small. Now, if the average teacher's salary is $60,000 per year, then yes, they get taxed at a higher rate than Oprah's $9,000 salary. This is the only truth to the claim surrounding the "billionaires must pay their fair share" mantra.
Otherwise, the rest of everything else Oprah earns is dividends, capital gains, and other monies filtered through her various businesses.
Say Oprah wants a new limo. She just buys it through her business, and Oprah, as an employee, uses it. Now, here's the beauty: She can expense the limo as a tax write-off for business, and also claim depreciation on an asset. It really is a great racket, just as long as you have a good team of accountants and tax attorneys working for you..
If billionaires aren't paying their fair share, why hasn't the team she's on done something about it already? Seems like she's campaigning against herself.
I wish someone would ask her what is on the menu at McDonald's. I doubt she'd know.
Democrats are just trying to gaslight everyone into thinking that Donald Trump has been in power for the past four years.
A small business set up as a corporation can do the same thing most family farms are set up as a corporate business construction companies also you name it and as they grow they incorporate