The New York Times is reporting that an analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code, often paying little to no federal income taxes..
That NY Times articles comes at a time when the Biden Administration is proposing significant increases in taxes on the wealthy. It also immediately resulted in calls by Senator Warren to consider her proposed wealth tax to address a “tax system (that) is rigged for billionaires who don’t make their fortunes through income, like working families do.”
See full article by clicking NY Times: Rich Americans Like Bezos, Musk, Buffett Paid Little or No Federal Income Taxes (June 8, 2021).
See Pro Publica Report by clicking https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax.
Washington Post, IRS records show wealthiest Americans, including Bezos and Musk, paid little in income taxes as share of wealth, report says ProPublica obtains tax data on richest Americans, which could send Washington scrambling.
Wall Street Journal: IRS Investigates Release of Tax Information of Wealthy Americans.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.