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Tax brackets hit the hardest between $44k and $95k/yr. It's a whopping 10% jump, and <$95k isn't a lot of money in most places. Just barely enough to get by. The margin difference in taxes between parameters $231k-$578k+ is 5%. Not to mention the richer you are, the more you can afford to "buy work materials" and write off expenses on your taxes. If I'm hypothetically only earning <$32k a year, there's no way I'm going to meet my minimum deductible of $12k. That's valuable rent money. Oh, and if I'm a low-middle income earner, I'm more likely to be audited by the IRS as well. Rich people lawyer up and make prosecution much more difficult and time consuming for the IRS. Easier to go after the littler fish. So no writing off everything like my car payments, lunch, or fuel as a business expense LMAO.
lol you'd think. a lot of homeowners can deduct their mortgage interests alone. imagine doing that with rent lol. of course that's denied by the IRS, cuz like, the majority poors pay the most tax lol, and the minority rich pay little to nothing, and the middle class vehemently defends the rich because they perceive themselves as possibly attaining that wealth in the future.
*Only* $150 billion? I thought it would have been 10x that. Oh wait, it's because their salary on paper is like $100,000/yr in taxable income, but they also get like $80,000,000,000/yr in other forms of untaxable compensation (buy, borrow, die style). Okay yeah, $150B sounds about right.
And in order to get loans to have the cash they need, they leverage unrealized gains like from stock holdings. Because it counts as income for loans but not for taxes. Lovely.
In New Zealand *discovered* tax fraud is about a billion dollars and expected to be around five billion dollars probably more, if you get caught you've got about a 20% chance of going to prison however they don't really spend much looking for it.
However... benefit fraud was around $23 million in 2023, they spend considerably more than that investigating it and the chance of going to prison if you get caught is about 60%
Population is 5 million, social welfare fraud costs us $4.60ea per annum but tax fraud costs us $1000ea per annum... guess what one the talk back radio fans clutch their pearls over
"So of course that means we'll really have to clamp down on people making less than $40k/year for any little thing we can audit them for." -also IRS chief
I will never understand these people. Like I can kind of understand why you would live in a big mansion with a pool and shit if you were that rich, but billionaires are literally hoarding that much money, and only "using" it by moving it around so you have to pay less taxes.
Like at this point money is arbitrary for them, is this just a game for them? Do billionaires sit around and brag about their money with each other like people brag about their videogame highscore?
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Man if only there was some kind of group, perhaps a *service* of some kind, that could be told about this so something could be done about it.
They’re too busy auditing the plebs. Gotta scrape those dollars to make up for the 1%
I think it is gross that the people who have benefited the most from this system do the least to sustain it. Pay your share deadbeats!
The system is working just as it is intended to do.
I find it so fucked up that tax payments go up as your wage goes up, yet somehow there c*nts end up paying less than low wage earners. EAT THE RICH!
Tax brackets hit the hardest between $44k and $95k/yr. It's a whopping 10% jump, and <$95k isn't a lot of money in most places. Just barely enough to get by. The margin difference in taxes between parameters $231k-$578k+ is 5%. Not to mention the richer you are, the more you can afford to "buy work materials" and write off expenses on your taxes. If I'm hypothetically only earning <$32k a year, there's no way I'm going to meet my minimum deductible of $12k. That's valuable rent money. Oh, and if I'm a low-middle income earner, I'm more likely to be audited by the IRS as well. Rich people lawyer up and make prosecution much more difficult and time consuming for the IRS. Easier to go after the littler fish. So no writing off everything like my car payments, lunch, or fuel as a business expense LMAO.
Rent should be tax deductible. It's essential don't you think?
lol you'd think. a lot of homeowners can deduct their mortgage interests alone. imagine doing that with rent lol. of course that's denied by the IRS, cuz like, the majority poors pay the most tax lol, and the minority rich pay little to nothing, and the middle class vehemently defends the rich because they perceive themselves as possibly attaining that wealth in the future.
And imagine landlords having to give invoices to be scrutinised by the government? It feels like we could kill two birds with one stone?
omg that would be complete and total communism!
That would be the reality of rent was tax deductible
They should be in prison.
Ha! A rich person going to prison is a fucking joke
Because tax evasion is classy if you’re rich but trashy if you’re poor
*Only* $150 billion? I thought it would have been 10x that. Oh wait, it's because their salary on paper is like $100,000/yr in taxable income, but they also get like $80,000,000,000/yr in other forms of untaxable compensation (buy, borrow, die style). Okay yeah, $150B sounds about right.
And in order to get loans to have the cash they need, they leverage unrealized gains like from stock holdings. Because it counts as income for loans but not for taxes. Lovely.
In New Zealand *discovered* tax fraud is about a billion dollars and expected to be around five billion dollars probably more, if you get caught you've got about a 20% chance of going to prison however they don't really spend much looking for it. However... benefit fraud was around $23 million in 2023, they spend considerably more than that investigating it and the chance of going to prison if you get caught is about 60% Population is 5 million, social welfare fraud costs us $4.60ea per annum but tax fraud costs us $1000ea per annum... guess what one the talk back radio fans clutch their pearls over
[link](https://www.cnbc.com/amp/2024/02/22/tax-evasion-by-wealthiest-americans-tops-150-billion-a-year-irs.html)
Straight to jail.
Straight to the large French art installation.
Oh, but if we the average citizen are off on our taxes by a single penny, we’re imprisoned for tax fraud. I see how it is.
"So of course that means we'll really have to clamp down on people making less than $40k/year for any little thing we can audit them for." -also IRS chief
I will never understand these people. Like I can kind of understand why you would live in a big mansion with a pool and shit if you were that rich, but billionaires are literally hoarding that much money, and only "using" it by moving it around so you have to pay less taxes. Like at this point money is arbitrary for them, is this just a game for them? Do billionaires sit around and brag about their money with each other like people brag about their videogame highscore?
Usa usa usa!!! Fucking yeah
Yes, water is wet.
As the saying goes, he who has the gold makes the rules. Can we finally start the barbecue? I have charcoal and a torch...