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Drudge Retort: The Other Side of the News
Saturday, June 25, 2022

After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires.

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...Last June, drawing on the largest trove of confidential American tax data that's ever been obtained, ProPublica launched a series of stories[1] documenting the key ways the ultrawealthy avoid taxes, strategies that are largely unavailable to most taxpayers. To mark the first anniversary of the launch, we decided to assemble a quick summary of the techniques -- all of which can generate tax savings on a massive scale -- revealed in the series....


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1 - The Secret IRS Files, Inside the Tax Records of the .001% (
www.propublica.org )


#1 | Posted by LampLighter at 2022-06-25 01:05 PM | Reply

"Nothing will fundamentally change"

- Joe Biden NYC, speech to billionaires during primary season

#2 | Posted by lfthndthrds at 2022-06-25 04:38 PM | Reply

I'm waiting on the article on how the bottom 50% of income earners avoids taxes.

Apparently, that's a good thing though.

#3 | Posted by madbomber at 2022-06-25 05:55 PM | Reply

"I'm waiting on the article on how the bottom 50% of income earners avoids taxes."

They don't; not a one of them.

In fact, their taxable rate starts higher than Romney's carried interest from Bain.

#4 | Posted by Danforth at 2022-06-25 05:59 PM | Reply

MB never met a billionaire that he didn't bend over for.

They are the new aristocracy, so "conservatives" are their thralls.

Edmund Burke and William Buckley are SO pleased!

Anti-Democratic Conservatism Isn't New

www.thebulwark.com

#5 | Posted by Corky at 2022-06-25 06:59 PM | Reply

@#5

Interesting article.

More from it...

..."Now let me say that I, for one, would not willingly die for democracy.'" So wrote William F. Buckley, the patron saint of American conservatism, in 1959. "Democracy is nothing more than a procedural device aimed at institutionalizing political liberty," he continued. "It has no program. It cannot say to its supporters: do thus, and ye shall arrive at the promised land." Buckley's skepticism toward democracy manifested throughout his career, from his earliest writings to his last years as a political commentator.

The conservative political movement Buckley championed shared his ambivalence about democracy. The refrain "the United States is a republic, not a democracy" is part of this tradition....


... The refrain "the United States is a republic, not a democracy" is part of this tradition. ...

Yes, the United States is a Republic.

But when you get to the local politics level, some areas are quite the democracy. New England is known for its town meetings. I have attended them in my town. They are democracy, pure and simple. Nothing else can describe it. Issues are discussed and voted on.




#6 | Posted by LampLighter at 2022-06-25 07:40 PM | Reply | Newsworthy 2

- New England is known for its town meetings. I have attended them in my town. They are democracy, pure and simple. Nothing else can describe it. Issues are discussed and voted on.

It shows, too, with the people who live there. I met a lot of them when I lived in NH and MA, and visited the rest of NE.

No surprise to me that mostly have great healthcare, great universities, great cities and towns, and great Senators like Bernie. (It do get cold in the winter for Texas boys, though!)

But then, in NE they never had as many slaves to look down on. Like LBJ said after seeing some racist graphite at a political rally:

Yet by the time Johnson became president after the assassination of John F. Kennedy in 1963, he was ready to plow all of his political capital to the passage of the civil rights legislation initiated by his predecessor.

By most accounts, the Civil Rights Act of 1964 couldn't have become law when it did had not LBJ personally wheedled, cajoled, and shamed his former colleagues in the House and Senate into voting for it.

One of the secrets of his success was the ability to speak the racially insensitive language of his fellow Southerners. He understood them. He understood their reluctance and in some cases downright refusal to tear down the walls of racial segregation. He knew racism from the inside,

>>>>> and he knew well the role the rich and powerful played in promulgating it.

#7 | Posted by Corky at 2022-06-25 08:11 PM | Reply

<

"That's the context of one of the most famous statements on race ever attributed to President Johnson, an off-the-cuff observation he made to a young staffer, Bill Moyers, after encountering a display of blatant racism during a political visit to the South. Moyers tells it in the first person:

"We were in Tennessee. During the motorcade, he spotted some ugly racial epithets scrawled on signs. Late that night in the hotel, when the local dignitaries had finished the last bottles of bourbon and branch water and departed, he started talking about those signs.

"I'll tell you what's at the bottom of it," he said. "If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."

www.snopes.com

For radical Conservatives, which is most of them these days, worshipping the Moneyed Elite, created mostly by luck of birth and circumstance and no more hard working or brilliant than many other people... kow-towing to their "betters" as Buckley recommended is deeply ingrained in what passes for their brains.

#8 | Posted by Corky at 2022-06-25 08:14 PM | Reply

#3

For years I avoided paying federal income tax by being in the bottom 50%. The secret is to have almost no income to tax. Sure it means food and housing insecurity constantly stressing about how you are going to make it through too much month with not enough money but gosh darn it at the end of the year it feels great knowing you got one over on the government.

Now I have a decent house two cars I'm not worried about when the next break down will occur and a whole selection of possible meals to make when I'm hungry. However now I have to pay income tax so that sucks big time!

I'll take my current situation every time and some how I doubt many ultra-rich would trade their situation with mine even if they had to pay the taxes they avoid. Would I like to pay a lower percentage, sure who wouldn't, but I'd rather have the money to pay a higher percentage of money I have than a low percentage of being broke.

#9 | Posted by TaoWarrior at 2022-06-25 08:28 PM | Reply | Newsworthy 3

"I'm waiting on the article on how the bottom 50% of income earners avoids taxes."

You answered your own question.

#10 | Posted by snoofy at 2022-06-26 01:17 AM | Reply

"In fact, their taxable rate starts higher than Romney's carried interest from Bain."

Really?

Different people have different starting tax rates on the same types of income?

#11 | Posted by madbomber at 2022-06-26 03:38 AM | Reply

"MB never met a billionaire that he didn't bend over for. They are the new aristocracy, so "conservatives" are their thralls."

Lil' Homey...you have not been paying attention.

Corporations, banks, the elites...these are enemies to the Trumpers. If you consider Trumpers to be conservatives. Unless those institutions pledge fealty to Trump.

When you think about it, there is not much difference between the far left and the far right.

#12 | Posted by madbomber at 2022-06-26 03:46 AM | Reply

Has the far left ever held power in a modern industrial state?

#13 | Posted by snoofy at 2022-06-26 03:57 AM | Reply

- these are enemies to the Trumpers

These are the Masters of the Trumpers... the NRA owns them on guns, the Oil industry owns them on climate change, the big money churches own them on abortion, the insurance industry owns them on universal healthcare.... I say them, but I also mean you.

Here's some select reading for you, no charge:

www.thebulwark.com

#14 | Posted by Corky at 2022-06-26 01:04 PM | Reply

"In fact, their taxable rate starts higher than Romney's carried interest from Bain."

"Really? Different people have different starting tax rates on the same types of income?"

Yes, really. A worker's tax rate starts at 10% for income taxes, plus 15.3% for payroll taxes, totaling 25.3% to start.

Meanwhile, Romney's carried interest is treated like a LTCG, so not only does he have a lower federal tax rate, but if he has any paper losses (which Romney did in the years after the Bush Bust & Bailout), he can marry those to $20 million in paper losses, pocket the $20 mil Bain payout, and pay NO federal taxes on the gain. Then, if he wishes, Romney can re-buy his same portfolio 31 days later, and his only exposure is if the investments go up in that month. And if they drop in overall value during those 31 days, Romney gats the additional bonus of getting the same portfolio for less money.

THAT was why Romney released several years of tax returns when he was running for President...but not the year of the Bain payout.

#15 | Posted by Danforth at 2022-06-26 02:05 PM | Reply | Newsworthy 2

"Different people have different starting tax rates on the same types of income?"

Not same types; same amounts.

Romney went to work to earn that Bain payout...but was never charged a cent of Social Security taxes on it.

#16 | Posted by Danforth at 2022-06-26 06:59 PM | Reply

"Meanwhile, Romney's..."

What's Romney's labor income tax rate? To start?

What's a workers LTCG? To start?

#17 | Posted by madbomber at 2022-06-27 02:36 PM | Reply

"These are the Masters of the Trumpers... the NRA owns them on guns, the Oil industry owns them on climate change, the big money churches own them on abortion, the insurance industry owns them on universal healthcare.... I say them, but I also mean you."

But not you.

No way you would have anything to do with the reactionary capitalist bourgeoise pigs.

You more like a Bernie? Complain so much that someone pays you to shut up?

#18 | Posted by madbomber at 2022-06-27 02:39 PM | Reply

"What's Romney's labor income tax rate? To start?"

Romney's "labor" is paid as carried interest, which is treated like a LTCG. So to start...zero.

"What's a workers LTCG? To start?"

It's not apples to apples when the worker gets wages, while Romney gets LTCGs, for the same 8-hr day.

#19 | Posted by Danforth at 2022-06-27 07:44 PM | Reply

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