The apparent tax avoidance that characterizes U.S. billionaires like Bezos, Musk, and Soros is striking, sometimes going so far as to pay no income taxes at all, contrary to what is generally thought, according to documents obtained by Propublica.org.
If anything, the percentages of income taxes paid by them are much lower than those contributed by ordinary citizens, relative to the increase in their respective fortunes, according to ProPublica’s June 8 chart.
The record for not paying even a single dollar in taxes on multimillion-dollar annual incomes was achieved by Jeff Bezos in 2007 and 2011 and Tesla founder Elon Musk in 2018.
Likewise, Michael Bloomberg has also failed to pay tax during the last few years. For his part, billionaire Carl Icahn made no income tax contributions for two years, and the financier of the world’s leftist movements, George Soros, also failed to do so for three years in a row.
These astonishing tax maneuvers are made possible by the amounts of exemptions they resort to and are also applied by billionaires such as Warren Buffett, Bill Gates, Rupert Murdoch, and Mark Zuckerberg.
According to documents from the Internal Revenue Service (IRS), which is in charge of tax collection and enforcement, tax burdens are not equitable for all citizens.
These reports: “Taken together, they debunk the fundamental myth of the American tax system: that everyone pays their fair share and that the wealthiest Americans pay the most,” argue authors Jesse Eisinger, Jeff Ernsthausen, and Paul Kiel.
Moreover, IRS records show that the wealthiest may pay tiny income taxes relative to the gigantic incomes they earn and that they add to their immense fortunes each year.
ProPublica notes, “In recent years, the median American household earned about $70,000 annually and paid 14 percent in federal taxes.”
It adds, “The highest income tax rate, 37 percent, kicked in this year, for couples, on earnings above $628,300.”
On the other hand, the leaked documents received by Propublica.org. coincidentally occurred while Democrats insist on raising levies on the wealthiest Americans.
“This has changed as the political left has risen in the Democratic Party, and Sens. Elizabeth Warren and Bernie Sanders ran for President calling for a new tax on wealth,” wrote the Wall Street Journal editorial board, according to Fox News.
“This is also the same IRS that Democrats now want to infuse with $80 billion more to chase a fanciful amount of uncollected taxes,” the council went on to say.
It added, “As part of this effort, Mr. Biden wants the IRS to collect ‘gross inflows and outflows on all business and personal accounts from financial institutions.’ Why? So the information can be leaked to ProPublica?”
According to a representative poll by Just the News Daily with Scott Rasmussen, the Biden administration’s proposed tax hike plan is rejected by most Americans. It was conducted in March.
Perhaps the most significant statistic is that more than half of respondents “do not support the tax increase,” regardless of where the funds would go.