All about Americans want the wealthy and corporations to pay moreWhen they do, they earn money and they get taxed. The federal government thinks about practically every dollar employees earn to be "earnings," and employers take taxes straight out of their incomes. The Bezoses of the world have no requirement to be paid an income. Bezos' Amazon wages have actually long been set at the middle-class level of around $80,000 a year.Steve Jobs took $1 in salary when he went back to Apple in the 1990s. Facebook's Zuckerberg, Oracle's Larry Ellison and Google's Larry Page have all done the very same. Yet this is not the self-effacing gesture it appears to be: Incomes are taxed at a high rate. The top 25 wealthiest Americans reported $158 million in incomes in 2018, according to the internal revenue service information.Are US Billionaires Really Paying A Lower Tax Rate Than Working People? Probably Not- Tax Policy CenterSecret tax data confirms Jeff Bezos, Elon Musk, other - Truths1% of what they listed on their tax types as their total reported income. The rest primarily originated from dividends and the sale of stock, bonds or other financial investments, which are taxed at lower rates than incomes. More In-Depth hold quick to shares in the companies they've established. Buffett, for instance, has notoriously held onto his stock in Berkshire Hathaway, the corporation that owns Geico, Duracell and stakes in American Express and Coca-Cola.From 2015 through 2018, he reported annual income varying from $11. 6 million to $25 million. That might appear like a lot, but Buffett ranks as roughly the world's sixth-richest individual he's worth $110 billion as of Forbes' estimate in Might 2021. A minimum of 14,000 U.S. taxpayers in 2015 reported higher income than him, according to IRS information.Are US Billionaires Really Paying A Lower Tax Rate Than Working People? Probably Not- Tax Policy CenterUS billionaires paid lower tax rate than working class last year, researchers say - The Boston Globe7 Easy Facts About Fact Sheet: Taxing Wealthy Americans - Americans For Tax ShownBerkshire does not pay a dividend, the amount (a piece of the revenues, in theory) that numerous companies pay each quarter to those who own their stock. Buffett has always argued that it is much better to use that money to discover investments for Berkshire that will even more improve the value of shares held by him and other financiers.
