Wealth Taxation, Goverment and Corporations

It has only been Basaball fans who read the news on Japanase Baseball star Shohei Ohtani's signing with The Los Angeles Dodgers for a $700 Million contract for 10 yrs. The Contract has a deferal that will limit payments to 2-mil a year. The balance of payments is defered until after the 10 yr period.

But now California's State Controller is chiming in, stating that the contract structure denies The State from collecting on the full value of The Contract.

Ohtani contract: State controller calls for congressional intervention on Dodger star's deferrals

 

Like most super rich and large corporations , he will hire the right people that will teach / show him how NOT to pay taxes. It's mostly the middle and lower paid citizens that carry the burden of paying taxes.

 

I guess I'm a spoilsport, but something is way out outta whack paying a guy to play ball 700,000,000 bucks.

 

It makes you wonder what they are really getting paid for. I think it’s something other than baseball. Not sure what tho yet.

 

I think they are being paid big bucks to keep them quiet about something.

 

Jeff Besos leaves Seattle for Miami

Jeff Bezos' Seattle-to-Miami move triggers debate over taxes

 

Aw….another obscenely rich dude leaves our State so he can continue getting even more obscenely rich.

 

Just imagine what they have to charge for tickets now.

 

Share of tax paid by the rich

Data prove it: The Trump tax cuts soaked the rich

 

Read the reference and had to take a serious puke break. Does anyone really believe such drivel. The “ laffer curve” was discarded as meaningless in the last century. The drunken elephant in the room is, of course the proportion of wealth held by the really wealthy….it’s been on a increasing spiral upward at an increasing rate ever since RR, “aw shucks” clip clopped in to town and made the country safe for the rich at the expense of the rest of us. My background is in economics and I spent many years working with income distribution data. Nobody really believes the wealthy pay anything like their fair share of taxes.

By the time all the tax breaks for the rich, exported income to avoid taxes, giant loopholes are considered, hardly any income is left to tax. The elephants in Congress have made damn sure of that. Let’s add a curve showing the per cent of wealth or income held by the top one percent over time…cold day in hell before you’ll see that show up on the “analysis”. And what shows up as income by the wealthy on IRS forms is fiction.

 

President Biden is proposing a bevy of tax increases, and his State of the Union address included the familiar call for the wealthy to pay their “fair share.” He should examine the Internal Revenue Service data. Recently released figures for 2021 show that the top 1% of Americans reported 26.3% of the country’s adjusted gross income, while paying 45.8% of total income taxes.

Is this not a “fair share” to Mr. Biden? Then what would be? Democrats always deploy the language of fairness without defining it or answering those questions. The truth is that the income tax is already steeply progressive. The top 10% of earners in 2021 provided 75.8% of the revenue. (See the nearby bar chart.)

These figures are from a Tax Foundation analysis of the IRS data. They include temporary Covid relief, which skews the results even more progressively. They don’t include the payroll tax, which covers lower-income workers, but Mr. Biden is making his “fair share” point about income taxes.

Start with the bottom half of earners, the 76.8 million returns that reported adjusted gross income up to about $46,500. In tax year 2021, they earned 10.4% of the country’s total income, while paying 2.3% of all income taxes. Their average tax rate was 3.4%.



The next group is between the bottom half and the top 25%, a total of 38.4 million returns that showed earnings from about $46,500 to $94,500. They reported 17.5% of income, while paying 8.4% of income taxes. Their average tax rate was 7.2%.

Move up to the cohort between the top 25% and 10%, or 23 million returns with earnings from about $94,500 to $170,000. They reported 19.5% of income, paid 13.4% of taxes, and had an average tax rate of 10.3%.

Between the top 10% and 5% were 7.7 million returns with earnings from about $170,000 to $253,000. They reported 10.6% of income, paid 10.2% of income taxes, and had an average tax rate of 14.3%.

Between the top 5% and 1% were 6.1 million returns with earnings from about $253,000 to $682,500. They reported 15.7% of income, paid 19.9% of all income taxes, and had an average tax rate of 18.9%.

Finally, we come to the top 1%, another 1.5 million returns with earnings in excess of about $682,500. Their share of income taxes paid was 45.8%, not quite double their share of income. Their average tax rate was 25.9%. Among the tippy-top 0.1%, or 154,000 returns with earnings above about $3,775,500 a year, the average tax rate was similar, 25.7%.

The burden of income taxes, in other words, falls almost entirely on the top half of earners and disproportionately on the top 1%. Notice that tax rates rise steadily with income, a basic feature of a progressive code. The average income tax take is 10% or less for the middle class, which jumps to more than 25% for the highest earners.

 

Right on. Using adjusted gross income to demonstrate tax equity is like using the size of your middle toe to demonstrate education equity. By the time we get to AGI the games, loopholes, dodges and just plain fraud have hidden a huge chunk of wealth….just ask our former President…T. By any objective measure of wealth, concentration of wealth by the few is continuing to get worse and worse. By the way, I spent 25 years as an economist working with wealth and income data and the pattern of slanting and just plain dishonesty we see coming from the rich is precisely why they keep getting richer.

 

All I know is every tax season puts me deeper into debt. I play by the rules laid out by my parents, teachers, professors, and politicians--the rules society supposedly looked over and approved--and here I am, $1,900 in debt to Uncle Sam.

Meanwhile my very rights to exist are dependent on the next president. My tax debt is real year to year, but my actual rights fluctuate between fantasy and reality depending on party in charge.

Chase Oliver, huh?

 

That 96 % tax rate--it's not 96 dollars out of every 100 dollars made that is taken---I believe it's after a certain amount that the 96 % is taken. I read the explanation about that years ago---maybe someone in here can explain it.

 

Whether the money is taken from me throughout the year or in one lump sum in the first quarter, it's still more than I can afford.