in Economy

How The Super Rich Evade Taxes (Legally)

42 Comments

Here I’m going to briefly try and explain how some of the richest people in the world do their level-best to pay as little tax on their personal income and assets as possible, and how in the US that involves simply using the system as it is designed.

Check out the ProPublica article here:
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

Written by Georg Rockall-Schmidt

Comments

  3. When it comes to Giant businesses. Taxes and regulation mean nothing. They move their assets around. It just affects small businesses, the bottom level employees and stifles competition.

    Taxing companies less allows them to grow faster and you get more tax as a result when they grow.

    Besos, as much as a prick he is. Has generated billions in taxes and as a customer, he has saved me a lot of money.

  7. One argument of the "well, they worked hard and deserved their money" kind, tend to forget: The ultra rich have so much money, that they can lobby to make laws lean their way. That includes blocking workers rights, unions, or anything that would affect their profit margin, even though the cost of wellbeing would not affect in real terms (remember…BILLIONS). The average person does not have that lobbying or donation power (don't come at me with "well they can vote"…we all know that doesn't work). So yeah, they literally create their world where the numbers don't even make sense anymore. 1 Billion is 1000 times a million. That is utter insane of anything to have for a human being.

  10. Super rich pay next to no tax…. but lets all worship their dancing-monkey progressivism and have them tell us we're bad people!

    Taxes like inheritance tax and stamp duties used to only be paid by the megarich, but the allowances havent increased at the rate of inflation or average home prices. That means a tax that used to be paid only by millionaires now hits your granny handing over her 3 bed detached to her family to be shared out. So now what we have is the middle classes offsetting the upper class and their increased financial mobility.

    But whatever, lets hate conservative middle class, I heard they're all racist and patriarchal… don't you know. They're the REAL bad guys in all this.

    (Absolutely love this video, by the way)

  13. Wouldn't it cause massive inflation if Jeff decided to gift his 100 billion to the government? How is his wealth more real than the money they can decide to simply print?

  14. I wonder how many shell companies the Trump crime family set up. It's jawdropping that he was able to use his properties for official business which included hosting events, foreign dignitaries, and security. From that alone The Orange Idiot made hundreds of thousands of dollars in taxpayer money. What happened to the US emoluments clause?

  18. I don't care that they don't pay tax,
    I care what they do with the money they save.
    All that money and not a single one of them has filled a football stadium to the brim with baked beans.
    Not even once.

  19. Yaaaasss!
    GRS, you are my hero.
    Thanks for finally acknowledging how much the UK adds to international fuckery.
    It's pointless, but cathartic.

  20. In the philippines an actor who is also the husband of a politician did a tax write off. He drew a shitty painting of a penis. Its not even detailed or anything. Just a flat colored dick. Then they had someone assess the price of the painting then donate it. No one talked about it cos someone dumped other news to cover it

  22. Always remember, if you have shelter, access to food, water, starbucks, and internet sites, you are probably a super-wealthy evil 1%er to hundreds of millions of people on this planet. You won't have to look very hard to find someone that thinks you, personally, don't deserve all the things you have, and should be forced to pay your fair share.

  23. About 15 years ago, if you were self employed, you'd pay about 30-50% (if you made less than 1k$/month, before tax)of your income on taxes (mandatory health insurance, business insurance, income tax, permits, certifications, inspections, national pension contribution…). Few years ago, self employment went the way of the dodo, and even if you want to sell your product/service, you must register a company. Out of a sudden, unless you make over ~1k$/month, you won't even make any profit, because there's alot more taxes to be paid on top of most of the others, and many are flat taxes. Friend of mine that I used to work with, self employed handy man, used to make 300-500$/month with about 30-60 hours/week, recently he was making 100-300$/month with 50-80hr/week. He was forced to close his business because covid and now works at a chemical plant for 250$, 72hr/week (in hand after tax), basically less stress and leg work, for slightly more and stable pay. Doing what you like, being good at it and working hard is just not enough anymore. So when ppl say "well, get gud, the government does not want to enable inefficient business owners" I politely tell them to go choke on a big black rubber duck. Small businesses and independent workers get stomped into the ground with taxes and paperwork, no wonder ppl bend and break the laws, and get threatened with up to 5 years in jail by the fiscal police, while rich ppl have so many more avenues for legal tax evasion.

  25. Did anyone notice that Jeff Bezos and Mark Zuckerberg blink the same way? It's like they're fighting to stay awake and turn it into a blink.
    It's creepy.

  27. If we taxed the wealthy through the roof and they actually paid you still couldn't wipe out hunger, or homelessness, because these are issues that don't exist due to a lack of government funding, don't see why you intersperse those videos of shanty towns trying to conflate these issues. You're also wierdly conflating the specultive value of stocks and assets with a liquid value of cash, which isn't even remotely the same. If you wanted to actually make a difference you'd stop buying from consolidated businesses and start buying from locally owned ones.
    And yes I absolutely do hate the ultra wealthy, I'm just not a retard that hates them for being rich and using the system, everyone uses the system, if you've ever owned a business you are lying if you told me you didn't use loopholes to get out of paying the ridiculous taxes that governments squander anyway, should we take out of one corrupt system to fund another even more corrupt system? absolutely not. I'm not kidding when I say consolidation is a key aspect of wealth disparity, go look at self/locally owned businesses over time and look at tax contributions of people employed by locally owned businesses and the locally owned businesses themselves, everyone would be better off if more people were willing to take their destiny into their own hands instead of following a painted line towards their paycheck every day.

  30. That was a very tricky way to get around being able to play something copyrighted. Just muffle it to death so it sounds like it's being played from a few apartments over.

  31. the idea of having kings and queens is archaic , the fact that you are born into luxury because of your parentage shows how stupid people are in accepting these systems

  34. Think about how much profit Amazon makes, and while for most of its existence that was invested back into its own growth, it has never been used to improve worker wages or standards. Despite the rising prices of commodities, essentials, and property, wages have not stayed in line with inflation. The profit has never gone to the working class despite their contribution to the success of corporations, the fact that a profit has been made indicates that the workers should expect more wealth for their labour

  37. Its wonderful that you are getting this information to your audience. I wish every single Youtuber would make one video about this so people realize how rigged this system actually is. "It's a big club, and you ain't in it"-George Carlin

  38. What I can't stand is when people try to make things fairer by taxing bonuses, for instance. At my < $40k job when I get the corporate memo about how well the company did this year. It's always fun to add up the number of hours that will be in my profit-sharing check. "Hmm, that's about … $500," I think to myself. Then I look at the deposit of $320 and wonder what I'm doing wrong as part of the 1%. I mean, it seems like they have more disposable income and don't have to live in shitty cracker-box apartments.

    Or how the government put a cap on salaries, so companies started adding health insurance to attract employees. Now healthcare has been woven into some kind of nightmare tapestry of employers and insurance companies–all because someone thought they could make things MoRe FaAaAiIrR.

  41. And as the rich get richer, and someday try to overthrow the government. People completely shut this out of their minds and argue over statues, politics and conspiracy theories.

    We're F*cked.

  42. Ahh the plight of the temporarily embarrassed millionaires in the comments, they have to claim Jeff Bozos sunbathing on his yacht is working 600,000+ times harder than them. That even though his business only exist through the infrastructure payed by taxes, he shouldn't have to pay enough towards it, because the tax code his lobbyist helped write, says he doesn't have too.

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