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#incometax

1 post1 participant0 posts today
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Nonilex

#Trump again criticizes the creation of the #IncomeTax in the US in 1913, arguing that it’s a mystery why the nation ever instituted one. American policymakers embraced the income tax for 2 reasons: to collect more taxes from the #rich & to pay for a growing federal govt.

Conversly, #tariffs disproportionately burden #LowIncome Americans, who spend more of their earnings on goods that tariffs make more expensive.

#economy#inflation#recession
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Steve Dustcircle 🌹

#OHIO #NEWS -

Ohio #Republicans introduce measure to flatten #incometax to 2.75%

Not just #DEI: Seven things to know about Ohio’s sweeping #highered bill

Ohio ‘Given Name Act’ proposes strict rules for names, #pronouns in #schools

Cuts to federal #foodassistance would devastate #Ohioans, #foodbanks that help supplement

Ohio #faithleaders advocate for #housing, #food in #statebudget

Ohio may join 19 states in trying to re-write the #USConstitution

flipboard.com/@dustcircle/the-

FlipboardThe State of Ohio News & Commentary | @dustcircleImportant updates on what will affect your life today and tomorrow, or yesterday (if we live in a timeless timeline). If you'd like to be a contributor, email dustcircle0@gmail.com
#flipboard#OH
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Danny Boling ☮️

"Only little people pay taxes." 🤏

#Musk's #Tesla had $2.3 billion of #income in 2024 but paid zero dollars in #federal #IncomeTax. Over the past three years, it reports $10.8 billion of income on which its current federal tax was just $48 million — a three-year federal tax rate of just 0.4% — more than 50x less than the statutory #corporate tax rate of 21%.

itep.org/tesla-reported-zero-f
Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

A screenshot of a chart included in the linked article. I had to swap the columns and rows to make everything fit here, and used lots of non-breaking spaces to get it all lined up. I hope that doesn't drive your screen reader (and you) crazy! Tesla Current Federal Income Tax Rates, 2022-2024                             Year     2022     2023      2024     3-Year Total                 US Income     $5.5B    $3.1B     $2.3B        $10.9B Federal Income Tax           $0     $48M          $0          $48M      Federal Tax Rate           0%      1.5%          0%            0.4% Source: Institute on Taxation and Economic Policy, January 2025
#USpol#trump#DOGE
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Richard Rathe

@timo21 @thepdog

See the Krugman article referenced after my original post.

Found this #map on Wikipedia... NM appears to be less of an outlier re "#NativeAmerican population by county." Interesting on many levels. No signal at all from #Florida, #Georgia, or #SouthCarolina? I suspect at least some of this absence is the result of the "Trail of Tears" events in the 1800s.

en.wikipedia.org/wiki/Trail_of

Key take home message is the same: "Richer" (or more heavily taxed?) states subsidize "Poorer" states... and it has probably been this way since shortly after the modern US #IncomeTax was passed in 1913. Poorer states in recent times tend to vote for #Republicans who mostly try to defund federal programs that help those same poor states. The proverbial shot in the foot!

Native American Population in the US (Map)
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Kevin Karhan :verified:

@anon_opin not to mention:

People who "make a living" off "#ConditionlessIncome" aka. #RoboWealth with #CapitalGains, #Dividents, #InterestRates and #Rent should also be subject to the same #SocialSecurity and #Healthcare #Premiums and #Insurance terms as if they were #WageWorkers with the same #income.

  • After all, even a #Billionaire or #Investor can become #unemployed by virtue of loosing #wealth and/or unable to work by virtue of an accident, and it's safe to assume they could even become in need of permanent care.

So it seems fair to demand they also pay their "#FairShare", cuz if I as a #WageWorker can afford ~18% for #HealthInsurance and ~30% in terms of #IncomeTax, then they too can afford that!

#SocialJustice#InomeEquality#Equality
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Kevin Karhan :verified:

@danwentzel I think so too.

Cuz I'm shure someone like Bezos and Musk can afford the 17,6% premium that everyone else with any income has to pay in return for not loosing coverage even if they debase and unhinge themselves so hard they'll go broke, have to #TouchGrass and fold cardboard boxes for a living.

  • It also pays for paid sick leave, ambulance rides, prescription meds and doctors' appointments.

Not to mention I'd see this as a sort-of "peace offer":

  • #AffordableHealthcare and execs will be offered clemency in the form of being stripped off their assets and sentenced to #CommunityService so they can undo the harm caused with real hands-on actions!

Cuz some humility would really fit them...

YouTubeQ vs. Guinan - Star Trek TNG - Whoopi GoldbergBy Veronique Laurent
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Simon Brooke

This is where Common Weal is JUST DEAD WRONG. This is a BAD plan.

Why?

It taxes the poor crofter and the working farmer at exactly the same rate as the vast holdings of hereditary aristocrats and unscrupulous #Greenwashing kleptocrats.

There is no incentive to split estates into smaller holdings: instead, economies of scale drive expansion.

Any #LandTax MUST have a proportional element -- as #IncomeTax does -- so that the more land you hold, the more tax you pay on each hectare.

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key jordan-abrams

general tip and advice:

don't use #KoFi for #MutualAid or #Crowdfund stuff, folks. it's not a gift. it's considered income instead of a gift, especially if you take payments through Stripe, and if you get more than I think six hundred dollars in total revenue from it in the United States, you'll owe #IncomeTax #SelfEmploymentTax taxes on it at the end of the year.

use direct transactions instead and either don't mark it as business, or mark it as a gift. these are the best ways to make sure that the money gets to the person you intend it to, and the best way to not end up fucked when tax season comes around if you file.

if you do use ko-fi in the United States, do yourself a favour and look up the percentage you're responsible for in self-employment taxes and then also actual taxes for your estimated income bracket, and then take that percentage and set it aside from anything that you take it from it.

it seems like a great platform but so does the wolf in sheep's clothing at the beginning. the end cost, if in the end you are wildly successful, has the potential to be steep if you're not expecting it.

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William Lindsey :toad:

"Economists are warning that Trump’s reported idea to eliminate the income tax and replace it with massive tariffs on imports would cripple the economy, explode the cost of living, and likely set off a trade war. And because the math doesn’t come close to working, it would also tremendously increase the national debt.

In other words, Trump’s latest notion is both economically and fiscally illiterate."

~ Charles Sykes

#Trump #economics #IncomeTax

theatlantic.com/newsletters/ar

The Atlantic · The flimsiness of TrumponomicsBy Charles Sykes
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