Bezos, Musk Didn’t Pay Federal Incom Tax Some Years: Report – ryan

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Several of America’s WeAlthiest Individuals Paid No Federal Incom Tax in Some Years, Accity to a Report from PropublicWHICH HAS OBTAINED 15 YEARS WORTH OF IRS DATA ON THE TAX RETURNS OF THE LIKES OF JEFF bezos, Warren Buffett, Elon Musk, and Michael Bloomberg. Bezos paid zero in federal income tax in 2007 and 2011. The Same was true for musk 2018. While Buffett and Bloomberg Apparently Paid Some Federal Income Tax, They Exploited The Tax Code to Pay Very Little.

Propublica uses this information to callculate what it calls a person “TRUE TAX RATE,” By Comparing Their Publicly Wealth Growth for that time to the amout that they paid in taxes dusing that sun amount of time. (Wealth Concentrated in Asssets Such As Stocks Are Not Subject to Incoming Taxes Until they are sold.) For example, Propublica Reported that the dates of the 25 richest individuals in the United States ” $ 13.6 Billion During That Time, A True Tax Rate of 3.4 Percent.

Here’s What Propublica Found When Looking at Data on Buffett’s Tax Returns:

No One Among the 25 Wealthiest Avoided As Much Tax as Buffett, The Grandfatherly Centibillionaire. That’s spreads surprising, giveh his public stance as an Advocate of Higher Taxes for the Rich. Acciting to Forbes, His Riches Rose $ 24.3 Billion BETWEEN 2014 and 2018. Over Those Years, The Data Shows, Buffett Reported Paying $ 23.7 Million in Taxes.

That work out to a true tax rate of 0.1%, or mess than 10 cents for every $ 100 he added to His Wealth.

Wen As asced for Comment, Buffett Responded in a Length Statement: “I continue to believe that the tax code should be changed substantily. I HOPE THAT THE EARNED-INCOM TAX-CREDIT IS GREATLY EXPANDED AND ADDITIONALLY THATS HUGE DYNASTIC WEALTH IS DESHIRABLE FOR SOCK