The Triumph of Injustice': U.Sbillionaires paid lower tax rate than  working class last year, researchers say - National Post

An Unbiased View of Richest 25 Americans have a "true tax rate" of almost nothing

In 2007, Jeff Bezos, then a multibillionaire and now the world's wealthiest man, did not pay a penny in federal income taxes. He attained the task once again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, likewise paid no federal income taxes. Michael Bloomberg managed to do the same in the last few years.

George Soros paid no federal income tax three years in a row. Pro, Publica, the investigative newsroom, has obtained a large trove of Internal Profits Service information on the income tax return of countless the nation's wealthiest people, covering more than 15 years. The information supplies an unprecedented appearance inside the monetary lives of America's titans, consisting of Warren Buffett, Costs Gates, Rupert Murdoch and Mark Zuckerberg.

Not known Factual Statements About No, the Richest One Percent Don't Pay 40 Percent of Taxes.

Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their reasonable share and the wealthiest Americans pay one of the most. The IRS records reveal that the wealthiest can perfectly lawfully pay income taxes that are only a small portion of the hundreds of millions, if not billions, their fortunes grow each year.

Pro, Publica is a not-for-profit newsroom that investigates abuses of power. The Secret IRS Files is a continuous reporting project. Register to be informed when the next installment releases. Many Americans live income to paycheck, amassing little wealth and paying the federal government a percentage of their earnings that increases if they make more.

ProPublica tax leak story: IRS files show how billionaires pay low tax

Little Known Facts About Billionaires who don't pay taxes aren't all that badReally, they.

The greatest earnings tax rate, 37%, began this year, for couples, on profits above $628,300.  The Latest Info Found Here  obtained by Pro, Publica show that the ultrarich successfully sidestep this system. America's billionaires avail themselves of tax-avoidance techniques beyond the reach of normal individuals. Their wealth derives from the skyrocketing value of their assets, like stock and residential or commercial property.

laws as taxable earnings unless and until the billionaires sell. To catch the monetary reality of the wealthiest Americans, Pro, Publica carried out an analysis that has actually never ever been done prior to. We compared how much in taxes the 25 richest Americans paid each year to just how much Forbes estimated their wealth grew because same period.