Quote:
Originally Posted by thaskalos
One example:
Amazon reported $35 billion in U.S. pretax income for 2021, but is taxed at a federal income-tax rate of 6%, according to a report from the Institute on Taxation and Economic Policy, an advocacy group. So, even though the company paid a whopping $2.1 billion in taxes that year, it was only a fraction of what Amazon should have paid...and no middle class taxpayer could have gotten such a sweet deal.
Another example:
From 2006-2018, Jeff Bezos saw a wealth increase of $127 billion according to Forbes...but he only reported a total income of $6.5 billion during that time period. So, even though he paid $1.4 billion in federal taxes on his reported earnings...that accounts for only a 1.1% true tax rate.
I don't know about you...but I couldn't care less if these mega corporations are reinvesting their profits into their operations. Such corporate tax breaks allow these giant companies to pay lower tax rates than most working families...and that's why I say that our political system "doesn't have the interests of the middle class at heart".
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taxing unrealized gain on stock shares is a slippery slope which could easily be expanded into more things. Do you want the board of equalization counting how many cans of soup you have?
maybe they should change capital gains rate and limit deductions for donations to non-profits. Having a stock rich person sell some to donate to their own foundation should not be a write-off.
