Finally tax education.

3 days. It took me 3 days.

next time on "omni-man explains" omni-man will explain to mark how to evade taxes legally

*opens Google* "Do...Viltrumites...pay...taxes?"

Between this and Master Chief explaining how to change the oil on your 2006 Nissan Murano, eventually all practical skills or bits of knowledge will be taught by fictional characters.

Next omniman explains how investments work. "Think Mark, THINK! WHAT WILL YOUU HAVE IN 500 YEARS!?"

Watch THIS be how dumb people come around on smarter tax policy.

"Well research into experimental death Lazers and CIA backed coups aren't cheap you know" That suprised me and made me chuckle

"Think Mark! Do you really think lobbyists would sit still while Congress passes tax reforms that would disfavor the rich?"

Now we just need to get Onmi-Man to explain deductions, rebates, refundable and non-refundable tax credits, and tax-exempt earnings.

Unironically a good explanation of taxes.

(Omni-man to the IRS) Omni-man: "You don't seem to understand. Taxes are not yours to collect."

Can’t wait to show this to my father to scare him

"You would think so mark, but a billionaire's lawyers are-" roll title screen.

Nice try fed. If you want money you can enter through the front door (there is no shotgun trap to worry about)

Thank you Omni-Man, you're an inspiration

"With all that money the government should be able to fix all the problems" "Well thats the thing, they dont"

PLEASE MORE THIS IS ACTUALLY REALLY USEFUL I BEG OF YOU MORE OF THIS TYPE OF STUFF

I, for one, welcome our Viltrumite tax reform Overlords.

I have learned more about economy in these 2 minutes than I have in my entire school life.

A fun fact, to a Libertarian this is actually the worst thing that Omni-Man has ever done.

Considering that most billionaires are business owners, with those businesses constantly getting bigger, they're capable of taking loans with low interest rates (Due to them paying those loans back being practically guaranteed due to their businesses) to pay for everyday things, and when that loan comes due, they can take out a slightly bigger loan to pay for that loan and continue spending the rest on everyday things because their wealth grew over that time. In this way, they can pretty much avoid actually having 'income' by not taking money out of their assets and therefore don't have to pay income tax.

Taxation isn't theft, it's a price people pay for living in civilised society. Amount of taxation on the other hand, oh, it absoluty can be.

As a political science major, this concise but funny explanation of progressive tax rates delights me. If you take suggestions for new topics: Regressive tax systems: Formally these don’t really exist anymore, ever since we got ol’ lady Guillotine, but in practice this is what Sales Tax does. The rich and the poor fundamentally have about the same basic needs that absolutely *need* to be fulfilled, IE shelter, food, water, etc. Let’s say it’s 2000$ a month (that’s not the number, but the actual number doesn’t matter). This obviously changes depending on a bunch of factors, but fundamentally, humans only need so much food/water in a given day, so the poor man and the rich man are, at the *bare minimum,* paying 2000$ a month to survive. Everything else is voluntary, they can buy more than that, but the floor is 2000$. Let’s say both the poor man and the rich man are frugal spenders, and they’re saving as much money as possible in case of a rainy day. But here’s where they diverge. See, the poor man is making 4,000$ a month, while the rich man is making 40,000$ a month. (Again, numbers are wildly wrong, but the specifics don’t matter). In a progressive income tax system, the poor man is taxed less than the rich man, based on their incomes. Let’s say it’s 10% for the money up to 4,000$, and 20% for the money from 4,001$ to 40,000$. So the poor man pays 400$ in taxes (10%), while the rich man also pays 400$ for the first 4,000$, and 20% of the remaining 36,000$ for 7,200$, making his total tax bill 7,600$. Now, this is a bit complicated, but it ensures that the poor man is functionally paying 10% of his income (400$), the rich man is paying 19% of his income (7,600$), ensuring the rich (who benefit more from common goods like roads, since they and their companies/investments use them more) pay more than the poor, while also making sure people can get raises without worrying about getting less money because they’re now in a higher tax bracket. No matter how rich or poor you are, the tax system is designed so that if you get a pay increase, you will get more money, even if it’s not *as* much money as it first appears. And notice, this system doesn’t tell you how to spend your money, it just relies on how much money you are taking in. But now let’s talk about sales tax. Let’s assume everything is the same. 2000$ living fees, 4,000$ pay for the poor man, 40,000$ pay for the rich man. But now there are no income taxes. Here’s the thing, governments need money to work. And a lot of US states in particular don’t use income taxes, and instead use sales tax. Which, at first glance, seems to be a fair system as well. Tax people on what they buy, simple, right? They’re doing business in the jurisdiction of this government, so they should pay the government. In theory, everyone is charged the same. In practice, it’s completely different. Let’s say the sales tax is 20%, for simplicity. Everyone is charged equally when they buy things, right? The poor man buys 2000$ worth of goods, he pays 400$ for it. Same as the rich man, 2000$ of goods, 400$ of taxes. But as you might be able to guess from the wildly different tax numbers from the progressive tax system, something is wrong here. See, 400$ is the same amount of money to the rich man and the poor. But it’s not the same *value.* 400$ is 10% of the poor man’s income, as mentioned before, but it’s only 1% of the rich man’s income, even though, again, the rich man, through his wealth accumulation, is benefiting more from the common good. Now, the rich man can, in fact, choose to buy more things than the poor man to balance the scales. But he doesn’t *need* to. And most people *don’t.* They choose to put their money in a bank or somewhere else safe, since rich people have rainy days too, and they want that money for later. The rich man *can* match the poor man in taxes by buying more things, but the poor man is *forced* to have the tax burden he does, because that money is tied to things essential to his survival. And this gets worse. Because while income taxes are solely based on your personal situation, and whether your wages change, sales taxes are based on prices of common goods. And when those prices go up, the tax burden increases on everyone, but again, because essential goods are a larger portion of the poor man’s income, it disproportionately hurts him. IE if inflation means the cost of essential goods per month rises to 3000$, the income tax rich/poor man aren’t happy. They’re losing an extra 1000$, aka an additional 25% and 0.25% of their income. However, the sales tax rich/poor man are both worse off than their income counterparts. Since if they’re now paying 3000$ for goods, they’re losing the 1000$ *and* 20% tax on it (200$). So while the actual percentage of income taken by the government for the income men remains flat (10% and 19%), the actual percentage of income taken by the government for the sales tax men jumps from 10% and 0.1% to 15% and 0.15% respectively, despite neither of those men doing anything to deserve such a bump (though I will again note that the rich man’s tax burden is already so low that the bump doesn’t affect him meaningfully, it’s the poor man who suffers). And you’ll notice, despite having the same amount of money sent to the government from the poor man in both systems, the amount of money sent to the government from the rich man varies *wildly.* I used large round values for easy math, but even if the income tax for the rich man in the first scenario was lowered to 10%, the same as the poor man’s bracket, the amount of money the rich man pays is wildly higher than the amount the sale tax rich man pays (4,000$ to 400$). If you’re wondering how “sales tax only” economies can have similar expenditures as to “income tax only” economies, it’s because a) there are more poor people, and b) they make sales tax *much* higher, taking more from their poorest citizens than the “income tax only” economies. Now, sales tax has a place in society. If an economic transaction is occurring, the government does deserve a cut of the profits for all the common goods used to facilitate that transaction. It can also be used to influence behavior, IE higher or lower sales taxes can incentivize or disincentivize consumer behavior. But when you rely *solely* on sales tax, and institute no income taxes whatsoever, you are essentially creating a regressive tax system in all but name. You may *feel* like you are taking home more of your paycheck without an income tax, but in reality you are providing subsidies to the people who make more money than you. Edit: Formatting

You'd certainly think so. But billionaires are ***title card***

"With so much money, the government must be able to fix all of our problems" would've been a perfect time to have Cecil teleport onto the scene.

I want omniman to explain the Laffer Curve next.

Make this a series please. People need this

Let me break it down for you Mark

LOL at "the government uses the money for the common good" bit LMAO even

You know what I realized. When the government wants to get something done, like banning TikTok they can actually get it done relatively fast instead of other things others would find to be more positively impactful. Kinda weird

I absolutely lost it at "CIA Backed Coups"

had this literal conversation with my dad.

"You'd certainly think so"

As a German who is studing tax-law at a university right now, this video was painfully accurate.

take notes american education system

"TAXES MARK TAXES"

Omni Man’s voice is so nice to listen to. You should have him read a book. Now that would be an audiobook I’d listen to.

Just remember, every time Cecil teleports it costs taxpayers $5,000,000

This taught me more than school ever did.

Mark: And if people don't pay? Omniman: Well, then the goverment does certain thing, do you want me to show you? Mark: Yeah *cut to the scene where Omniman is using Mark as a battering ram against the people in metro*

I'm glad you helped more people understand something they should really know. Making more income can never cost you more overall because only income over the next tax bracket is taxed at that amount. It does make the math harder but it also saves you money.

I was expecting omni man to break dance...

3 seconds and Omni man starts breaking it down

This could almost be a real scene from the show if you just threw in a line or two like "On Viltrum, of course, taxes are a lot different than on Earth."

We love avoiding paying taxes!!

Please tell me this will be an ongoing segment. I learned a lot from this!

Actual healty conversation between omni man and mark

In my nation, we got this system were a certain number of your income is always untaxed, to assure you always can afford basic needs. It's a cool concept

The post credit scene: Omni man explains debt based fiat.

I learned more about Taxes from this than I ever did in school

please do other complex topics this way i love it i cant wait to see more of your work

I was expecting, like, the worm after he said break it down.

It's sad that we have arrived to a state were we need to be educated by shitposting... The future is belak.

Good job would love to see a part 2

This should be a series

This is awesome because I learned exactly about this in ap microeconomics today

Episode 2 when?

Would love a part 2 to this

this is so good, I am sad it has ended. please teach me more about taxes through this entertaining format!!!

...are there any Georgists in the house?

This is actually a great explanation.

I like that they took it outside for the confusing part. Don't mind that giant crater behind mark

“Dad….how do taxes work? “That’s the neat thing, they don’t”

And they do when they sell the thing that makes them Billionaires. The government will almost certainly see that money. But in the meantime they leverage their stock to take out loans, and progressively they pay those loans with other loans. Less infinite money glitch and more pushing the tab further down the road until it eventually gets picked up. And eventually the owner will sell or die. And at that point the government gets so much more in a lump sum than if they had gotten it throughout the years.

This is needed in every school

I need more of this, Please. Next is could be how to do a tie or finance for the future.

My cousin's teacher used this in business studies today. Congratulations, the meme has entered education.

Can you teach me how to do my taxes next Omni man

Did we just steal the video format of UndeadHumor ?

Thank you for the guide, very useful

This is surprisingly good and the media this skit uses is certainly eye catching. You've got the gold mine here.

was the volume really low or is it just me?

Oh lord. KZfaq is a beautiful thing.

This is actually a great explanation AND tongue in cheek critique, well done

A masterpiece. Happy to support this channel

Keep in mind, the median income in the U.S. is ~40k. People who make around that much - and I say this from personal experience - pay over 20% in income tax across federal, state, local, and social security and medicare (which are also taxes even though they're for some reason counted differently). To put this into perspective: that means if you are middle class, you are working one day of every week for absolutely free. And that is before sales tax, gas tax, inflation (which is a tax), capital gains tax if you decide to invest, property tax (if you rent, you're paying it indirectly), gift tax, death tax, employers required to match social security (you're paying it indirectly) and literally millions of pages of bloated laws and "regulations" which function as a hidden tax by needlessly burdening the ecconomy.

Think about how much food or medicine we could have if we didn't send so much to a genocidal apartheid in the middle east.

This is very calming and well done.

This is so good you could show it in a classroom

Holy shit. I was expecting a meme that spews about how taxes and government are evil but instead got a genuine information about taxes. Effectively taxing billionaires is a difficult task however.

The keyword people always seem to leave out is "disproportional" At a fixed rate people making more would already pay more, a "progressive tax system" just means they pay disproportionately more relative to the value they produce & income they make. It's essentially a tool to slow income mobility since the already rich can afford the swaths of lawyers to pay the exact minimum, and the becoming-rich can't.

Nolan saing "you'd sertainly think so Mark" at the end is the icing on the cake 😁

Finally! Thank you for the info

To give a more concrete example, suppose you make $4500. Income tax brackets goes like this 0% - $0-$1000 10% - $1001-$2000 20% - $2001 - $3000 30% $3001 and above Your tax will be: $0 on the $1000 bracket + $100 on the $2000 bracket (10% of (2000-1000) = 10% of 1000 + $200 on the $3000 bracket (20% of (3000-2000) = 20% of 1000 + $450 on the top bracket (30% of (4500 - 3000) = 30% of 1500 Tax due is (0 + 100 + 200 + 450 =)$750 out of $4500. Your effective tax rate is 16,66667%. If you were to earn $10000, your taxes would be ($100 + $200 + 30%(10000-3000)) = $2400 or 24% effective tax rate. Of course, I used simple numbers to make the math easy to follow. But this is what progressive income tax actually is. Adjust the rates and the brackets and this is exactly how you calculate it. It is not actually 30% in this example, but it goes there assymptotically. In my country, 80% of the government's budget is to pay wages and benefits to politicians and public sector workers. And I don't think it's much different in other countries. So when you ask for "free" wathever the fuck, you're actually asking to pay a politician to pay shit for you with your own money. Reject neo-feudalism. Taxation is theft.

Another common mistake is people believing that their gross income would be the same if the tax code were different, or if taxes didn't exist altogether (the "tAxEs aRe ThEft" people). Your company benefits from countless services paid for by taxes, so no, your pay would not be the same and if they had to pay for these things as private services you'd probably be paid a lot less. As for the argument that privatizing public services will make things more efficient: no, it won't. It's never done that, and in many cases leads to severe conflicts of interest. Perhaps there are people who wouldn't mind having a toll booth waiting at the end of their driveway, but I think most people have more sense than that.

we need more

This is why JK Simmons does insurance ads. He’s so knowledgeable on money

"lol jk they send it over to ukraine and then fill their own pockets"

Yes but also it's discriminatory and people are known to make arrangements under the table with their employer to not be paid money that would put them in another tax bracket to have to pay more. And the majority of billionaires aren't billionaires because of income, they're billionaires because of assets, stock and net worth. They're also not taxed the income the same because the government set to tax them also gives them special loophole found by expensive lawyers that the expansive accountants and asset managers get tasked with putting as much of their money into that special asset that's not taxed at all that's liquid enough to be turned back into money quickly. Usually it's just easier on systems that just have flat taxes as no matter what someone who's earning more will always pay more and that way tax evasion can be more easily found but it's also streamlined. Again, the billionaires will have their safe assets irregardless, not to mention "the government can give people everything" just creates this codependence on government welfare which is inherently discriminatory and will tip the scale into creating a government monopoly. I'd go on a long winded thing in welfare but let's just say, if you're getting paid by the government in form of income, welfare, treasury bond profits or bail outs, you shouldn't be able to vote, in case of the bailed out company, it applied to anyone under the company. Else you're incetivized to vote more of that which is taken from others, to yourself.

BUT, before you try to tax me, don't forget, I'm... *titlecard*

This is some of your most creative work lately. What's more, I think it could really help some people. More please!

Defence Spending is actually the US governments 4th most expensive spending. 1st is social security at >1 trillion 2nd is interest on government loans at ~1 trillion 3rd is Medicare at 649 billion 4th is defence at 648 billion furthermore taxing executives and shareholders more than other classes just causes them to increases the price of the goods they sell to compensate for it, costing lower income individuals more money.

Simple Mark, taxation is a form of theft.

In a minute and thirty seconds, this has taught me more then encomics back when I was is hs

I was hopping for Omni man to start break dancing in the floor

A.I.? Really?

AI, unsubscribed

Thank you for teaching me more about taxes then the entirety of my civics course’s combined.

This was really well done.