jacksonza
1 post
Jun 10, 2021
8:09 PM
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The investigative media hasamb ambbet revealed that American billionaires Musk, Bezos Soros, rarely pay income taxes,
Bloomberg reported, citing investigative media website ProPublica. The top 25 richest American billionaires, such as Tesla's Elon Musk, Amazon's Jeff Bezos and George Soros, rarely pay federal income taxes or pay nothing at all. year
ProPublica, which claims to have seen documents show taxpayers to apply for a tax identification Jeff Bell chain does not pay income tax in 2007 and 2011 Elon musk was not paid in 2018,
the wealthy few. Those who rarely pay federal income taxes include billionaire media business owner Michael Bloomberg and former New York City mayor Carl, an investor and activist.
IcahnMany pay income tax below the 37% rate set for the highest earners. But if compared to the asset value that Forbes magazine reported. The 25 richest American billionaires combined their wealth increased by $401 billion between 2014 and 2018. According to the tax data obtained by ProPublica during that time, they paid only $13.6 billion in income tax, or Just 3.4% of the asset value added,
however, ProPublica said the billionaires did not break the law of filing taxes. but using tax evasion methods that ordinary people cannot They also benefit from gaps in the law. because of the word "Taxable income" according to US law does not include the increased value of assets such as stocks, real estate, and yachts, unless these assets are sold and made to generate income.
A Soros representative later told ProPublica that Soros would not have to pay income taxes in 2016-2018 because his investment was at a loss. Bezos reported in 2011 that investment losses were greater than revenues, so it could show a loss that year. And also receive a $4,000 reduction in child support expenses.
As the US Treasury prepares to investigate the disclosure of tax filings because it is illegal
The news comes at a time when President Joe Biden plans to raise taxes on the billionaires to invest in the country's infrastructure projects. It will also raise the maximum income tax rate from 37% to 39.6% and nearly double the tax on investments to 39.6% on Americans earning less than $1 million a year.
Last Edited by jacksonza on Jun 10, 2021 8:10 PM
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