According to a study on the ProPublica website, between 2014 and 2018, the 25 wealthiest Americans paid only $13.6 billion to their tax authorities, and their wealth increased by $401 billion.
Jeff Bezos, the founder of Amazon and the richest man in the world, did not pay federal income tax in 2007 and 2011, and his runner-up Elon Musk did not pay a dime in 2018. This feat was recently achieved by former New York Mayor and billionaire Michael Bloomberg and philanthropist speculator George Soros for three consecutive years. All of this is done in a completely legal way.
This is the exclusive news released by the website on Thursday, June 8th Public Broadcasting Corporation, They obtained data on the tax returns of the top 25 American billionaires from the tax authorities, which are theoretically confidential.
According to his calculations, between 2014 and 2018, these 25 people paid USD 13.6 billion (EUR 11.2 billion) in federal income tax. During this period, their wealth increased by 401 billion US dollars.
ProPublica infers that the tax rate for these billionaires is only 3.4%. This calculation does not conform to the legal tax reality-income tax is not a tax on wealth increase-but it highlights two obvious facts: There is no wealth tax in the United States, and Joe Biden has no plans to introduce this measure to participate in the 2020 Democratic nomination The plans of the failed Senators Bernie Sanders (Vermont) and Elizabeth Warren (Massachusetts); as for capital gains, as long as they are in a latent state, they will not be taxed because the Supreme Court’s case law Made in 1920.
Because of the company’s development in the stock market, billionaires have seen their wealth grow. But they didn’t pay until they sold. Therefore, during the period 2014-2018, Jeff Bezos’ wealth increased by US$100 billion, but he “only” received US$4.22 billion in income and paid US$973 million in taxes (or 23% on average) .
The whole trick is to minimize your income. In this regard, the champion is Warren Buffett, who estimated in 2010 that he did not pay enough taxes: between 2014 and 2018, the nine-year-old’s wealth increased by 24.3 billion U.S. dollars, but he only declared 125 million U.S. dollars. income. Explanation: Berkshire Hathaway, his holding company, does not pay dividends. The taxable income nicknamed “Omaha Sage” is ridiculous and only paid $23.7 million in taxes.
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