IRS Data: Democrat Billionaire Mike Bloomberg
Pays Less than Half the Tax Rate Paid
by Average American
Breitbart Politics,
by
John Binder
Original Article
Posted By: Imright,
4/14/2022 7:04:49 PM
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
Reply 1 - Posted by:
Luandir 4/14/2022 7:13:47 PM (No. 1128762)
Probably most of his income is from capital gains, which are taxed at a lower rate (unless SloJoe gets his way). And I'm sure Mike has an army of accountants finding perfectly legal loopholes for further savings. Any "fix" applied to this situation would likely have deleterious effects on much smaller taxpayers.
Still, it's nice to see a pious lib get roasted.
10 people like this.
Reply 2 - Posted by:
marbles 4/14/2022 7:18:40 PM (No. 1128767)
They are not " loopholes ". The people that using them are not dodging anything. They are our tax laws. Anyone can avail themselves of them. Don't approve ? Work to get the laws changed.
23 people like this.
Reply 3 - Posted by:
skacmar 4/14/2022 7:30:10 PM (No. 1128773)
It is not a tax dodge if you are following the tax laws! If Bloomberg lowered his tax bill by giving over $1 billon to charity, that is money that was much better spend than paying it in taxes. Also, if Boomberg's income was high enough to give away over a billion dollars, I am betting that the 4% tax rate he paid for the year still amounted to a lot more dollars than 99.999999% of the population could ever imagine paying over their entire lives (combined with most of the rest of the population). Mike Bloomberg paying a higher tax rate will make nobody's life better. It will still not make the people at ProPublica feel better. It will still not satisfy Democrats or liberals. The non-profits an other charities who received Bloomberg donations, along with those that they helped would be the ones who would be effected if the "wealthy tax cheats" were forced to pay a higher tax rate.
15 people like this.
Reply 4 - Posted by:
thefield 4/14/2022 7:31:18 PM (No. 1128774)
Though jealous, of his money I wish I would have such articles about me.
4 people like this.
Reply 5 - Posted by:
DVC 4/14/2022 7:39:33 PM (No. 1128778)
"Loopholes" are typically consciously created tax policies which are created to encourage a certain kind of investment which is deemed "good for the country" and something that perhaps isn't being done enough without some financial incentives to increase this desirable kind of investment.
Are ALL "loopholes" actually good for the country? No, of course not, a lot of them are to push stupid, short stuff that "solves" non-existent "problems" like climate change, solar energy, wind farms and electric vehicles, and other dumb leftist schemes.
11 people like this.
Reply 6 - Posted by:
wilarrbie 4/14/2022 7:44:24 PM (No. 1128781)
Clearly our tax code does not work as intended, nor advertised. We love to drag out the statistic that shows how (according to charts) high income earners SHOULD pay the bulk of income taxes. On paper, on whiteboard graphs - sure. Reality - I am suspicious. Too many in gov't who make the rules are 'high earners'. It's all the legal loopholes they know how to apply. Show the charts of ACTUAL taxes paid.
1 person likes this.
Reply 7 - Posted by:
Jethro bo 4/14/2022 7:51:00 PM (No. 1128784)
Dang, they didn't mention his accounting firm. Sure would like to know who he uses.
3 people like this.
Reply 8 - Posted by:
skacmar 4/14/2022 8:04:32 PM (No. 1128799)
I notice the article neglects to mention that Mike Bloomberg, even though paying only a 4% tax rate, still probably paid millions in income taxes. Remember when someone complained about Elon Musk's income and taxes and he told everyone how much he paid in taxes. He paid $11 billion! Sounds like a lot for 1 person to pay to me. He didn't get any more or better government services for his $11 billion than someone who paid zero taxes. That shut everyone up really fast.
4 people like this.
Reply 9 - Posted by:
bighambone 4/14/2022 8:13:23 PM (No. 1128808)
Who would have thunk it!
1 person likes this.
Reply 10 - Posted by:
SkeezerMcGee 4/14/2022 8:18:01 PM (No. 1128813)
A loophole is an UNITENDED ambiguity or omission in the text through which the intent of a statute, contract, or obligation may be evaded.
Provisions in tax laws that allow taxpayers to avoid paying a tax are intentional "exceptions" or "exemptions." These exceptions and exemptions comprise an amazing percentage of the total text in tax laws. Lobbyists earn $millions by convincing Congress to insert these exceptions or exemptions into our federal tax laws.
3 people like this.
Reply 11 - Posted by:
stablemoney 4/14/2022 8:37:19 PM (No. 1128825)
I wouldn't ask a "journalist" or Biden lawyer for tax advice. Mike makes his money on investments, usually taxed at 23.8%. For that tax to occur, a sale is necessary. Therefore, an investor can hold on to their investments, unrealized gains, to manage their tax exposures. Selecting a single year for an investor is meaningless nonsense. Businesses have years of losses, some years of gains. Then Mike may have given millions to a nonprofit and taken a deduction, millions to steal the election from Trump.
3 people like this.
Reply 12 - Posted by:
chumley 4/14/2022 8:48:28 PM (No. 1128834)
I refuse to get upset that someone managed to hide some of their money from a mugger when I wasn't smart enough to. Better to get upset at the mugger.
Yes, Bloomberg is a communist, a gun grabber and a creep. But keeping your own money does not make one those things.
1 person likes this.
Reply 13 - Posted by:
whyyeseyec 4/14/2022 9:30:43 PM (No. 1128860)
Say what? Is the IRS allowed to publish personal tax information like this? I doubt it. How was this information obtained - or is this just BS? I doubt Bloomberg, or anyone else, would consented to their personal tax data being published for public consumption.
1 person likes this.
Reply 14 - Posted by:
Axeman 4/14/2022 9:32:27 PM (No. 1128861)
So much missing from this article. Income vs taxable income.
Nobody is taxed on their income. Everybody is taxed on taxable income.
There is a missing piece of the graph, between $50k and $200k. This is where most of the money is.
1 person likes this.
Reply 15 - Posted by:
qr4j 4/14/2022 9:36:39 PM (No. 1128862)
I don't care how much Mike Bloomberg pays in taxes -- as long as he is legal AND doesn't lecture me and other Americans on paying more of "our fair share." I loathe that sort of self-righteousness, especially from someone who isn't righteous.
0 people like this.
Reply 16 - Posted by:
ronniethek 4/15/2022 2:28:39 AM (No. 1128992)
Much as I don't like Bloomberg I nonetheless think this is the type of info that violates his personal privacy. Aggregated data could be used to make the exact same point without illegally disclosing individuals names. This is BS 'journalism'.
0 people like this.
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