Whatever happened to paying your fair share, taxing the rich, or destroying billionaires?
Or does the left only decide to care about “fair share” when a billionaire just happens to not support the Democrat Party?
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.
Bloomberg, ProPublica reports, “achieved one of the lowest tax rates in the top 400” richest Americans from 2013 to 2018 “partly by taking annual deductions of more than $1 billion, mostly through charitable contributions.”
During that time frame, Bloomberg paid an average federal income tax rate of just four percent — less than half the rate that the average American taxpayer, at 13.3%, pays every year. In fact, Bloomberg’s average rate is just 0.5% more than what the bottom 50% of income earners pay on average.
Bloomberg’s massive tax breaks are thanks to provisions signed into law by former Presidents George W. Bush and Donald Trump.
Bush’s provision came in 2003 when his administration expanded the low tax rate for long-term capital gains to also cover stock dividends. This, alone, ProPublica reports, helped save the richest 400 Americans, including billionaires Bill Gates, Larry Ellison, and Sheldon Adelson, an average of $1.9 billion annually.
The Trump provision slipped into the Tax Cuts and Jobs Act at the behest of Sen. Ron Johnson, allows the owners of so-called “pass-through” companies to deduct up to 20% of their profits. As a result, the owner keeps an extra seven cents on every dollar of profits.
Meanwhile, no one is arguing that tax cuts or somehow a bad thing. It’s important, however, to take note of the glaring hypocrisy by the left when discussing matters of taxation and the utility of billionaires.
It’s crucial to not alienate high-earning successful entrepreneurs with massive tax bills as they are the sole providers of jobs and economic growth throughout the country. The left, however, is desperate to seize their wealth and redistribute it amongst America’s most undesirable.
Unless the billionaire happens to be a Democrat…
Author: Ivan Turgenev