Downloaded from: justpaste.it/5rjjd
25 richest Americans paid little to nothing in
federal income taxes: Report
Billionaires like Jeff Bezos, Warren Buffett, Elon Musk and George Soros benefit from a complex web of
loopholes in tax code.
The 25 richest Americans,
including Jeff Bezos, Michael
Bloomberg and Elon Musk, paid relatively little — and sometimes
nothing — in federal income taxes between 2014 and 2018,
according to an analysis from the news organization ProPublica
that was based on a trove of Internal Revenue Service tax data.
The analysis showed that the nation’s richest executives paid just
a fraction of their wealth in taxes — $13.6 billion in federal income
taxes during a time period when their collective net worth
increased by $401 billion, according to a tabulation by Forbes.
The documents reveal the stark inequity in the American tax
system, as plutocrats like Mr. Bezos, Mr. Bloomberg, Warren
Buffett, Mr. Musk and George Soros were able to benefit from a
complex web of loopholes in the tax code and the fact that the
United States puts its emphasis on taxing labor income versus
wealth. Much of the wealth that the rich accrue — like shares in
companies they run, vacation homes, yachts and other
investments — isn’t considered “taxable income” unless those
assets are sold and a gain is realized. Even then, there are
loopholes in the tax code that can limit or erase all tax liability.
Administration officials said on Tuesday that federal authorities
were investigating the disclosure of private tax information, which
can constitute a criminal offense. “Any unauthorized disclosure of
confidential information by a person with access is illegal,” Jen
Psaki, the White House press secretary, said at a briefing. “We
take this very seriously.”…Read More