The Compilation Prepared by ProPublica based on data from the US Internal Revenue Service. For example, Amazon owner Jeff Bezos did not pay taxes in 2007 and 2011, and Tesla owner Elon Musk did not pay taxes in 2018, the portal says.
According to the analysis, the richest American businessmen returned a fraction of their wealth in the form of taxes to the state: A total of $13.6 billion was paid in federal income tax during a period in which their combined net wealth increased by $401. One billion – Writes The New York Times with reference to comparison.
The 25 richest Americans, including Jeff Bezos, Mike Bloomberg and Elon Musk, paid relatively little — and sometimes none — federal income taxes between 2014 and 2018, according to an analysis of IRS filings by ProPublica. https://t.co/IsZyRbMT53
– The New York Times (nytimes) June 8, 2021
A White House spokesperson called the leak “illegal,” while the FBI and IRS are investigating.
On the other hand, ProPublica said it is analyzing a set of data on taxes on billionaires, which it described as huge, and will publish more details in the coming weeks.
The alleged leak occurs at a time when debate is growing about how much tax the rich pay and inequality is growing – Mentionsed BBC.
According to ProPublica, the 25 richest Americans—with 15.8 percent of adjusted gross income—pay less taxes than most American workers.
We were surprised that that tax could go down to zero for billionaires. “The rich can get around the system completely legally,” said Jesse Eisinger, senior correspondent and editor at ProPublica on Today.
“By using perfectly legal tax strategies, many wealthy people are able to reduce their federal tax bill to zero or nearly zero,” even if their fortunes have risen in recent years, the portal says.
The wealthy, like the average citizen, are able to lower their income tax bills by drawing money from investments rather than charitable donations or wages.
The US president previously announced that by raising taxes on the richest Americans, he would eliminate inequality and, in part, would generate the money needed for massive infrastructure investments.
Joe Biden’s plans include raising the highest tax rate, doubling the income tax on high-income investments, and changing the inheritance tax.
However, the ProPublica analysis concluded that “while some wealthy Americans, such as hedge fund managers, would pay more taxes under the current proposals of the Biden government, there would be little change in the vast majority of the top 25 people.”
Philanthropist Giorgi Soros reportedly paid a minimum amount of taxes. His office did not respond to a BBC inquiry, but said in a statement to ProPublica that Soros had not had to pay taxes in some years because he had fallen for her investments. The statement also said that Giorgi Soros has long supported raising taxes on the richest Americans.
Is diversion illegal?
Michael Bloomberg, the former New York mayor – whose tax details are also included in the document – said the disclosure raises data protection concerns, and so he would use “legal means” to uncover the source of the leak.
The investigative website ProPublica has written several articles about budget cuts by the US Internal Revenue Service that prevent tax authorities from imposing tax rules on rich and large corporations. The news agency said it had received the leaked documents in response to the articles.
White House spokesman Jen Psaki said that “unauthorized disclosure of classified government information” is illegal.
Treasury spokesman Lily Adams wrote to Reuters that the case had been referred to the FBI, federal prosecutors and the Treasury’s two internal oversight bodies, “which, without exception, have independent investigative powers.”
“I cannot comment on specific taxpayers. However, I can confirm that an investigation is underway into allegations that the source of the information in this article is from the Tax Office,” said Charles Rettig, a spokesman for the IRS.
(Cover Photo: Jeff Bezos, Michael Bloomberg, Elon Musk. Photo: Arif Hudaverdi Yaman/Anadolu Agency/Getty Images/Logan Cyrus/AFP/David Livingston/Getty Images)