The ultra-rich in the US haven’t paid taxes in a few years, research reveals

According to ProPublica, the 25 richest Americans pay far less in taxes than the vast majority of Americans. According to the news organization, Bezos did not pay any taxes in 2007 and 2011, while Musk did not pay in 2018, for example.

“Using perfectly legal tax strategies, many of the ultra-rich are able to reduce their federal tax bills to zero or close to it.” advance the investigation. The organization says it is analyzing a “vast set of Internal Revenue Service data” on billionaires’ taxes and will release more details in the coming weeks.

ProPublica used data that was collected by Forbes magazine and concluded that the wealth of the 25 richest Americans collectively increased by $401 billion between 2014 and 2018 but they only paid 13.6 billion dollars in taxes on income during those years. This amounts to a taxation of only 3,4%.

The list also includes philanthropists Warren Buffett and George Soros, entrepreneur Carl Icahn, and Michael Bloomberg, CEO of Bloomberg.

“While some wealthy Americans would pay more taxes under the current Biden administration proposals, the vast majority of the top 25 would see little change,” the investigation concludes.

To the “BBC”, a White House spokeswoman said the disclosure is likely “illegal” and that the FBI and tax authorities are investigating this leak.

Source: Expresso by

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