Comments on: Effective Tax Rates: How Much You Really Pay In Taxes

By: Robert Farrington

Robert Farrington — Tue, 05 Sep 2023 17:26:29 +0000

In reply to Gary.

Can you elaborate what you mean by “taxbreaks and loopholes”? There’s nothing special anyone gets in the tax code – you get the same access and rights. I think you’re implying something about Trump and his taxes. Why he didn’t pay is because he had losses that offset future gains – when you suck at business and lose billions of dollars, then you don’t earn as much in future years, you’re likely not going to have to pay taxes again for years to offset the losses.

You can do the same thing in your Robinhood account. Lose $1,000, you get to carry that forward to offset future gains.

By: Gary

Gary — Tue, 05 Sep 2023 04:34:00 +0000

This also assumes no tax breaks or loopholes. Over the last 5 years we have seen that in Practice Billionaires can go for a DECADE without paying any taxes. And then when the IRS tries to go after them they use lawyers and other tax write offs to make it cost too much to go after them for the taxes owed.

By: Robert Megerle

Robert Megerle — Sun, 23 May 2021 14:53:17 +0000

This only accounts for the easily seen taxes, not the hidden taxes that are added to all our items we buy yet are not shown on the receipts. Also the percentage would change dramatically for the lower income earners. A $100 utility (gas/electric) bill in San Antonio Tx has up to 30% of it dedicated to city revenue which is this hidden tax I speak about. Taxes on oil grossed is 5%, then up to 52 cents each gallon after that and the consumer never sees it on their receipt. The point is, when you look at what percentage these hidden taxes are on a person earning minimum wage and how a $100 utility bill is so much more to them than the average American, then you might just change the tax burden in percentage to this group.