ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in
From Jessie Eisinger:
NEW: Today @ProPublica presents The Secret IRS Files. We have obtained a vast trove of never-before-seen tax data on thousands of the richest Americans covering more than 15 years. (THREAD)
2/ The data provide an unprecedented look into the financial lives of America’s titans, from Jeff Bezos, to Elon Musk, Bill Gates, Rupert Murdoch, Mike Bloomberg & many more.
3/ Sometimes these guys even paid $0 in federal income taxes. Bezos did it in ‘11 and ‘07. Musk did it in ‘18. Icahn, Bloomberg & Soros did it too in recent years.
4/ But that’s somewhat unusual. What isn’t is that we found that the ultra-wealthy essentially side-step the tax system.
5/We did a calculation no one else has ever done: Comparing how much the top 25 richest Americans pay in taxes compared to their wealth growth. (That can be thought of as income for this group.)
6/ Here’s the summary: A typical American with $70K in income will pay about 14% in federal income taxes. The top marginal income tax rate is 37%.
The top 25? They paid 3.4% of their wealth growth in 2014 to 2018.
7/ In our story today, we explain how this works and why it came about. You’ll learn about a key Supreme Court decision from over 100 years ago. You’ll learn the phrase “Buy, Borrow, Die.”
8/ You’ll find out which titanically wealthy couple was able to report so little in income to the IRS that they could claim the child tax credit. I hope you read it and share it!
9/ We will be doing stories all year about how the wealthy avoid taxes, exploit loopholes and escape scrutiny from federal auditors. If you can help, please contact us here:
Do you have expertise in tax law, accounting or wealth management? Do you have tips to share? Here’s how to get in touch.
Wow wtf HIV/AIDS was discovered by Flossie Wong-Staal, an Chinese-American woman, and she’s the reason the HIV test even exists. AND THEN she invented the molecular knife that lead to treatments for HIV/AIDS. And she’s STILL ALIVE. We don’t hear about the contributions of Women of Color enough, my word. Madness.
you can always tell a major breakthrough is made by a woman, a woc or any poc because it’s either completely ignored or never credited like it just happened by itself
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