Netflix paid just 1.1 percent in Federal Tax

Re:Netflix paid just 1.1 percent in Federal Tax by mushbino on Thursday February 03, 2022 @02:46PM (#30197754)

What is a realistic example of what I'd have to do as an individual to get my tax burden down to 1%? Also, why do billionaires and those who need it the least pay proportionally less in taxes than I do?

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Re:Netflix paid just 1.1 percent in Federal Tax by jonas21 on Thursday February 03, 2022 @09:57PM (#30202248)

Just be an average American. 61% of households paid a 0% Federal income tax rate last year [1].

This was partly due to COVID-related tax credits, but even pre-pandemic, the number was around 44%.

I'm not saying this is a bad thing, by the way.

[1] https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-...

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Re:Netflix paid just 1.1 percent in Federal Tax by tlss on Thursday February 03, 2022 @05:14PM (#30199779)

Move to Cayman Islands or Monaco and convince the company to keep you on their payroll.

https://nomadcapitalist.com/global-citizen/countries-no-inco...

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Re:Netflix paid just 1.1 percent in Federal Tax by mushbino on Thursday February 03, 2022 @05:36PM (#30200010)

I meant based in the US like Netflix, Musk, and Bezos. All of whom pay nothing or next to nothing in taxes and are based in the US.

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Re:Netflix paid just 1.1 percent in Federal Tax by Amezarak on Thursday February 03, 2022 @02:56PM (#30197881)

Get married and have a few kids and for most working and middle class people, your federal income tax liability will be in that range or even below it.

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Re:Netflix paid just 1.1 percent in Federal Tax by patentatt on Thursday February 03, 2022 @04:36PM (#30199246)

Proof needed. This doesn't match my experiences at all.

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Re:Netflix paid just 1.1 percent in Federal Tax by Amezarak on Thursday February 03, 2022 @06:40PM (#30200659)

Here are the IRS tax tables:

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

Note that right away, it begins with taxable income. That means you've already subtracted the standard deduction (25k for married couples), and any pretax deductions like 401(k)s or HSAs, which could be up to ~25k, and health insurance premiums.

The current Child Tax Credit is 3600 for children under 6 (3000 for children 6 and over.)

So, based on the above tables, assuming that a married couple can do no better than the standard deduction, and qualifies for no tax credits other than two Child Tax credits, they have to have more than about 63k of taxable income to be paying any federal income tax at all.

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Re:Netflix paid just 1.1 percent in Federal Tax by mushbino on Monday February 07, 2022 @10:03PM (#30254474)

The poverty line where I live is $82,200.

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Re:Netflix paid just 1.1 percent in Federal Tax by davidrupp on Monday February 07, 2022 @10:08PM (#30254505)

Where do you live?

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