politics

The current status of the USA in two sentences

I like pleasure spiked with blockchain and music is my aeroplane. It's my aeroplane. @pizzadao underboss & /politics contributor. Featured in "Number Go Up"

Who determines how much tax Amazon is required to pay and who voted those people in?

Well there's a difference between Amazon paying taxes and Bezos paying taxes. I assume this was referring to Bezos cause I'm sure 99% of the taxes he pays are on capital gains and property. He likely doesn't pay much in capital gains and just takes out loans against his shares in Amazon.

If he is playing within the rules then maybe there’s something wrong with the rules.

Right, well right they often don't. Part of the problem is that people don't like to pay taxes but you can't pay for things without taxes.

My point is that the tax code is determined by congress directly or indirectly. People can vote for their own interests but often don’t.

In the USA there are two types of capital gains, short term (holding less than 1 year), vs long term (holding 1+ years). Short term are taxed the same as income, but long term capital gains taxes in the USA are 0%/15%/20%, depending on certain things like taxable income and filing status. Most people are paying 15% on long term. Very wealthy make most of their wealth through long term capital gains, whereas poor and middle class people make mainly through hourly wage/salary (income). Income tax brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%.

In Canada we effectively pay 25% on all capital gains as there are no short vs long term capital gains.