TerryCrews
102513
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Apr 29, 2021 3:38 PM
TerryCrews
102513
2624
44
quietwalker
Is there any correlation between the fact that most of the folks making the laws also tend to be really rich? Just curious.
PieMasterOfTheRealm
Anyone tired of seeing explanation after explanation of how fucked things are and how to fix it, only to see it continue to get worse?
webtekprime
If I did the math right that’s still 6.3 trillion unaccounted for. Still feels like we got cheated.
thinkstopthink
NKato
$7 trillion. A ridiculous number that's been withheld from the government by America's "elites". Looks like rich meat's back on the menu!
rubypilgrim
The IRS doesn't audit the wealthy because it costs too much and takes too long.
veronicablood
"We don't pay taxes; only the little people pay taxes" google Leona Helmsley, may she rot in hell.
TremendousDude5
I remember this bitch
afatrollofmyown
The North remembers.
Registeredfordeuce
Poor people can’t afford their own senators while rich people find loopholes, irs needs more resources to find and prosecute these people
afatrollofmyown
Isn't that the principle behind AOC? We collectively crowdfund to buy her?
MofongoBalls
Work for a state tax agency. Rich people (and businesses) avoiding taxes takes up so much of our time & resources the ppl who need real help
MofongoBalls
Fall through the cracks all the time. Also, fuck those tax relief vultures that prey on poor peoples debt
jennym123
Imagine being a 1%-er and an entire government agency calls you out on twitter.
OfallthestupididioticWTF
Ooh that's wonderful... but ain't nothin gonna change
NKato
No, actually, the math has given every politician a reason to seriously crack down - it will have the ability to wipe out national debt.
texasredheadguy
I'm a server that owes $1212
Cuppoteam
All talk until I see some results ?
Hammertulski
I spend a HUGE amount of time on my not-rich-asshole taxes and documentation because I'm terrified if I fuck up, I could be bankrupted.
Hammertulski
Clearly, people above my income level don't have that fear or live in some fucking rarified stratosphere where ignoring the risk is fine.
AtlasFutureOverthrowsAmerica
I find it unlikely you are Terry Crews
TerryCrews
Well, I am Terry Crews, just not the one you're thinking of.
AtlasFutureOverthrowsAmerica
TimothyTRiG
Could criminal tax evasion send some of these billionaires to prison?
Odballl
Sounds like it's working as intended. :(
Seria17
So for the rich it's "non-compliance," for the poor it's felony tax evasion? Just making sure I understand here.
OldManLeatherHobby
Wow is this bullshit. Only 45% of american households pay federal income tax. It’s not 45% of the poor. Man people are gullible.
TerryCrews
www.forbes.com/sites/howardgleckman/2019/08/06/remember-the-47-percent-who-pay-no-income-taxes-they-are-not-who
BerntheVote2020
https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/
mutatedspleen
I had a mini panic attack while getting the mail yesterday. IRS letter. Oh shit oh shit. Just Biden letting me know about stimmy. Phew.
Bullheadbelly
Republicans have always worn tax dodging as a badge of honor.
Rhenthalin
it is. There is no honor in supplicating yourself to the local warlord
storebrandproductmascot
While locking up everyone else for crimes that shouldn't even be crimes.
665NeighborOfTheBeast
ThAt MaKeS mE sMaRt, said some asshole a long time ago....
DisgruntledFerret
Yeah, there's a sort of sly angle about it, especially among Trump toadies. Hard to distinguish Louis DeJoy's attitude from a mafioso's.
ThisFireGrowsHigher
I'll take things that are illegal if you're poor and classy if you're rich for $200
afatrollofmyown
Time for us to start talking about unpatriotic it is to avoid your taxes. DON'T YOU LOVE AMERICA, CUNTS?
Syaoron
Since Reagan
SherMattLockSmith
On the news today I heard a republican say "You can't just go and spend 7 trillion dollars, we cannot afford it" Well, I found it!
ArmedandOverclocked
Conservative here. I support this whole heartedly. We really need to start working on our debt and deficit. I hate taxes too but i still 1/
pattalam
Nobody has ever disagreed with closing the loopholes, ever. Just neither party has ever closed any loopholes.
Daarst
Because the people in power and their sugar-daddies benefit from the loopholes
ArmedandOverclocked
pay them because they are a necessary evil.
Cheomesh
Convenient, now that a Democrat with actual plans is back in office.
ArmedandOverclocked
Um, Biden is a conservative too, he just isn't batshit crazy like the GQP has become.
KingKelloggTheWaffleHaggler
Middle ground person here. For real the dept is bad and we need to fix this crap
ArmedandOverclocked
yea we are in uncharted waters now that the debt has exceeded our GDP growth. need to reverse it as quick as possible.
KingKelloggTheWaffleHaggler
It's doable. But will be a hard sell to politicians
hakunamatatas
They aren't a necessary evil, but whatever, the best way to pay off debt is to stop government spending, not collect more in taxes.
ArmedandOverclocked
our current deficit and debt is way to high to be resolved simply by spending cuts. Even if we nixed the DoD we'd still have a deficit. 1/
ArmedandOverclocked
and there is a difference between collecting more taxes and forcing people to actually pay their tax bill. No reason the middle class is 2/
ArmedandOverclocked
held to a higher standard than the upper class. 3/3
Seethreepeeoh
$750. That's the comment.
chefchris357
The dipshidiots would say that makes him smart.
JustChargeYourDamnPhone
While railing against tax increase for their PapaTrump.
AlltheSarcasm87
Shit, the gov gave us poor people twice that. They dont have his money so that trumps our... ire.
ThailandExpress
DarkUranium
Remember people: https://mkorostoff.github.io/1-pixel-wealth/
KingKelloggTheWaffleHaggler
He's not even the worst :/
stoneagewarrior
If you read farther into those news stories you'd see he prepaid a lot the year before. So he actually paid a lot. Hate how they misinform
arguewithmeplz
https://www.nytimes.com/2020/09/29/us/trump-750-taxes.html
arguewithmeplz
He paid in 2016 and 2017 just $750. Not sure what he paid in 2015. I only went as far as to prove your statement as technically incorrect.
stoneagewarrior
Yea I was incorrect on the early payment thing. I remember that being reported on back then, but it's the loss carry forward instead
arguewithmeplz
Why did this get so many down votes? Someone admitted they were incorrect and it gets down voted?
tuxedobob
What?
madjo
That's what Trump paid one year in taxes during his presidency.
xmsbeanx
I think it's referring to Trump only paying $750 in taxes for the year?
tuxedobob
Ah, right.
DavidBrooker
I, as someone who neither worked nor lived in the US, nor is a citizen, paid more in US federal income tax than the President in 2016.
Dreigiau
I am curious as to how? TMK even citizens don't pay income tax on income if they're overseas the entire year.
DavidBrooker
US citizens are subject to US income tax even if they live and work overseas. However, usually their tax obligation is zero, as there is 1/n
JeremyPeevin
I remember it being 3 of the 4 years he was president.
ImmaCatImmaSexyCat
I remember it being across the past 5 years (i.e., 2015-2020).
hardytardigrade
"I cheat on my taxes, so you can pay more!" -the 1%
bikergeek6249
One other element: auditing and enforcement are disproportionately targeted at the lower-middle-class and below, despite the above.
GaySocialistLiberalMuslimCommieAtheist
Because we had conservatives defund the irs to the point it doesn't have the money to fight the legal battles with the rich.
DildoRodeo
Hear me out, I know it's a pretty radical theory. But... what if we made those people pay that potential 7 trillion in taxes they owe?
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DildoRodeo
Right, that's just the furtherment of my point. Hold people accountable for not paying. We have records of what they've paid and of income.
DildoRodeo
So the question I've never gotten an answer to is: what's stopping our government from demanding their unpaid taxes and arresting if not?
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afatrollofmyown
I'm pretty sure Richard Wolff could do it.
TheGhostofElizabethShue
7 trillion, 700 billion... some room for improvement there or am I missing something? Take these people to the fucking cleaners.
Aliubi
They don't mention past compliance...what's the statute of limitations?
jjsjosCreator
take it all and force them through a fine mesh
xyxyxyxy31
Dayspring23
God damn. $700B works out to each member of the US' bottom 99% paying an extra $213.43/yr to compensate for their failure to pay their share
deadman320
If they didnt line the pockets of lawmakers they probably would but spending a few million saves them billions
ThomasThundersword
a lot will be burned on lawyers to fight the bastards to pay their share. plus yes still room for improvement. but part of the reason it’s>
ThomasThundersword
this bad is fighting them to pay up costs almost as much as we loose (in theory). ofc if you start enforcing compliance. and throw some>
ThomasThundersword
nice jail time onto some of it. the kind any of us would get for being tax cheats. give it 5-10 years and they will mostly stop fighting>
ThomasThundersword
then we will see the real gains.
Arenlor
They made a typo. 175*10 is 1750, or 1.75 trillion. So 700 billion is actually quite significant.
TeddyMoment
If nothing changes we lose $7 trillion over 10 years. The proposed change would recoup $750 billion of that.
TheGhostofElizabethShue
Ooh, one comment on imgur and it’s gone up 50 billion. Let’s keep asking questions, see if we can break 50%.
TeddyMoment
I accidentally wrote 750 instead of 700. What's $50 billion between friends though... ?
TheGhostofElizabethShue
Damn back to square one. And yeah, in the federal budget it's practically a rounding error.
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Dappin
Perhaps 40% is a realistic target of what they can claw back.
ColdCast
It assumes the scale of fraud continues to worsen, based off the estimated growth of fraud in the past decade.
CatDogBeer
I think the $175B is only the top 1% whereas the "tax gap" of $700B is all culprits. But I'm guessing.
tr26
Lots of room for improvement.
relsky
Exactly what I picked up on.
spookyactionatadistance
Well 175 billion over 10 years is 17.5 trillion. I don't know how they reached any value
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spookyactionatadistance
Yes. 1.75 trillion. I added an extra 0. I didn't math hard enough
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spookyactionatadistance
Oh boy. My mistake was dumb but that is another level.
VidiVeniThenSheLeft
175 billion over 10 yrs is an avg of 17.5b/yr
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VidiVeniThenSheLeft
Oh, yeah, i thought you were confused about the "over ten years" phrasing, which is different than "annually"
nurmich
They're going to have to spend a lot of money to hold people accountable who've been dodging the system for years. Still a net gain.
valen00
What may happen is if they know the other side has the lawyers and will to get them they will just pay, it's better financially. You don't/
valen00
need to use the stick too often, just need to actually have it.
Happydaddy
Another good point is that the money expended is likely going into jobs for people who will be helping investigate and address the issue.
SirMora
Simple solution, if your caught avoiding taxes above 10 million dollars, death.
Eldis
I'd prefer incarceration and mandatory psychological evaluations, as well as mandatory therapy. We need to learn from these sociopaths.
MeestowKitty
Personally I think if you're found to be evading taxes you should be on the hook to pay the bill to find that out.
ColdCast
The goal of this type of tax fraud is abuse of the legal system. To make enforcement so expensive, even a federal agency (1)
ColdCast
would be unwilling or unlikely to devote the resources necessary to prosecute the fraud. A tactic the average taxpayer does not (2)
ColdCast
have access to. Something worth keeping in mind when you look at who cut IRS budgets in the past, and who opposes higher IRS funding now.
dannne
I don't live in the US but I read that the IRS did something really bad a long time ago and the government punished them by taking a lot
dannne
Of there budget making it really hard for them to chase the high end earners.
phobosorbust
That was conservative "starve the beast" economics, not anything IRS did specifically.
phobosorbust
I mean, besides having the audacity to try collecting the taxes owed by rich people.
PhailRaptor
What will really shock you is the $7T doesn't even address the hidden earnings and holdings overseas
Micro2112
Sure let's set our goal at 10% of what their supposed to paying. Lol
ruint
If he tried to get 100% of it at once the law'd be derrailed like proper minimum wage or full healthcare bills are. 10% is ambitious enough.
ColdCast
That's the expected net gain minus the cost of enforcement. The $7 trillion figure assumes the scale of fraud continues to worsen.
Assholefullofelbows
The 1 % will run it into the ground then jump ship and fuck off to another country. Lather, rinse, repeat. its the capitalist way
vertumnus1
Yes. We know this historically, when they all jumped ship with the taxes in the 50's. It's why no big tech companies are american now. /s
sleepinggreenidea
That's the claim, yet it rarely happens on a large scale - and it can only ever happen if countries agree to let it happen.
Clockworkdancerobot
The US is too profitable. They threaten every time we want to raise taxes back to decent levels. Would have to find someone new to exploit.
Clockworkdancerobot
So we coddle them more? Fuck that. If they are leeching off us, pull that fucking leech off.
Assholefullofelbows
Not at all, we should tax them at a reasonable rate, decrease middle and lower class taxes, increase corporate tax and 1/
Assholefullofelbows
and institute an international taxing system that disincentivises moving companies off shore
Assholefullofelbows
tax rate is 28%, you move off shore because the rate is 15% you owe the 13% difference. At that point there is no reason to move offshore
Davrem
This is so simple...it should be happening everywhere!
imgurj17
The system is built with so many loopholes that the rich can get away with paying less (%-wise) than the poor
StellarJay77
And in many cases less $ wise too. $750 one year for Trump that we know about.
OldManLeatherHobby
Wtf are you talking about? 55% of american households pay ZERO federal i come tax. You think that’s the wealthy? Please.
MiguelCamino
That doesn't fit the rich-people-don't-pay-their-fair-share agenda. Rich people pay almost all of the taxes in this country.
hakunamatatas
People downvote because it is true. Imgur is a delusional hivemind.
KaoruVanity
If you are poor you do pay zero in taxes. I regularly get back ~95% of my taxes when I file.
BerntheVote2020
I pay 44% of my income in tax and get none of the incentives or credits. And Biden wants me to pay an additional 3%. Unreal.
665NeighborOfTheBeast
It's expensive being poor
Voidhawk42
New plan: everyone with over 2 million in assets, gives half in tax immediately. If we find out afterwards they gave less, they get shot.
Voidhawk42
Try to find a loophole? Shot. Flee to another country? Shot by Seal Team 6.
stoneagewarrior
This isn't even talking about a loophole. This appears to be saying they don't report it. Id say punish them with actual jail and itd stop
whydotheycometometodie
Bingo! Not reporting can be a crime. Everyone has access to the same “loopholes” but many don’t use the law to their advantage.
Fresh1
What are some of these loopholes?... asking for a friend
djmenyo82
Do what trump did. Have a rich daddy leave you billions, lose most of it in shitty investments and then declare everything a loss in taxes.
whydotheycometometodie
We can all claim losses in our taxes including gambling losses in casinos, but most don’t do so.
Joylove
Over and under reporting assets. Getting paid in things like shares that have lower tax rates. Writing off losses on assets.
whydotheycometometodie
Employers offer free stock; i.e.: investment matching. Everyone can write off losses including gambling losses. Most don’t take advantage.
djmenyo82
In reality. Have 2 companies. Comp A is here who sell something, but owns nothing. Comp B is "in panama" who sells nothing but owns IP /1
djmenyo82
Comp B rents right to comp A. Comp A makes $1 dollar per yr, Comp B charges $1 per yr to comp A in rights. Comp A reports $0 to irs /2
djmenyo82
Comp A on top of that claim expenses and get tax breaks. Makes additional money it pays in IP rights to comp B. /3
djmenyo82
This is the amazon business model.... And many other conglomerates that allow this. FYI other countries don't allow this. /4