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Monday, June 24th, 2024

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Author:     Jesse Eisinger, Jeff Ernsthausen and Paul Kiel
Source:     ProPublica
Publication Date:     June 8, 2021 | 5 a.m. EDT
 Link: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
Stephan:  

If American voters are stupid enough to elect criminal Trump for President, which I hope does not happen, he has promised his uber-rich backers he will lower their taxes and through imposing tariffs raise yours. What most Americans don’t seem to comprehend is that the uber-rich already pay only a tiny faction of the tax rate you pay, and sometimes, they pay no income taxes at all. This article from ProPublica will give you the facts. The obscene wealth inequality in the U.S., the worst amongst all the developed democracies, is in large part the result of a tax system that is already rigged by corrupt Congress members to favor the rich.

Credit: ProPublica

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.https://audm.herokuapp.com/player-embed/?pub=propublica&articleID=secret-irs-files-eisinger

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the […]

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2 Comments

  1. Albus Eddie on Monday, June 24, 2024 at 6:03 am

    Another excellent article by an organization that still does top quality journalism. What you are seeing is a feature of the system, not a bug. The tax system has been built layer upon layer over successive administrations both Democrat and Republican. These administrations tax income – what it is you earn dear reader – at a much lower rate than dividends, stocks, bonds and other investments. Lets face it folks, the two party system is ripping us off, and has been for many years. Change the structure and you will change the outcomes. Connect the dots, think outside of the box.

  2. RevDean on Monday, June 24, 2024 at 10:07 am

    I totally agree with you, Mr. Eddie, and would add that if this were a true Democracy, we would change it all. The top leaders in OUR country should just TAKE all of this money which the Bilionairs have and spread it out to the poor, and toward a better Health Care System, and making Solar Energy free for all people in the country so no one has to pay for electricity, as well as newer cars for the disadvantaged; especially older folks like me who do not make enough money from Social Security to buy even a used car at today’s prices. We should RISE UP AND DEMAND THIS TO HAPPEN!!! P.S.: And we should do it NOW!