The American investor had the most famous and head of the strongest bank in Wall Street A clear message Washington: Exposing taxes on us more. Warren Buffett and Jimmy Damon, CEO Berkshire Hathaway And Jp Morgan Chase, respectively, alike Call To raise taxes on the wealthy as the issue of fairness – and address a Flourish Federal deficit.
The Republic of Congress, who traditionally oppose long -distance walking taxes on the wealthy, are It is said Think about the so -called “Millionaire tax“With the emphasis on how to change President Donald Trump’s popular appeal. While the proposal faces opposition from many prominent Republicans, this step has been made to help extension Among the provisions in the 2017 tax cuts law and jobs.
However, this argument is unlikely to make income taxes on high -income owners of billions such as Buffett, Damon, Elon MuskJeff Bezos pays much more to the government. This is because very wealthy individuals accumulate with an overwhelming majority most of their wealth from investment income, instead of wages and salaries like most Americans. During, Job discounts In the audit department in the internal revenue service and revolution At the top of the agency means that avoiding taxes may become easier.
In other words, the millionaire tax is likely to be located on bakers, doctors, lawyers, professional athletes and executives who run the mill instead of the like Musk, Bezos, Buffett and Mark Zuckerberg. In fact, legal strategies can allow them to push little to nothing at all.
For reference, Bezos, founder AmazonHe did not pay a cinema in the federal income tax from 2007 and 2011 despite being billions of sides, According to To analyze the tax declarations obtained by ProPublica In 2021, Bezos is now the second most in the world with a net of $ 195 billion, per Bloomberg billionaires.
Timing CEO Elon Musk, who leads the road with a net value of $ 304 billion, managed the same feat in 2018. ProPublica Not any of the 25 richest people were found in the country, not avoiding many taxes for several years such as Buffett.
the Oracle Omaha continued this case himself, noting that he was undergoing a tax rate less than his secretary Deby Busanic.
Busanik became somewhat unintentionally, directed tax equality in the United States, and in 2011, President Barack Obama suggested what is called.Pavite base“It aims to increase the actual tax rate on millionaires to 30 % by canceling some tax exemptions and subsidies. Ultimately, an invoice was banned by a republic.
You will not reduce the tax of the millionaires
In six states – California, Connecticut, Min, Massachusetts, New Jersey, and New York (alongside Washington, DC) – adopted “millionaire taxes”, all of which focused on income. At the federal level, a higher rate of 37 % applies to individuals with at least $ 626,350. According to the Republicans in Congress considered an increase in this rate to 40 % for those who achieve about 370,000 dollars.
Currently, the proposal appears to not affect qualified profits and long -term capital gains, which currently reach a rate above 23.8 %. Special shares also benefit from imposing taxes on this rate BenefitIt also represents the largest part of the compensation for investment capital managers and hedge fund managers. Trump indicated that he wanted to close the vulnerability, which estimates the estimates of the Federal A deficit budget budget 13 billion dollars Through 2034.
Some argue that the wealthy people are already undergoing high tax rates. The American Tax Corporation, which is a research tank that tends to the governor, He says 2024 Ticket From the Ministry of Treasury it shows that the richest individuals in the country suffer from effective tax rates of up to 60 % when calculating the income of companies and real estate taxes at home and abroad, as well as government and local taxes.
“The study of the treasury was undoubtedly assigned to prove that the wealthy pay a relatively small amount of income taxes compared to their total wealth,” said the head of the Scott Hodge Tax Corporation. “But most governments, foreign and local individuals, taxes and companies are on their income, not their wealth.”
It is possible that the simple millionaire tax will not change that.
This story was originally shown on Fortune.com
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