25 richest Americans paid little to nothing in federal income taxes: Report

Billionaires like Jeff Bezos, Warren Buffett, Elon Musk and George Soros benefit from a complex web of loopholes in tax code.

Some of America’s richest people, including, from left, Jeff Bezos, Michael Bloomberg, and Elon Musk, avoided paying federal income taxes in recent years. (Photo: NYT)

The 25 richest Americans, including Jeff Bezos, Michael Bloomberg and Elon Musk, paid relatively little — and sometimes nothing — in federal income taxes between 2014 and 2018, according to an analysis from the news organization ProPublica that was based on a trove of Internal Revenue Service tax data. The analysis showed that the nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes during a time period when their collective net worth increased by $401 billion, according to a tabulation by Forbes.

The documents reveal the stark inequity in the American tax system, as plutocrats like Mr. Bezos, Mr. Bloomberg, Warren Buffett, Mr. Musk and George Soros were able to benefit from a complex web of loopholes in the tax code and the fact that the United States puts its emphasis on taxing labor income versus wealth. Much of the wealth that the rich accrue — like shares in companies they run, vacation homes, yachts and other investments — isn’t considered “taxable income” unless those assets are sold and a gain is realized. Even then, there are loopholes in the tax code that can limit or erase all tax liability.

Administration officials said on Tuesday that federal authorities were investigating the disclosure of private tax information, which can constitute a criminal offense. “Any unauthorized disclosure of confidential information by a person with access is illegal,” Jen Psaki, the White House press secretary, said at a briefing. “We take this very seriously.”…Read More

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