Archive for June 9th, 2021

Wealthiest Pay NO TAX: THUS, Tax Wealth According to POWER

June 9, 2021

The truly wealthy pay (basically) no tax. That’s why they are truly wealthy and powerful: they have manipulated laws so that, like monarchs of old, they escape taxes. 

Yet, the only reason for taxation is to prevent the exponentiation of wealth. Because wealth and thus power, grows proportionally to itself, ABSENT taxation.

Recent tax codes in so-called “democracies” were passed by politicians in the employ of the wealthiest (one way or another, past, present, or future, themselves or their significant others or avatars)

The wealthiest and most influential persons in the USA, and the world, are basically thieves. They pay no tax but their employees, the politicians, have made it so that average people are getting ever more poor. We are therefore led by thieves. Hence the highest ideals of our society have to do with stealing, lying, dissemblance, inequity, greed, and worship of the most evil personalities. Call that the Plutocratic Thesis.

ProPublica is a nonprofit newsroom that investigates abuses of power. Its Secret IRS Files found that: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

“In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

Soros spent a huge amount of efforts fomenting insurrection against “populist” elected officials in recent years, financing in particular “Antifa” rioters.  

ProPublica: “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.

Many Americans live paycheck to paycheck, amassing little wealth and paying the federal government a percentage of their income that rises if they earn more. In recent years, the median American household earned about $70,000 annually and paid 14% in federal taxes. The highest income tax rate, 37%, kicked in this year, for couples, on earnings above $628,300.

The confidential tax records obtained by ProPublica show that the ultrarich effectively sidestep this system.

America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.” 

They don’t need to sell anything: they just go to the bank and borrow… billions. Those loans are NOT taxed.

***

I PROPOSE TO TAX LOANS TO THE HYPER WEALTHY… Say above 50 millions of combined income… At the normal maximum income rate. 

How to fix that evasion of the spirit of taxation by the plutocratic class? A problem progress has is that the present so-called representatives, and the administration and executive branches are owned by hyper wealth, and so is the media (with few exceptions). The first key, as usual, is knowledge. 

First by having the right analyses and the right solutions. Selling both to the 

TIME TO TAX HYPER WEALTHY PLUTOCRATS ACCORDING TO THEIR TOTAL POWER (In particular tax their loans and their foundations).

*** 

To Keep The Middle Class Impotent, Tax It Away:

ProPublica: “According to Forbes, those 25 US citizens saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.

It’s a completely different picture for middle-class Americans, for example, wage earners in their early 40s who have amassed a typical amount of wealth for people their age. From 2014 to 2018, such households saw their net worth expand by about $65,000 after taxes on average, mostly due to the rise in value of their homes. But because the vast bulk of their earnings were salaries, their tax bills were almost as much, nearly $62,000, over that five-year period.

No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.

That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.

Buffet is typical of the liars of the Democratic Party: saying one thing, doing the opposite, such as Biden advocating 28% corporate tax inside the US, and then fighting to get the G7 to propose a global 15% rate (logically enough, France wanted 21% which is the present US and French rate).

***

Techniques that the hyper wealthy use to reduce their tax bills, take advantage of a complex web of loopholes and deductions that are perfectly legal and can enormously minimize tax liability. That includes borrowing huge sums of money backed by enormous stock holdings. Loans are not taxed and the interest that the executives pay on the borrowed money can be deducted from their tax bills.

The wealth tax as suggested by Senator Warren would not fix the evasion by using borrowed money. She proposed to tax 2% the absolute total wealth of individuals worth more than 50 million dollars. 

That’s a joke: according to Warren, then, one could be a billionaire, borrow another billion from (complicit or not) banks, invest it in a variety of supposedly money losing ventures, and then one would owe no tax.

Actually this is exactly how Larry Elison, CEO of Oracle,  did it for many years: he would borrow so much, year after year, using Oracle’s stock as collateral, that he did not have to pay any tax. When the local city tried to force him to pay a tax on his house, like everybody else, he refused. His house was a reproduction of the Japanese emperor’s imperial palace, and was known to be worth an enormous amount of money, and then he should have paid nearly 1% annually of that enormous amount (the money goes to schools). Well, he celebrated by buying the Hawaian island of Lanai.   

Another tax trick is foundations: foundations do not pay taxes, but the founders of foundations can keep control. And what is control? Power, exactly what money purchases. 

This is why plutocrats when they mature turn into “friends of man”, philanthropists: they can keep power, but their power, and that of their heirs, will not be taxed. 

As this power grows, the plutocratic philanthropists can afford to buy ever more politicians, and rig the laws to serve themselves. This is how the Roman Republic was destroyed by its plutocrats, who called themselves “the best” (“Optimates”).    

In 2007, Mr. Bezos, the chief executive officer of Amazon, paid nothing in federal income taxes even while his company’s stock price doubled. Four years later, as his wealth swelled to $18 billion, Mr. Bezos, adding insult to injury, reported losses and received a tax credit of $4,000 for his children, according to ProPublica.

Mr. Buffett, the chief executive of Berkshire Hathaway who has long hypocritically bemoaned that the tax code should hit the rich harder, paid just $23.7 million in taxes from 2014 to 2018, when his wealth rose by $24.3 billion. So Buffett got taxed at the rate of .1%….

In 2018, Mr. Bloomberg, who controls the media giant Bloomberg L.P., reported income of $1.9 billion and paid $70.7 million in income tax. That’s about a 3% rate. According to the Propublica report, Mr. Bloomberg was able to reduce his tax bill through deductions, charitable donations and “credits for having paid foreign taxes” (probably in tax havens).

Full of hatred and vengeance, the Politically Correct Mr. Bloomberg, once elected king of New York, said he would “use all legal means at our disposal to determine which individual or government entity leaked these and ensure that they are held responsible.” Since Bloomberg and his ilk represent basically the government, the threat is not to be taken lightly.

Lily Adams, a Treasury spokeswoman, confirmed that: “The matter is being referred to the Office of the Inspector General, Treasury Inspector General for Tax Administration, Federal Bureau of Investigation, and the U.S. Attorney’s Office for the District of Columbia, all of whom have independent authority to investigate.

The plutocratic republic is in danger!

Mr. Biden and his advisers have declared a wealth tax unworkable: it would force the top sponsors of the Democratic Party to pay taxes. Instead, Biden has sought $80 billion to beef up the Internal Revenue Service so it is better able to go after tax cheats of the middle and lower classes… who sometimes have to pay more than they earn in taxes  

This is how to save the plutocratic republic.

How can one pay more than one earns? Simple, have no fancy income and no fancy lawyers… and enjoy the redistribution of Obamacare, which has caused tremendous health care costs increases… I know some cases, personally, with people who are well below the official poverty level.

So where are we here? This is a world where the guy in charge of fighting pandemic worldwide finances lethal worldwide pandemics, and then accuses pangolins. This is a world where the president screams against inequality, racism, but then does all he can to help his sponsors, hedge fund managers (such as Renaissance funds related individuals). Warren and other pseudo-inequality fighters, who are actually very wealthy multimillionaires, propose pseudo-reforms which would tax and harass the inferior classes. It’s more of the same.

Instead, I propose to tax power. So, for example, tax the Gates Foundation, which promoted companies fabricating devastating poison, by having the Gates Foundations invest in those companies… And also the same Gates made the Virus Dictator Xi stronger, by providing him with surveillance technology (and keeps on doing that)… The Gates Foundation is a Tax Foundation: there is no significant difference with Microsoft in the sense of the power it provides these extraordinarily powerful individuals, the Gates… whether married or not. 

By the way, the world wealthiest person is a Frenchman. In a country where the middle class is taxed to death. How come? Well, French plutocrats are as good, if not better, they actually seems to be better, as their US colleagues in paying the politicians to tweak the taxation laws as required to make the wealthy wealthier. The same exact problem happened in Republican Rome, the Gracchi did what they could…. But they and their thousands of colleagues and collaborators were assassinated (at least 5,000 in just the second wave of assassinations)… 

Lest we are careful there is a risk that we will repeat that performance. Because there was already a repeat; the fascist movements of the 1930s were propelled by the same class and mentality… Even Hitler said it and bemoaned it, complaining to his associates, Marshall Rommel, while in Italy, that he had to sit and entertain “plutocrats”.

So we need to tax the power of the wealthiest before it’s too late, and they have fully captured hearts, minds, politics, sociology and civilization itself. How do we tax power? Good question. The same problem at the level of individuals, taxing power, exists with corporate entities (which are also legal “persons”). 

For corporations, the radical solution is to tax their revenues, country by country… instead of trying to tax their profits, as normal taxation has it (the other way would be to impose a worldwide minimum corporate tax, but Biden allowed only 15%, about half of what he proposed inside the USA, making a bad joke of the whole thing). 

A wealth tax does this, by taxing the assets directly. The model here is the Roman Republican one, which worked for centuries and imposed a 100% tax above 50 million dollars. The Roman tax could be duplicated  progressively on the extremely wealthy, starting at the Roman Republican level, 50 million dollars (I computed that in the past)… BUT, by adding assets and loans… So taxing the entire revenue (so to speak).

Patrice Ayme  


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because all (Western) philosophy consists of a series of footnotes to Plato

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Striving For Ever Better Thinking. Humanism Is Intelligence Unleashed. From Intelligence All Ways, Instincts & Values Flow, Even Happiness. History and Science Teach Us Not Just Humility, But Power, Smarts, And The Ways We Should Embrace. Naturam Primum Cognoscere Rerum

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Smile! You’re at the best WordPress.com site ever

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