Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.
Tesla just announced a $5.7 billion profit, and will pay $0 on taxes.
That foreign Goblin destroyed our government, stole priceless data, and pays no taxes?
That's the kind of immigrant I'm interested in kicking out of the country, after a serious beating.
They didn't pay payroll tax?
No, their employees did.
That's not typically how payroll tax is collected. How did they only collect from employees?
I love paying my share of taxes and I will always do so to the absolute best of my ability, whether the amount is justified or not. Taxes are wonderful, represent an investment in your country and your society, and can be used to create great things that benefit all of us.
My anger is not for taxes, my anger is exclusively reserved for those who do not pay their share of taxes and the shamefully dishonest politicians who porkbarrel those taxes into things that mostly benefit themselves and then sabotage other politicians attempts to do actual good because they're not benefiting themselves.
Taxes are not the problem. Those people are the problem, and we are going to have to do something about those people. I am working deliberately and relentlessly towards that goal instead. I believe in civilization and society and I will rebuild this fucking thing from the ground up, brick by brick if I have to.
That's a lot of people man. Poor and rich alike. Lots and lots of people cheat on their taxes, lie about their income, and use tax loopholes to reduce their tax burdens, both legally and illegally.
OP above doesn't have to report that 2500, and incredibly common for self employed people to vastly under report their income within about 10%. The vast majority will never be audited, but from those who have been audited the IRS draws the following conclusion:
“For example, overall, people reporting work earnings to the IRS that are between the 5th and 75th percentiles underreported self-employment income of $4,000 on average,” she said. “In contrast, those below the 5th percentile underreported self-employment income averaging $21,000 while those above the 95th percentile underreported self-employment income averaging $27,000, and this is a conservative estimate, as earnings above $250,000 are masked in the data.”
in other countries it's far worse. a major part of the 2009 Greek financial crisis was the fact 1/3 of Greek GDP is untaxed. that's 1/3 of the taxes missing entirely.
https://www.npr.org/2010/03/25/125125500/greeces-bottom-line-too-many-tax-cheats
Yes, I am very aware of this, I have known this since I started paying taxes. It's very, very abundantly clear. Legal loopholes are fine, I don't have to agree with the laws, but I do agree to follow them until we get them changed (which we must). But illegal tax dodging? Are you trying to convince me I should respect anyone for that? Even if I believed they have good motives or reasons, which I don't, there are lots of better ways to practice civil disobedience than withholding taxes like it's a fucking tip for good government.
it's not a matter of you respecting them. it's a matter of whether or not it's economically or legally worthwhile.
if the fine for cheating on my taxes is less than the tax i'd pay (and the returns I'd get on investing those taxes) it's worth it.
People behave according to incentives. If the penalty for under reporting your taxes was 20 years in jail and it was rigorously enforced, people would not cheat on their taxes as much. However, the punishment is:
In cases of substantial understatement, the accuracy-related penalty is 20% of the portion of the underpayment of tax.
So basically if I get caught, all I do is pay more tax, which might be scary to lower income people, but for rich people who can get MASSIVE returns on their untaxed income, it is stupid not to do it. if I can save 10,000 per year and invest it and turn it into 400K after ten years, then the 20% extra tax I'd pay on that withheld 100K is a not much of a penalty at all. It's 20K or 5% of the money I now have from cheating on my taxes. and even if i only double my money to 200K, I'm still only paying 10% of what I have earned.
shouldn't the penalty be 500K? that would make cheating on my taxes more costly than not cheating.
The billionaires are the thought leaders. Clearly they didn't just fail upwards, and should just be in charge of the direction of our entire society. These nepo babies should absolutely be in charge.
But but you can't tax the Holy Job Creators! /s
the jobs they create :
"Pack all this shit into a box so fast that you need to piss in a bottle"
Income is the worst way to make money.
Which is why these rich clowns don’t make (relatively) much money. All of it is capital gains and loans. Taxed far less and not at all, especially when it’s routed through all sorts of expenses and shell companies.
Pro tips:
Many jurisdictions don't require you to have a business license if your revenue is under a certain threshold and the work you do is unregulated. Basically, you can just decide you own a business at any time without filling out any paperwork.
Housecleaning, auto mechanic, and IT consulting businesses aren't regulated and can be used to justify 90% of common purchases. A YouTube channel is a business and can be used to write off anything you make a video about.
Any major purchases you made throughout the year can be declared as an asset of your business. If you say you only use it for business 50% of the time, it's practically impossible for anyone to disprove.
Also, 50% of the money you spend on those major purchases can be declared as a business loss, which further reduces your tax obligation.
So, let's say you bought a PC and a 3D printer this year. You can decalre both as assets belonging 50% to your business, declare half the cost as a business expense, and declare no income from the business. You can also declare half of your gas purchases as being for your business. You'll get a credit for the asset, and a credit for the "business loss."
Basically, you can create a company that has your home address as its HQ, say it didn't earn any money, but you invested in it. Then, declare ordinary purchases as assets and investments into the company by saying you use them for business 50% of the time.
There's no requirement to have a business license before telling the IRS you have a business. There's no requirement to run a business "well" and there's no penalty for running a business badly. Receipts aren't required to declare assets or losses, but you may need them if you're audited. You're unlikely to be audited due to the 50% declaration. If you are audited and you have receipts, you're covered.
Disclaimer: I'm not a tax professional and this isn't advice.
Not where I'm from. If you have a business in Florida, you must register with the state (about $130 a year), and the county (about $100 a year), and there's state licensing, depending on your business, and that's all over the place, but figure $350 a year. There's lots of other charges that will come up, too. Florida's hand is always out.
And then you have to sign up with the Department of Revenue and submit a monthly sales tax report, even if you don't collect sales taxes.
Ironically, the state border sign to Florida says "Welcome to the Free State of Florida!" where NOTHING is free.
Well how else are they going to subsidize the losses of the rich if not with your dollars?
During the previous administration, Congress passed the Inflation Reduction Act, which included $80 billion for IRS to hire more people to go after the rich. The CBO estimated that it would collect $200 billion in the next decade, but there were other predictions of $560 billion.
Trump reversed all of that. Elon Musk and DOGE fired 1/3 of the IRS work force.
Is it imperative you're miserable and barely scraping by. Top 1 priority. Actually, it's in your best interest, but you just don't realize it!
Pro tip: if you are actually making side income like this and reporting it to the IRS then in many situations you can deduct the costs of the things you needed to buy in the course of generating that income.
This does not work on W2 income, though, as much as it would be nice to deduct the costs of driving to an office etc
it's almost like the rich are the ones actually running the country
People tweeting stuff. We allow tweets from anyone.
RULES: