But one crucial aspect of his ascent to stratospheric wealth has transpired out of public view. Using the same prowess that he’s applied to race tracks and options markets, Yass has taken aim at another target: his tax bill.
There, too, the winnings have been immense: at least $1 billion in tax savings over six recent years, according to ProPublica’s analysis of a trove of IRS data. During that time, Yass paid an average federal income tax rate of just 19%, far below that of comparable Wall Street traders.
Remember when billionaires cut their tax bill it’s patriotism, when middle-class workers do it, it’s socialism or communism.
And when billionaires pay less, the middle class has to pay more to make up the shortfall.
intercst:“And when billionaires pay less, the middle class has to pay more to make up the shortfall.”
Spoken by one who has used every tool to eliminate ‘regular income’ and every deduction and break in tax rates for dividends and cap gains…
Really? He makes a billion a year. Pays 19%…hmmm…that’s only a measly 190 MILLION in taxes a year - income taxes…plus who knows how much in real estate, sales and other taxes?
Whine on.
Yeah, he’s amassing a fortune. Probably go to some foundation somewhere all tax exempt like Buffet and Gates and other billionaires.
You are avoiding the math. He is paying less than his fair share. That leaves the load to the middle class.
It is not whining to say that. It is blocking out basic math and good economic policy to avoid the discussion.
I always get the feeling the opposition to a fairer tax scheme are fantasizing about being billionaires one day.
It does not take an unfair tax scheme to become a billionaire. It takes an business acumen very few people have. Taxes are not a problem when you can make such money.
The major economic concept in all of this is the concept of economic burden. The burden is on the middle class. There is almost no such thing as an economic burden on the billionaire class.
A fair tax scheme realizes in larger part the concept of what an economic tax burden is.
For Intercst to be discussing the craziness of taxes on the middle class it is not lost on any of us. It is not lost on the billionaires either. WEB has made an issue of it. Gates is not far behind.
We MUST recognize our culture in the US is one of using people. Using people must end. Just getting ahead using the next guys is wrong.
So you get to decide what his ‘fair share’ is? Hmmmm…
Leap:“That leaves the load to the middle class.”
You mean 190 million he pays in taxes EACH year doesn’t provide for fire protection of his house, police protection, nor schools for his non-existent kids?
Your problem is your really opposed to wealth and getting wealthy.
You’d have tax rates so everyone would wind up middle class and there would be no incentive to do better.
Maybe you need to read Atlas Shrugged again - if you haven’t read it at all? The whine of the politicians was tax the rich to death…confiscate their assets and redistribute them (to cronies)…
Your problem is your really opposed to wealth and getting wealthy.
You’d have tax rates so everyone would wind up middle class and there would be no incentive to do better.
Maybe you need to read Atlas Shrugged again
Telegraph,
Ayn Rand was a drama writer not a realist or an economist. She is unimportant to any of this. Lets leave fiction out it.
I am not opposed to wealth. You are assuming something about anyone who discusses this topic in a different way than you see it.
I am for the wealthy getting wealthier. I am for a better tax scheme.
I am not for everyone being middle class. I am for the poor being middle class as well. I am again for the wealthy getting wealthier as the middle class consume and save with the wealthy.
You decide that no one would have an incentive if taxes were hire on people making a lot of money? WEB wants hire taxes on himself. Tell him how he would be unincentivized. You v WEB on taxes?
There is a side of this where you seem to be assuming if taxes were kept low you would get much wealthier. It does not happen that way. You only really need the business acumen.
We all have some abilities business wise. Some of us more than others. The tax code is not where it starts or ends. That is a lame excuse for not being wealthy or wealthier.
Again using other people is not a route to wealth. Avoiding taxes is not a route to wealth. Business acumen is.
Tele: So you get to decide what his 'fair share' is? Hmmmm.....
Yes. We all get to decide what a fair share is. More correctly, we all get to have an opinion about fairness.
In the bigger picture, we need to look at facts and then formulate our own opinions.
The fact is that investment income (interest, dividends, capital gains) are taxed at lower rates than wages. If we cannot agree on that, a reasoned discussion is going to be impossible.
Based on that fact, we all get to have an opinion on the fairness of that situation. Some may think it’s fair. Some may not. Those who are citizens get to express that opinion by voting. If you think the current situation is fair, vote for people who will leave that taxation alone. If you think it’s not fair, vote for people who will change taxation.
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Really? He makes a billion a year. Pays 19%…hmmm…that’s only a measly 190 MILLION in taxes a year - income taxes…plus who knows how much in real estate, sales and other taxes?
Millionaires and billionaires have their money invested in businesses which employ millions of people and also in banks which earn their keep by by loaning money to people like you. (Smart people put their money in and get loans from Credit Unions
A credit union is a financial institution that is owned and controlled by its members rather than shareholders. The members of the credit union pool their deposits and provide loans and other financial services to each other.
It does not take an unfair tax scheme to become a billionaire. It takes an business acumen very few people have. Taxes are not a problem when you can make such money.
Tru dat!
Methinks once y’all get past your first million; billionaire isn’t all that far away*!*
We all have some abilities business wise. Some of us more than others. The tax code is not where it starts or ends. That is a lame excuse for not being wealthy or wealthier.
Again using other people is not a route to wealth. Avoiding taxes is not a route to wealth. Business acumen is.
