Tax Facts Hardly Anyone Knows
April 18, 2011 1:41 PM Subscribe
9 Things The Rich Don't Want You To Know About Taxes
- "4. Many of the very richest pay no current income taxes at all: Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero... 9. Other countries do it better: no one in Germany or the rest of the modern world goes broke because of accident or illness" (via
- The Real GE Scandal - "We should lower the tax on corporations. That would make the United States more attractive to U.S. and foreign multinationals. We should then raise taxes on the people who receive the benefits of corporate profits. The economists suggest cutting the corporate rate to 26 percent and increasing the capital-gains rate to 28 percent; dividends would be taxed as ordinary income. If done properly, this switch would create jobs, lower tax avoidance, and cut budget deficits. Eliminating unwarranted business tax breaks could raise extra revenues. The scandal is not that GE is paying no U.S. taxes in 2010; that will be temporary. The scandal is that we're not facing the realities of globalized business."
- Corporate Tax Rates, Then and Now - "the change in corporate taxes — not merely rates, but what they actually paid — over the past half century is astounding"
- How to Pay No Taxes - "For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate—what they actually pay—fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so."
- Tax Brackets 101 - "Please, please, please can you help raise awareness of this very important feature of our tax code: We all are subjected to the same tax rates for the first increments of taxable income. We have to pay higher tax rates only on the increment. Bill Gates pays the same taxes on the first $10K that he makes as does the Safeway clerk on the first $10K that she makes."