What are billionaires taxes?

What are billionaires taxes?

So much for a billionaire tax, this new plan will barely change their tax bill. The new tax plan would apply a 5\% surtax to adjusted gross income—including wages, capital gains, dividends and business income—above $10 million and an 8\% surtax on income above $25 million.

Who does the billionaire tax apply to?

The Billionaires Income Tax would apply to roughly 700 taxpayers and raise hundreds of billions of dollars, ensuring the wealthiest people in the country pay their fair share toward historic investments in child care, paid leave, and addressing the climate crisis.

Why don’t billionaires pay taxes?

This is the title of a hit piece from the Washington Post. For the most part, billionaires don’t pay taxes. Here’s why. “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

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Why don’t the working class pay taxes like the rich?

The problem is that regular workers cannot dodge it like the rich. And thus they become the perpetual taxpayers. The rich don’t pay taxes. And the reason is that they can afford not to. Every attempt by any government to tax the rich always ends up throwing the working-class under the bus.

Are taxes for the rich a good idea?

Taxes have also been a tool to fool naive people. When governments want to raise taxes, they always begin by saying that the taxes are for the rich. Nobody ever admits that it is the poor and working-class that will pay it. So when this “tax the rich” idea is sold to the people, they support it.

How much will Jeff Bezos pay in taxes?

He’s been taxed on his income. And that firefighters tax rate should be about 22 percent according to the current tax code. Bezos also has an income. His salary is $81,840 a year — pretty modest.