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Forum » Lmao just lmao if you think that wealthy people are paying tax
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Thread: Lmao just lmao if you think that wealthy people are paying tax

post 1690336773 09-19-2023, 05:13 PM
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Lmao just lmao if you think that wealthy people are paying tax

You may think that the more money people earn the more tax they pay

Or perhaps this is the cope you tell yourself for staying on a low tax bracket

Well, the truth is, the more people earn, the greater their incentive to engage in “aggressive tax planning”.

Claiming paper-based depreciation on appreciating capital assets. Dumping money into concessionally taxed superannuation accounts. Family trusts. You name it.

And if they’ve incorporated a business it’s game over. Now their vehicle and operating costs (fuel) are deductible. Home office pays a portion of their mortgage. Income splitting with the wife. Etc etc

At this point paying tax is basically optional

I guess your 27% marginal tax contribution now looks generous by comparison lmao
post 1690336803 09-19-2023, 05:14 PM
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for thee
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post 1690337193 09-19-2023, 05:25 PM
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I dunno bro. I think Andrew McCutchen pays his fair share.

post 1690337343 09-19-2023, 05:29 PM
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Lol, you aren't avoiding taxes entirely with any of these tactics, which a person actually using them would know.
post 1690337783 09-19-2023, 05:37 PM
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Originally Posted By OliverHeldens⏩
Lol, you aren't avoiding taxes entirely with any of these tactics, which a person actually using them would know.
If you claim as a deduction an expense, on which a normie wage cuck would have to spend after-tax dollars plus sales tax and could not claim, that portion of the tax on your income you would otherwise have paid is successfully avoided.

Of course they’re not doing anything illegal, nor did I suggest they are.

Points to you for trying though.
post 1690338753 09-19-2023, 05:53 PM
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Originally Posted By stevemckenna⏩
I dunno bro. I think Andrew McCutchen pays his fair share.

What the fuk??

$2.2m gross, $427k net??
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post 1690339063 09-19-2023, 05:58 PM
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Originally Posted By LargePeter⏩
What the fuk??

$2.2m gross, $427k net??
Land of the free lmao
post 1690339183 09-19-2023, 06:00 PM
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People don’t know the difference between income and net worth.

Yes, wealthy people pay taxes on their income
post 1690339263 09-19-2023, 06:02 PM
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Originally Posted By r32gojirra⏩
If you claim as a deduction an expense, on which a normie wage cuck would have to spend after-tax dollars plus sales tax and could not claim, that portion of the tax on your income you would otherwise have paid is successfully avoided.

Of course they’re not doing anything illegal, nor did I suggest they are.

Points to you for trying though.
post 1690339403 09-19-2023, 06:03 PM
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Originally Posted By navid93⏩
People don’t know the difference between income and net worth.

Yes, wealthy people pay taxes on their income
Well in theory, you pay income tax, then anything left over is saved towards your net worth, and then any income generated from that is taxed again

In theory
post 1690339423 09-19-2023, 06:04 PM
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Taxes were made for business owners, not employees.

That's the brutal truth now. The richest can afford the best accountants and advisors to spread their money so they either don't pay any taxes or their reported actual income is low enough to not pay that much.

They are very tricky bastards and are loling at us plebs.
post 1690339623 09-19-2023, 06:06 PM
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Originally Posted By DeadlyStriker⏩
Taxes were made for business owners, not employees.

That's the brutal truth now. The richest can afford the best accountants and advisors to spread their money so they either don't pay any taxes or their reported actual income is low enough to not pay that much.

They are very tricky bastards and are loling at us plebs.
Elon Musk paid $11 billion in taxes in 2021.
post 1690339873 09-19-2023, 06:10 PM
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Originally Posted By navid93⏩
Elon Musk paid $11 billion in taxes in 2021.
Or around 10% of his increase in wealth, yes we all read the tweets

I wonder if that’s because he sacked all his expert advisers and decided he could do a better job of [his taxes] by himself lmao
post 1690340043 09-19-2023, 06:13 PM
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Originally Posted By r32gojirra⏩
Or around 10% of his increase in wealth, yes we all read the tweets

I wonder if that’s because he sacked all his expert advisers and decided he could do a better job of [his taxes] by himself lmao
You’re not taxed on wealth. You’re taxed on income.

When he sold his Tesla shares he had realized income and he was taxed a large percentage on that.
post 1690340303 09-19-2023, 06:18 PM
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Originally Posted By navid93⏩
You’re not taxed on wealth. You’re taxed on income.

When he sold his Tesla shares he had realized income and he was taxed a large percentage on that.
Exactly. Funny how the tax rules that apply to labour income result in having tax withheld before it’s even hit your bank account

But with “unrealised capital gains” - well just hold on to those and pay some tax if and when you feel like it lol
post 1690340393 09-19-2023, 06:19 PM
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Originally Posted By navid93⏩
Elon Musk paid $11 billion in taxes in 2021.
Oh you mean the guy that has received $15 billion in government subsidies for space x? The same guy that just borrows billions against his own companies?
post 1690346013 09-19-2023, 08:07 PM
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Originally Posted By DeadlyStriker⏩
Oh you mean the guy that has received $15 billion in government subsidies for space x? The same guy that just borrows billions against his own companies?
Debt deductibility lol

Fine when billionaires do it, but we will absolutely come down on you like a ton of bricks if you try to claim a capital improvement as maintenance on your investment property
post 1690347693 09-19-2023, 08:40 PM
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Originally Posted By navid93⏩
People don’t know the difference between income and net worth.

Yes, wealthy people pay taxes on their income
Many don't if they know how to work the system
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post 1690348373 09-19-2023, 08:56 PM
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Originally Posted By r32gojirra⏩
If you claim as a deduction an expense, on which a normie wage cuck would have to spend after-tax dollars plus sales tax and could not claim, that portion of the tax on your income you would otherwise have paid is successfully avoided.

Of course they’re not doing anything illegal, nor did I suggest they are.

Points to you for trying though.
Go back and re-read what I said. If you're actually earning substantial amounts of money with a business, there's no way of avoiding tax entirely(unless you make some huge purchase and use Section 179 that year). Of course, if you have rental property or something you can still earn a small income tax free. But a person who is actually cash flowing like crazy is going to pay taxes regardless.
post 1690349533 09-19-2023, 09:19 PM
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Originally Posted By r32gojirra⏩
Claiming paper-based depreciation on appreciating capital assets. Dumping money into concessionally taxed superannuation accounts. Family trusts. You name it.
The best way to fraud the aussie government is to concentrate all your wealth into your family home.

Back when they tightened asset testing for pension, a lot of rich guys I knew sold all their assets, bought a 20-30 mil house in toorak, cried poor, and husband + wife sucking 20k pension each from the government.

This is happening while povos renting can't get a pension, because they got too much assets.

Boomer superfunds are used for mad tax breaks too.

Heaps of 18yo rich kids are buying a house, living it for a month, move back with their folks, rent it out 5 years and 11 months, move back in, say its their main residence, then selling it capital gains free.

These rich kids have 180k on the dot income, because they get tax bracket smoothing from family trusts.

Shorten was going to kill all of these ded, but you guys decided he was too radical, so we get scomo, and now we get Shorten's woke counter-part albo, who is best friends with all the corporate chitheads.
post 1690350273 09-19-2023, 09:39 PM
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All vehicles under the company
All utility bills under the company because home office
Home remodel under the company because home.office
Lol list goes on, rich people pay pennies
It's the middle class that gets fukeeed
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post 1690351233 09-19-2023, 10:10 PM
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every time you buy something you pay tax, genius.
post 1690351473 09-19-2023, 10:20 PM
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Originally Posted By davik⏩
every time you buy something you pay tax, genius.
Lmao

Explain what an Input Tax Credit is, genius
post 1690352053 09-19-2023, 10:40 PM
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Originally Posted By LargePeter⏩
What the fuk??

$2.2m gross, $427k net??
Not sure if fkn srs

That’s one paystub. His gross was 800k, his net was 427k.

The 2.2m is his YTD amount earned (gross)
post 1690352113 09-19-2023, 10:42 PM
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Man lands on the moon.

Only liberals take it seriously when they hear politicians make promises about increasing taxes on the rich, or making them pay a fair share. That's never how it plays out, and even when politicians ever get slightly serious about it, the ultra rich can always find loopholes, hide their money in offshore accounts, and so forth.

Before someone comes in to call me a commie for mentioning the rich paying their "fair share", stop and think for a minute. Do you realize how much money $1 billion is? There are 1,000 millions in 1 billion. Even if you take 40% of that right off the top, they'd still have $600,000,000 left. I'm pretty sure someone with $600,000,000 still lives a life of immense luxury that's basically royalty lifestyle status.

That's not even factoring in the fact that they can make a ton of money just off of the interest of their wealth every year. So no, I don't feel sorry for them they had to pay more in taxes, but the reality is that they don't, and it's never going to change. Occupy Failstreet from like 2011 was about as close as we ever got to purshing for real reform in that manner, and that movement got laughed out of politics scene in a matter of months.
post 1690352243 09-19-2023, 10:48 PM
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lol at OP thinking that if the rich "pays their fair share" that it's going to somehow make him wealthier and the gubment less wasteful and corrupt.
One party system; Most Republicans are Democrats, but no Democrats are Republicans.
Hayek and Mises were right; they're all socialists.
"To Call something fair or unfair is a subjective value judgment and not liable to any verification" Ludwig Von Mises
post 1690352343 09-19-2023, 10:53 PM
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I don't pay taxes either, I guess I have that in common with the mogger class.

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see sig
post 1690352743 09-19-2023, 11:05 PM
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Originally Posted By Kraken⏩
lol at OP thinking that if the rich "pays their fair share" that it's going to somehow make him wealthier and the gubment less wasteful and corrupt.
Lol @ dullards superimposing their own mediocre mindset on a tier-one intelligence post

Where did I mention anything about the rich paying their fair share?

You’re just telling on yourself.

Now run along and see what you can buy with your EBT card
post 1690352983 09-19-2023, 11:12 PM
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Originally Posted By r32gojirra⏩
Lol @ dullards superimposing their own mediocre mindset on a tier-one intelligence post

Where did I mention anything about the rich paying their fair share?

You’re just telling on yourself.

Now run along and see what you can buy with your EBT card
Then what's the point of the thread? To tell us youre poor, and that you just discovered this? Or was this post to inform us that youre high IQ?

How are you high IQ but poor? Why does someone who is high IQ need to announce he's high IQ?
One party system; Most Republicans are Democrats, but no Democrats are Republicans.
Hayek and Mises were right; they're all socialists.
"To Call something fair or unfair is a subjective value judgment and not liable to any verification" Ludwig Von Mises
post 1690353043 09-19-2023, 11:14 PM
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Originally Posted By Kraken⏩
Then what's the point of the thread? To tell us youre poor, and that you just discovered this? Or was this post to inform us that youre high IQ?

How are you high IQ but poor? Why does someone who is high IQ need to announce he's high IQ?
To get dumb people to tell on themselves

Worked a treat
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