Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Sara asked in Politics & GovernmentPolitics · 11 months ago

Do you believe that all billionairs are paying their taxes? Are they all honest?

6 Answers

Relevance
  • Anonymous
    11 months ago

    None of them are paying their fair share and none of them are honest!

  • 11 months ago

    They pay the taxes they are legally required to pay.  Instead of throwing darts and regurgitating fake news media talking points, understand the tax code - then you can figure it out for yourself.

    Are there billionaires that hide money in off shore accounts to avoid taxes, you bet.  Is that honest and legal, no.  Corporations, like Apple for example, set up off shore businesses in tax friendly locations like Ireland where they can route all their international earnings to prevent paying US taxes.  Is that legal, yes.   Is it right? 

    The top 1% of earners pay 37.3% of the individual tax $ to the IRS.  The bottom 90% of earners combined pay 30.5% of the individual tax $ to the IRS.  Point being the top 1% pays over 1/3 of $ the IRS takes in.  The top 10% of earners (most of which aren't even millionaires, but includes the top 1%) pay 69.5% of all the tax $.

    https://taxfoundation.org/summary-latest-federal-i...

    What the likes of Bernie Sanders (who is a millionaire) issue is that the "billionaires" pay a lower nominal tax rate, not that they are cheating on their taxes.  Through various deductions and the way the tax laws are written the billionaires can end up paying a nominal tax rate of 20% or less.  Where the average person making $100K per year would end up paying at a high rate, like 25%.

    However, the guy who made $100K a year paid in $25K.  The guy who made $100M paid in $20M.  The government needs the guy paying $20M a lot more than the guy paying $25K. 

    Keep in mind that many people considered billionaires, like Warren Buffett or Bill Gates don't actually have a billion dollars in their bank account, their money is sitting in investments, like stocks or bonds, which they don't pay taxes on until they sell it.

    What is needed, which has been proposed by a few candidates and even the top 1%ers is a wealth tax.  That way the wealth sitting in investments can be taxed.

  • ?
    Lv 7
    11 months ago

    know when you're a billionaire you're able to make all kinds of charities that you own and tax shelters that's why we need to institute the fair tax where are they completely do away with income tax as we know it and every single thing that we buy has a set sales tax. no more social security tax or federal income tax only a higher state sales tax and no matter who is out there they're not getting away without paying tax every time you buy something you'll have to pay your fair share of tax. The state will disperse the money to the federal institutions to take the place of the current income tax and social security

  • ?
    Lv 7
    11 months ago

    Yes. I do. Because every one of them is audited every year by the IRS. Do they try to minimize their tax burden? Yes. That is not dishonest. That is legal and good business. 

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    11 months ago

    Yes and no. They cut corners everywhere they can, and not all of them are going to abide by the law because people are people and the wealthy worship Mammon, not God. They don't care about law, unless it makes them money. Bernie Sanders lied about being for working class people. He tried to rope AOC into promoting legislation that would cut taxes on investments, which are how the filthy rich make all their money. They've got their elite gambling rink and they don't want any more competition. They're hoarding the entire nation's wealth via usury and other money manipulation schemes. I'm sure you can become a billionaire doing honest work. My uncles became millionaires by opening an auto shop and an internet service provider. They were engineers from birth basically. It's possible to get the money legit, but if you worship money, you don't care about legit.

  • 11 months ago

    Yes, I do believe they are paying taxes according to the law.

    Why would they do otherwise?  Deliberately not paying taxes risks prison time, and they are already plenty rich.

    I'm also sure they take advantage of every legal loophole they can too.

Still have questions? Get your answers by asking now.