Wealthiest Americans Pay Next to No Income Tax, ProPublica Report Finds
June 9, 2021
4,119
36
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1.87%
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1:52Now PlayingWealthiest Americans Pay Next to No Income Tax, ProPublica Report Finds
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as posted by the channelSeveral of the world’s most prominent billionaires paid minimal to no federal income tax in some years, ProPublica reported on Tuesday, citing confidential Internal Revenue Service records it had reviewed.
The world’s wealthiest individual, Amazon.com Inc. CEO Jeff Bezos, did not pay any federal income tax in 2007 and 2011. Tesla Inc. CEO Elon Musk managed to do the same in 2018. Bloomberg LP founder Michael Bloomberg and investors Carl Icahn and George Soros were also shown to have paid minimal rates of federal income tax in recent years.
Between 2014 and 2018, Warren Buffett’s wealth is reported to have risen by as much as $24.3 billion and he reported paying $23.7 million in taxes, according to the data ProPublica reviewed, a “true tax rate” of 0.1%.
ProPublica says the data were provided to the news organization after it published a series of articles examining the IRS. The news organization said it didn’t know the identity of the source and didn’t ask for the information sent to it.
IRS Commissioner Charles Rettig said at a Senate Finance Committee hearing Tuesday that his agency is opening an investigation into the source of the information.
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