• thermal_shock@lemmy.world
    link
    fedilink
    arrow-up
    23
    ·
    1 year ago

    It’s not “income” from a job, so it’s taxed differently and let’s them make fun of us plebs for working an honest job.

  • quixotic120@lemmy.world
    link
    fedilink
    arrow-up
    18
    ·
    1 year ago

    You don’t understand it’s “lifestyle creep”. First you buy a ps5 then you end up with a 3 yachts and a controlling interest in a media empire. It sneaks up on you.

  • nothacking@discuss.tchncs.de
    link
    fedilink
    arrow-up
    14
    ·
    1 year ago

    Enjoy middle class in the US, pay 40% income taxes, pay taxes on a tiny house that somehow costs 2 million, pay taxes on a car, spend the rest of your income on fuel and car maintenance and end up living paycheck to paycheck.

  • PowerCrazy@lemmy.ml
    link
    fedilink
    arrow-up
    7
    arrow-down
    2
    ·
    edit-2
    1 year ago

    Billionaires just don’t pay taxes. It’s not like they have to let anyone know, they just have the tax code written so that their yachts are tax write-off’s their private estates are historical landmarks and their private jets qualify for the same fuel subsidies that major airlines get.

      • habanhero@lemmy.world
        link
        fedilink
        arrow-up
        3
        ·
        1 year ago

        They do not have a billion in “income” otherwise they’d get taxed up their nose like regular people do. Their wealth is in their assets like stocks and properties which gets taxed at a far lower rate.

          • habanhero@lemmy.world
            link
            fedilink
            arrow-up
            4
            ·
            1 year ago

            Not income at all which and also the reason why it’s taxed very differently (and perhaps unfairly).

            Income is your wage or the actual money you make from your business. Most rich people generate wealth via their assets (e.g, the stock / property they own skyrocketed in value), and these are only taxed when sold and at a much lower rate.

      • aidan@lemmy.world
        link
        fedilink
        arrow-up
        3
        ·
        1 year ago

        None of them have billions in income, net worth isn’t income- unless you consider someone who owns a $200,000 house but with a $40,000 a year job having $240,000 income

    • Dr_Duckless@lemmy.ml
      link
      fedilink
      arrow-up
      7
      arrow-down
      1
      ·
      edit-2
      1 year ago

      haa, They hide tax by opening anonymous offshore company in tax havens. Show their own personal property as owned by their company. They keep most of their money in stocks, so they pay a lot less tax than income tax. They donate in shady or bribe NGOs/Welfare Funds to get compensation in tax. and many more…

    • habanhero@lemmy.world
      link
      fedilink
      arrow-up
      1
      arrow-down
      1
      ·
      1 year ago

      Their wealth is almost entirely in assets which gets taxed at a much lower rate compared to income, and only when they sell. And don’t forget about all the write-off, tax tricks their armies of lawyers and accountants can set up for them. So if you work for your wages then the system is definitely stacked against you.

      • Possibly linux@lemmy.zip
        link
        fedilink
        arrow-up
        2
        arrow-down
        1
        ·
        1 year ago

        The “system” includes many tax breaks for the lower income. I do agree that we could look into taxing billionaires more but that won’t fix the bigger issue.

        The government needs to work on balancing its finances

        • habanhero@lemmy.world
          link
          fedilink
          arrow-up
          2
          arrow-down
          1
          ·
          edit-2
          1 year ago

          There is some support for lower income brackets but my personal opinion is there should not be “billionaires” in the first place, and that’s where the system falls short. “Billions” is an obscene amount of wealth to be had by one person.

          Edit: Here is a visualization on how much billions of dollars really is. Truly mind-blowing.