Thomas Catenacci
Reporter
June 08, 2021 3:52 PM ET
The super wealthy — including billionaires Jeff Bezos, Elon Musk and Michael Bloomberg — have skirted large amounts of taxes for years, according to a large trove of federal tax data obtained by ProPublica.
The 25 richest Americans’ wealth increased to a total of $401 billion while paying $13.6 billion, or just 3.4% of their wealth, in taxes between 2014 and 2018, according to the “secret” trove obtained by ProPublica.
“We know that there is more to be done to ensure that corporations, individuals who are at the highest income, are paying more of their fair share,” White House Press Secretary Jen Psaki said. “Hence it’s in the president’s proposals, his budget and part of how he is proposing to pay for his ideas.”
The super wealthy — including billionaires Jeff Bezos, Elon Musk and Michael Bloomberg — have skirted large amounts of taxes for years, according to a large trove of federal tax data obtained by ProPublica.
The 25 richest Americans’s wealth increased to a total of $401 billion while paying $13.6 billion in taxes between 2014 and 2018, according to the “secret” trove of data obtained by ProPublica. While the billionaires paid a high amount in taxes over that period, it totaled just 3.4% of their total wealth.
ProPublica calculated the individuals’ “true tax rate” — or percentage of wealth taxed — using Forbes’ net worth estimations.
But the amount paid in income taxes is determined by how much income a person earns, not their total net worth. The richest Americans’ wealth increased as their assets, including property and stocks, shot up in value.
more
https://dailycaller.com/2021/06/08/internal-revenue-service-wealthy-americans-taxation-jeff-bezos/
