Democrat Billionaire Mike Bloomberg Pays Less than Half the Tax Rate Paid by Average America

[Kyle]

IRS Data: Democrat Billionaire Mike Bloomberg Pays Less than Half the Tax Rate Paid by Average American

Billionaire Michael Bloomberg, the failed Democrat presidential primary candidate and former New York City mayor, is paying less than half the federal income tax rate the average American taxpayer pays, newly published Internal Revenue Service (IRS) data reveals.

The revelation is part of a broad investigation by ProPublica that gives a glimpse into the tax loopholes that the richest 400 Americans utilize every year to dodge billions in federal income taxes that most Americans are required to pay.

“To make it into the top 400, each person on this list had to make an average of at least $110 million each year,” the investigation states. “A typical American making $40,000 would have to work for 2,750 years to make what the lowest-earning person in this group made in one.”

During that time frame, Bloomberg paid an average federal income tax rate of just four percent — less than half the rate that the average American taxpayer, at 13.3 percent, pays every year. In fact, Bloomberg’s average rate is just 0.5 percent more than what the bottom 50 percent of income earners pay on average.

IRS Data: Democrat Billionaire Mike Bloomberg Pays Less than Half the Tax Rate Paid by Average American

Billionaire Michael Bloomberg is paying less than half the federal income tax rate that the average American taxpayer pays.

www.breitbart.com

 

[BOP]

Hypocrisy, thy name is Demonrat.

 

[LightRoasted]

If I may ...

The monied wealthy live by the, "Buy Borrow, Die" method. Since borrowed monies are not taxable, they borrow on their assets, whatever they may be, and live on that. It is also how their estates evade inheritance taxes. One must know the rules before one can play, and profit, in the game/system.

 

[Hijinx]

I don't really care about Bloomberg's taxes, or anyone else's for that matter, I do care if they pay none,
But here is the thing. Rich people pay their tax attorneys more than they pay in taxes, and that is OK too, but the thing that gets to me is these rich ass wholes in congress saying they are going to tax the rich and expecting me to believe it. I hate like hell to be lied to and have the expectation that I am stupid enough to believe it.

The people in Congress are the rich and they are not going to fuk themselves.

 

[LightRoasted]

If I may ...

I don't really care about Bloomberg's taxes, or anyone else's for that matter, I do care if they pay none, But here is the thing. Rich people pay their tax attorneys more than they pay in taxes, and that is OK too, but the thing that gets to me is these rich ass wholes in congress saying they are going to tax the rich and expecting me to believe it. I hate like hell to be lied to and have the expectation that I am stupid enough to believe it. The people in Congress are the rich and they are not going to fuk themselves.

This is kinda, simplistically, how they do it ..... Since they are in the privileged class, they borrow cheap money to buy, say, 100,000 shares of stocks at $10 a share for a total of $1,000,000. Later, when the shares reach, say, $50, they borrow against those shares as collateral and get $5,000,000. They pay back the $1,000,000 keeping $4,000,000. Since they haven't sold the shares, no tax is realized on the gains. And, borrowed money is not taxable as income, or anything thing else. Now, spread the same scenario against all asset classes and you'll begin to understand why the elites don't pay taxes.

 

[vraiblonde]

That's why "tax the rich" is so much bullshit and you have to be a real drooling moron to fall for it. Rich people have a zillion ways to hide their wealth and exempt it from taxes. Normal people working a normal job with normal investments and savings don't have those. Plus they don't have the clout to influence lawmakers - tax laws and exemptions are that way for a reason, and that reason is because it benefits the wealthy and people like Michael Bloomberg pay good money for it to be that way.

They're all over auditing Trump's taxes - when was the last time Mike Bloomberg or Jeff Bezos or Jack Dorsey got audited? The answer is they don't because they grease the right palms and there's no political incentive to go after them.

 

[PeoplesElbow]

Did he get to deduct all the money he wasted on a failed presidential run?

 

[black dog]

They're all over auditing Trump's taxes - when was the last time Mike Bloomberg or Jeff Bezos or Jack Dorsey got audited? The answer is they don't because they grease the right palms and there's no political incentive to go after them.

Don't kid yourself,
Most rich and wealthy are constantly being audited. Its an audit that never stops.