'Can't blame the rich': The real reason the wealthy pay less tax 1

‘Can’t blame the rich’: The real reason the wealthy pay less tax

 

CNN's Richard Quest and Catherine Rampell say the US tax code essentially allows the super-rich to avoid paying taxes on their wealth and say it's up to Congress to make changes if we want to even the playing field.

#RichardQuest #CatherineRampell #TheLead

77 comments

    1. @bg mofo I brought up Puerto Rico as a reference for how Republicans like to protect the rich, and don’t give a about the poor. And by representation Puerto Rico isn’t represented. Puerto Rico has NO VOTE in our elections

    2. @bg mofo sure. The fault isn’t with the greedy money hoarders, it’s the fault of the most productive generation of workers the country has ever seen for not being satisfied with their subpar compensation. Get that golden boot off your lips

    3. @Mr. H … You are correct about one thing. It’s the fault of the “most productive generation” in that they are to lazy to bust their hump 120 plus hours a week (no video games or youtube) to get to be a greedy money hoarder.

  1. We can blame the politicians who cut the tax for the 1% for a nice payoff from the rich. This legalized bribery needs to end.

    1. You make me feel like I’m living in an Idiocracy movie

      Have you ever looked into who pays taxes and who doesn’t? Have you ever wondered what happens if we tax “the rich” at 100%?

      You’re basically falling for a shell game in modern times, but as long as certain people (AKA your team) “virtue signal” (AKA ego flex) hard enough, then well you go blind

      For some reason I don’t feel like you’re someone who works very hard. You probably like to blame a lot of your problems on other people.

      I also have this imagine is my head where if I saw you at a grocery store about to leave, then you’d leave your cart in the parking stall next to you instead of walking 10 feet across the street to put it in the correct spot instead of blocking someone from a parking space. True or false?

  2. Don’t blame the rich! They’re just the ones who lobbied to get those loopholes in there in the first place. LoL

    1. @MTN17 I agree to a point. Just to clear something up that I’m not accusing you of not knowing, but when people talk about taxes, they should mention Federal and State taxes. From my personal experience, State taxes are more of an expense for the average citizen then Federal taxes. I know a lot of people don’t want to believe this, but the rich are still paying the most in Federal taxes.

    2. @Mr. White Yes. It’s a complicated, over complicated deal, for sure. Then there are sales, property taxes and sin taxes among others. And where to draw the line between upper middle class, rich and super rich. Corporate vrs personal tax. And the big issue of investing tax monies wisely… Still as a percentage of income / wealth the greater the privilege the greater the responsibility. I believe we’ve lost that, as well as congressional responsibilities of wise investment.

  3. You can blame them. They are the ones who spend millions to back politicians who create these loopholes for them. It’s one big circle jerk of the rich and politicians getting paid off in one way or another.

    1. It’s funny you think the rich and the politicians are different people. Everyone in congress is in the 1%, even the people who were waitresses before they were elected.

    2. Being single and middle class I paid a lot in taxes..not only federal but state of California. My co. Had me working 84 hrs a week at times paid me very well with overtime but the Gov deducted a lot in taxes. The middle class works hard pays a lot in taxes meanwhile the rich pay very little.

    3. @Bastiat C – and she doesn’t even take care of her impoverished grandmother in Puerto Rico

    4. @cat 11 same here, and the harder you work up the ladder, the more they demand from you. its a never ending cycle until your youth is gone. screw that, i opted out a long time ago.

  4. Well said Richard it’s laughable but 100 percent fact. Everyone looks for what is best in their interest.

  5. So what I’m hearing is I have to feel bad for rich people who make 10 million one year and then 9 million the next year…
    “Oh no! We lost money this year”
    Honey, 99.9% of people have lost much less than a million, but much more than just money.

    1. @ron bar … so what I’m hearing is wisdom pisses you off?

      I’m gonna be you’re not Jeff Bezos, so what’s in it for you to support writing tax laws around people who have no problem collecting your money?

    2. Trying watching again,and actually listening to what they were pointing out…that your country’s rules that allow this,are the problem.
      If your country’s voters had the will/brains/social conscience to actually demand politicians that worked for the people,this would not be a reality.

    3. The problem is not the people that have 5 million,,, the problem is…those with 5 billions. Those make the rules

    1. @Andrew Gocken so you know everything about my goals, career, income, educational attainment, etc. because I think a billionaire should maybe pay federal income taxes like the rest of us? Got it.

    2. @Luke Oliver never said I did. Bezo is self made. I guess you’re not. Better luck next time.

    3. @Andrew Gocken if you take nothing else from this “discussion” at least understand this: you impress me. The fact that you’re able to type these dim-witless replies, let alone breathe oxygen, with your skull buried so far up a deep, cavernous bodily cavity, is truly, truly impressive. Good day!

    4. @Luke Oliver I think you and Andrew bring up some good point and there’s emotions getting in the way. I’ll first start off by saying, I hate Jeff Bezos. I think he’s a scumbag, but I admire his story of where he got to be where he is at now. I disagree with the “welfare recipient” part. He’s using the tax loopholes that were put in place by the politicians we choose to elect. Some of these loopholes go back years, so there is no particular politician to blame. Jeff Bezos also does a lot of things you and I can’t do to get these loophole tax breaks. We are not spending millions of dollars on conveyor belts. We are not building factories and hiring millions of people. Do I agree with these loopholes? Not really, but I see where some of them can benefit people like you or I. When Jeff Bezos buys conveyor belts for a factory, he is providing business to that company that makes those conveyer belts and that company needs to hire workers to make those conveyer belts (I’m using this as an example).

    1. Please be safe everyone and get you and your family vaccinated today! Children 12 and over are now eligible. The President is hopeing for 70% compliance by July 4th, together we can defeat this deadly pandemic! Be safe and be kind to one another!

    2. @J W what we are trying to avoid is the culturing of variants in all those maskless/vaccineless trumptards out there! P.S. please continue to double mask to protect yourself from these new variants and to make a political statement against white supremacy! Be kind to one another!

    3. @Billy Zee lmfao! So much for bring kind to one another…you’ve already proven your lack of character..

    1. Imagine if people used that same logic for other things; Guy looks down woman’s shirt, then the woman gets mad. Then the guy goes “don’t blame me for exploiting things”.

    2. @Robert Quick I’m referring to British exploitation of large parts of the world through colonization.

    3. @wesbecool that’s the way of the world bro. Everyone would have done the same if they could have.

    1. Society keeps electing republicans thinking that they will somehow benefit from lower taxes on the wealthy even though it’s been proven wrong repeatedly over the last 40 years. So, yeah, the collective apathy and ignorance of our “society” gave us these rules.

    2. @Amy Falkenrath Gerrymandering has resulted in more GOP elections and frankly meaningless changes to the commonwealth because we are too busy infighting and being racist pricks to one other about insignificant issues. Our focus should be helping the community and commonwealth. Elected officials are not representing their constuents or state as a whole as they are suppose to be.

  6. When did exploitation become a good thing? “You can’t blame the rich” for using the loopholes but then they are the ones paying the lawyers and lobbyists to make and use the loopholes.

  7. “You can always count on Americans to do the right thing – after they’ve tried everything else.”

  8. “You can’t blame the rich for exploiting loop holes” you can blame the rich for bribing legislators into making them…

    1. Please be safe everyone and get you and your family vaccinated today! Children 12 and over are now eligible. The President is hopeing for 70% compliance by July 4th, together we can defeat this deadly pandemic! Be safe and be kind to one another!

  9. “Money, get back. I’m all right, Jack, keep your hands off of my stack.” – Pink Floyd

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