How The Richest Americans Pay Little Or No Income Tax | MSNBC 1

How The Richest Americans Pay Little Or No Income Tax | MSNBC

 

Billionaires like Jeff Bezos, Warren Buffett and Elon Musk pay little in income tax compared to their wealth, according to a new ProPublica investigation. Anand Giridharadas and Josh Barro join Morning Joe to discuss.

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How The Richest Americans Pay Little Or No Income Tax | MSNBC

68 comments

  1. easy because Trump and the GOP made it happen!! That’s the only real thing he did in 4 years!!

    1. it is not, this atrocity of loophole have been made over the years by both parties for the lobby that backed them, this is just the crap result we have quietly accepted

    2. This started long before trump. And both parties are responsible. Government for the people is a bold face lie. And that goes for both sides of the border.

  2. Biden tried to address this in the infrastructure bill but muchman & the GOP killed it VOTE BLUE2022

    1. @Scott Coleman your tax figures are incorrect. You’re assuming that the 1% don’t take advantage of all the tax loopholes that’s available. That’s why trump reports losses every year.

    2. @Scott Coleman The poor pay a far higher % of their take home pay in taxes than the wealthy.Trickle down was a grift and the tax overhaul that added 2 trillion to the deficit under Trump did not address offshore earnings,did not close hedge fund loopholes,but instead redirected 86% of all new tax cuts went to less than 1% of Americans who already have too much to ever spend.Trickle down was a lie,the rich pay all the taxes is a lie,free market capitalism is a lie.

  3. Other than the previous administration’s tax codes helping the rich, how do they logically and ethically justify not paying taxes like regular Americans?

    1. @Reason You are very correct and it is refreshing to find somebody who knows what they are talking about on social media. During the controversy that my friend Warren Buffett paid less in taxes than his secretary I kidded him when we were having dinner at Gorats, that he needed to pay his secretary more.

    2. @Reason Getting attacked, name-calling, hate, bitterness and rage Happens to me all the time. I always figure I win the debate appointment that happens because those who are responding cannot do so in a scholarly or rational manner.
      I’ve been a lifelong JFK Democrat and I’m accused not being a Democrat. I don’t think some of these people really know what Democrats are. But you are very correct and it’s refreshing to find somebody with brains on social media.

    3. @Reason The video literally says that is the problem: we tax income and income only, not wealth. They even break down the difference quickly.

  4. you often hear from those who defend these dudes that they pay much, much more then average person does and that’s no defense at all. they should pay as much % as all others do and they shouldn’t slip free under cover of their charity BS.

    1. EVERY POLITICIAN RUNNING FOR OFFICE SHOULD BE INTENSLY GRILLED ON THIS ISSUE. THE TAX CODE IS SICKLY UNFAIR

    2. Problem is, some talking head makes unfounded statements and the great unwashed buy it. We all have to educate ourselves. Not sure people want the truth.

  5. Republicans keep saying there isn’t money for infrastructure while giving billionaires huge breaks. Left up to the feeder fish to pay the bills.

    1. @Danny R Tap out to avoid the facts of the findings. All GOP policy they sold as “trickle down” lt never was.Funny how 0 Dems voted for that handout to the wealthy but 87 Cons did,

    2. @T. R. Campbell Why did Trump deficit spend (2T) in a growing economy? And infrastructure is far more than roads and bridges,it’s bringing our country into the 21rst century rather that spending Billions on Tanks in 2021. Cons sold us a lie,then a bigger lie,and still continue to call Corporate bailouts Free Market.

    3. @T. R. Campbell You only care about that when Dems are in office,why did we spend nearly 8 Trillion inn 4 yrs,and were you vocal about that?

    4. @john Kendall We have to understand that he was given the money by the House of Representatives. Remember, all spending bills begin on the house. I recall one instance when he asked for some stimulus money following the shut down from the pandemic. He asked for a certain amount of money but the house of representatives was going to give him much more money. He laughed and said that if they were going to give him more money he would gladly except it.
      Corporate bail outs or not a part of a free market capitalism. Corporate bail outs are a province of government.
      We can go back to the ancient trade routes and the city is that built up at the crossroads of these ancient trade routes. A merchant class developed and the rest is history.
      I recall some politician saying, perhaps this is one of our politicians, that government is not the solution, Government is the problem.
      Also need to look at the other field social, economic and governmental systems such as socialism and communism that have failed while capitalism in various forms deal flourishes. Do you want to Chinese communist has had to move to a form of capitalism in order to save their government.
      So far as your other questions you might have to look for additional information. Concerning the Tanks, I think we build the best things in the world. If you were going to war would you rather be an American tank or a Russian tank?
      Stay safe, stay healthy and be careful.

    5. They know putting money in infrastructure is a waste of money, if they knew BIG disasters are coming. YES their infrastructure is UNDERGROUND!!!!!

    1. @NebTheWeb I was a democrat my whole life until 2020. Your weak talking points don’t work on me.. I’ve stated nothing but facts and you’ve done nothing but name call. It shows how low your intelligence is that you can’t rebut specific facts I’ve brought up. NEXT….

    2. @David 888 Well you guys have a LOT in common. Same trolling or opinions. But nevermind, you are all 100% anonymous cowards.

    3. @Jack Sam if he shows all the millions he is paying he well be more popular but he lost!!!! Cheater…

  6. Well when the 1% and major corporations own a political party, IE the GOP…That’s all they do, ram through legislation that exempts them from paying taxes…Duh!

    1. 90% of money from wall street went to democratic candidates.
      Almost every major company in America is bending the knee the the left wing mobs. Despite the almost certain rule of “get woke, go broke”
      All of silicon valley is a left wing echo chamber.
      Almost all of the main stream media is left wing propaganda.

      The left is no longer the “counter culture”. You are everything you preach against.

  7. They make their money off the backs of the working poor. It’s time for them to pay their fair percentage in taxes. It’s time for them to pay a living wage to their employees.

    1. MSNBC lies to us and tells us there is legal for them to not pay taxes but the reality is those billionaires bribed our officials that does not make it legal MSNBC must held accountable and clarify that it truly is not legal to bribe to make something legal the reason MSNBC won’t report that angle is because MSNBC is investing the same way and paying the same amount I was zero taxes and they’re trying to defend their position before this becomes a national debate so not only do billionaires need to pay their taxes but it needs to be recognized that it is not legal just because Congress was paid off to let them get away with it that means Congress should be held accountable also

    2. @Friend are you deflecting again? No wonder you always look up longing for what others have instead of keeping your attention on how your bettering your situation. Hate to break this to you. You came in the world crying and wet just like everyone else. So stop whining and get moving!

    3. Especially Bezos. He is not thought of highly in Seattle. He thinks $$$ can buy respect instead of decency earning it.

  8. Canada’s tax table is a paragraph. And the number of deductions you can take are super limited. The United States needs that.

  9. “How the government lets rich people off the hook”

    I corrected the title for you.

    1. As if the Government isn’t infiltrated with lobbyists paid by the most wealthy people to make sure the laws don’t conflict with their interests.. Governments have zero to little power, it’s called Capitalism for a reason. The Capital reigns and everyone shall bow to it.

    1. Most people are subject to same loopholes. The major difference is that billionaires don’t actually make much taxable income (believe it or not) because most of their wealth comes from assets they already own whereas us everyday folk earn a paycheck which is taxable. For guys like Bezos and Musk, they only get taxed when they sell assets. And the taxable income they DO earn is offset by losses from side investments and various deductions, like interest expenses on debts, large donations, and the vague catchall category of ‘other expenses”. Like the guy said, “we tax income not wealth”.

    2. @Reason I⁷ understand it, then let’s explore how the wealth tax propose by Warren can be applied to the super rich. If not
      with this congress, with the next one
      Why Democrats are not capable of explaining to the common man, what is the right and best answer for most of us?
      ⁰F. Roosevelt knew how to speak to the people. Let’s do it again.

    3. @T. R. Campbell what is the difference if the wealthy can buy their legislation that favors them overwhelmingly.Cons only seem to ring the Socialism bell if cuts go to the poor,and pretend it’s “Big Gubm’t”,but if taxpayers bailout private giants as we just did again it’s Free market Capitalism? Spare me your B s .

    1. We’ve NEVER taxed wealth. We tax INCOME and always have. Billionaires don’t earn much taxable income. Most of their wealth comes from assets they already own. They’ll pay taxes when they SELL those assets.

  10. I am a retired teacher of 30 years. I paid over 2 thousand dollars to IRS for 2020. This was on unemployment insurance. I do not own a home or a car or much else. No question something is wildly wrong.

    1. Yes, it sounds like a teacher had a budget issue? If you work as a teacher for 30 years and have nothing tangible to show for it, look in the mirror to see who screwed the pooch!

    2. Oh shoot, sounds like she doesn’t even have a mirror? Rrosa, get you a dollar, go to the dollar store, buy a mirror. Then you can see who to blame and you have your first asset. No need to thank me for a lesson on the American dream.

    3. @David 888 Turns out most of the teachers now aren’t much smarter then the kids they teach. BTW…Looks like you failed writing.

  11. The millionaires in the House , and Senate, write the tax code, to favor their rich friends, and donors, as well as themselves.

  12. ” The reason they call it the American Dream is because you have to be asleep to believe it.” ~ George Carlin

  13. As a thought experiment, how many of these billionaires would do philanthropy if that was taxable? I’m willing to bet not even one.

  14. It’s so Disgusting, that they keep getting richer and richer, and get to keep buying multiple, multiple homes, while we’re struggling to buy one. Not even talking about their net worth either!

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