Fair share – me, Warren and Bill

Isn’t it amazing, an organization can used “leaked” (stolen) records to prove some high net worth taxpayers use legal means available to all taxpayers to minimize taxes paid? Makes me wonder who has the weakest set of ethics.

Needless to say this reporting has been jumped on by the press to raise the fair share cause of the political left. The more envy that can be created, the better chance to promote their wealth tax so government has more money to dole out to make more Americans dependent on the people who want their votes.

No, I’m not some right wing anti-government nut case, but I am worried about the steady decline in individual responsibility, drive, ambition and accountability seemingly in favor of I deserve because everything is unfair.

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits. Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

Source: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Interesting use of “avoid” because it’s not true, but when did truth matter when you are pushing a political agenda and assisting to divide America further with progressive propaganda? Saying the wealthy avoid income taxes is like saying a 401k is tax-free savings. Nobody pays taxes on income not yet realized.

But wait, who are the tax cheats? “Individuals who own their own businesses are high on the list and the IRS estimates that waiters and waitresses underreport their cash tips by an average of 84 percent. Cash doesn’t leave a paper trail — check stubs, deposit slips, invoices and the like — can be tracked by IRS investigators. If an employer pays a worker “under the table” in cash, it means that the employer doesn’t have to pay unemployment tax or payroll taxes for that employee, and the worker can easily get away with not paying income tax on those earnings.”

Millions of average Americans are paying taxes now and converting traditional IRAs into Roth IRAs thus circumventing the Roth contribution and income limits and locking in future tax-free investment income. Are they tax cheats? Are they avoiding paying their fare share?

Nope, they are smart retirement planners.

One comment

  1. It will be interesting to see just how much energy the Biden Justice department spends trying to track down the perpetrator of the leaks to Pro Publica while the leaks are being used to further the tax the rich narrative by main stream media to demonize people who are blamed for not paying their FAIR share (whatever that means) even though they are playing by the rules given them by congress as interpreted by the IRS . Avoiding tax legally is not a crime. How many people do you know who pay more in tax than is required?

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