The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Contact Your Elected Officials
ProPublica

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth โ€” sometimes, even nothing.

In 2007, Jeff Bezos, then a multibillionaire and now the worldโ€™s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nationโ€™s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of Americaโ€™s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.

Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can โ€” perfectly legally โ€” pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

Many Americans live paycheck to paycheck, amassing little wealth and paying the federal government a percentage of their income that rises if they earn more. In recent years, the median American household earned about $70,000 annually and paid 14% in federal taxes. The highest income tax rate, 37%, kicked in this year, for couples, on earnings above $628,300.

The confidential tax records obtained by ProPublica show that the ultrarich effectively sidestep this system.

byย Jesse Eisinger,ย Jeff Ernsthausenย andย Paul Kiel

Read Full Article on ProPublica.org

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Blind Manโ€™s Shutdown

Congress is playing the equivalent of Bind Man's Bluff. With the shout โ€œtag your itโ€ they seek to blame the other party for the government shutdown.

A Reluctant Acknowledgment: What Conservatives Can Admire in Everyday Progressives

Admirable ideological qualities seen in liberals and left-wing individuals are those of the everyday believer not their political leadership.

Ensuring Domestic Tranquility

The Supremacy Clause in Article VI of the U.S. Constitution establishes it as the highest law of the land, taking precedence over conflicting state laws.

Pam Bondi, Zohran Mamdani, and the ADL: Censorious Peas in a Pod

Typically, the only four circumstances under which the leadership...

Shut it Down – Shut it Down

Shut down and dismantle every federal agency not essential to citizens' life, health, or liberty โ€” phase them out and end their power. permanently!

Trump Weighs on Cutting Agencies as Government Shutdown Enters Day 2

Trump to meet with OMB Dir. Vought to decide which agencies face cuts and whether reductions will be temporary or permanent.

Is There a 9/11 WTC and 9/10 Charlie Kirk Connection?

Strange parallels in online stories raise questions about whether Israelis and Mossad intelligence are our allies or adversaries.

ACLU Sues ICE to Release Records of Detainment Facilities

ACLU has filed a lawsuit against ICE, seeking to compel the agency to disclose records related to specific operations, according to the complaint.

Pam Bondi, Zohran Mamdani, and the ADL: Censorious Peas in a Pod

Typically, the only four circumstances under which the leadership...

Department of Energy Cancels $7.5 Billion in Project Funding

The Dept of Energy (DOE) said on Oct. 2 that it had terminated 321 federal grants funding 223 projects, amounting to about $7.56 billion in cuts.

White House Withdraws EJ Antoniโ€™s Nomination to Lead Bureau of Labor Statistics

The White House has withdrawn economist EJ Antoniโ€™s nomination to lead the Bureau of Labor Statistics, the White House confirmed on Sept. 30.

US to Impose 100 Percent Tariffs on Foreign-Made Movies, Trump Says

President Donald Trump announced on Sept. 29 that he will impose a 100 percent tariff on all movies produced outside the United States.

Trump to Host Netanyahu at White House to Discuss Gaza Peace Plan

President Trump will host Israeli Prime Minister Netanyahu at the White House on Sept. 29 to discuss a ceasefire and broader peace plan for Gaza.
spot_img

Related Articles