The applicable rules are that unrealized capital gains (that is, price increases on unsold assets) are generally not taxable income, and that long-term capital gains are taxed at a low rate. In 2011, when he had a net worth of $18bn, he was again able to pay no federal taxes  and even received a $4,000 tax credit for his children. Taken together, what Mike gives to charity and pays in taxes amounts to approximately 75% of his annual income, the spokesman said. There are actually four interconnected ways that the tax code is designed by and for the rich. In short, the international profits are magically assigned for tax purposes to a place with 0% corporate taxes.
Double taxation of 150% is not a realistic number in the 2012 income tax code.
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Double taxation of 150 % is not a realistic number in the 2012 income tax code .
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