Very rich person Tim Allen, the star of the classic TV sitcom Home Improvement, is annoyed that he should pay more in taxes than the common man. Allen took to social media to rant against the idea and make a really lame joke about a pig.
The point of contention seems to be with the idea that people who make more money should “pay their fair share.” This idea that we should “tax the rich” is a popular one for progressives and liberals, and it’s a clear point of distinction from rich Republicans who support fewer taxes (more on that in a second).
Allen, in addition to being the star of the most popular sitcoms ever, is also the voice of Buzz Lightyear for Disney and appeared as the character in four Toy Story movies and countless other projects, including commercials and video games. He’s also starred in a number of movies in the Santa Clause franchise. And a lot of other movies. So, in simple terms, he is incredibly rich.
When Home Improvement was at its peak, Allen was making around $1.25 million per episode. His paycheck for Toy Story 2? Around $5 million, per Fox Business, which puts Allen’s net worth at upwards of $100 million. Let’s dive in a little and explore two schools of thought here.
One idea is that Allen is so rich that he should pay a proportionate amount of taxes compared to his income like the rest of us. The truth is people who make more money get taxed more. On the other side of the equation, Allen has worked his whole life to earn his money, and he doesn’t want to give it away to taxes just because he makes more than everyone else.
Let’s look at some data. A recent study by the Internal Revenue Service (IRS) illustrated that 95 percent of Americans think it’s a civic duty to pay taxes. Many people also assume that big businesses and rich people get tax breaks and are benefited by the law, but according to The Hill, American businesses shoulder 93 percent of the tax burden.
There’s also this idea that corporations and rich people enjoy tax breaks and so-called loopholes, but how accurate is that? Per The Hill:
“The truth is that the current tax code allows carry forward losses, tax credits for investments in research and development (R&D), investment in equipment and machinery, and stock-based employee compensation. These constitute tax avoidance — not tax evasion.”
Regular Americans also enjoy loopholes, with things like “deductions for business expenses, medical expenses, charity, child tax credit, mortgage interest, and refundable tax credits.” The truth is the issue is not so cut and dry. However, no matter how you spin it, bitching about how much money you have to pay in taxes when you’re a celebrity and have more than $100 million is not a good look.
Everyone pour one out for Allen and his incredible tax burden.