Research by the “ProPublica” platform shows that some US billionaires sometimes do not have to pay any income tax at all.
The research portal ProPublica got his hands on a record of the US Internal Revenue Service (IRS). It contains so ProPublica, Tax records from the past few years from thousands of the wealthiest people in the United States. These include such prominent super-rich as Amazon founder Jeff Bezos, New York’s ex-Mayor Michael Bloomberg, major investor Warren Buffett, Tesla boss Elon Musk, media tycoon Rupert Murdoch, Microsoft founder Bill Gates and Facebook boss Mark Sugar Castle.
The documents are supposed to show how low the taxes are that many super-rich have to pay. This is mainly because they can use legal tax loopholes for themselves. The highest income tax rate in the US is 37 percent. It is due for income over $ 628,300. The 25 richest pay out loud ProPublica on average, however, only a tax rate of 3.4 percent. This is the conclusion of the research portal by calculating the federal income taxes of the 25 richest for the years 2014 to 2018 according to their asset growth according to the Forbes– Billionaires list juxtaposes.
Buffett paid 0.1 percent
“The IRS data shows the super-rich can quite legally pay income tax rates that are a tiny fraction of the hundreds of millions, if not billions, that their wealth grows each year,” concludes Mr. ProPublica. For example, in 2007 and 2011, Jeff Bezos did not pay a penny of income tax in the United States. Elon Musk did the same in 2018. Warren Buffett, on the other hand, had an asset increase of 24.3 billion euros from 2014 to 2018, for which he, based on the calculations of ProPublica, only paid 0.1 percent tax.
4/ Rather, these IRS records show the wealthiest can—perfectly legally—pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year. pic.twitter.com/T04W3be5SQ
— ProPublica (@propublica) June 8, 2021
The latter is also noteworthy in that Buffett actually advocates higher taxes for top earners. In a statement opposite ProPublica he announced that he plans to donate 99.5 percent of his assets to charity. While he continues to support a fair tax system, he believes it makes more sense for society to “philanthropically distribute” wealth than to use it to “slightly reduce the ever-increasing US national debt.” (as)