Just saw the BBC news on US riches people barely paying tax: “US super-rich ‘pay almost no income tax“. This is a fundamentally flawed tax system. In the article, IRS and Mike Bloomberg talked about their privacy was jeopardized and they will hunt down those who leaked the information. Very interesting angle.
The growing wealth gap in USA is hurting the country and it is the No. problem to be sovled. The share of American adults who live in middle-income households has decreased from 61% in 1971 to 51% in 2019. During this time, the share of adults in the upper-income tier increased from 14% to 20%, and the share in the lower-income tier increased from 25% to 29%. Ref: https://www.pewresearch.org/fact-tank/2020/02/07/6-facts-about-economic-inequality-in-the-u-s/
Another problem is that many Americans don’t mange finance well. Some 40% of Americans would struggle to come up with even $400 to pay for an unexpected bill. Ref: https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html
Then I did another search comparing Amazon (Jeff Bezos, the richest in USA) and Alibaba (Jack Ma, the richest in China).
That’s because Amazon actually owed money to the federal government in 2019. After two straight years of paying $0 in U.S. federal income tax, Amazon was on the hook for a $162 million bill in 2019, the company said in an SEC filing on Thursday.
Alibaba paid more than 7 billion yuan (HK$ 8.9 billion) in taxes last year, averaging around 20 million in taxes per day, Jack Ma revealed in a company letter on Monday, according to The Beijing News.