Turns out that many of the ultra wealthy pay NO income taxes for entire years— Soros three times, Bezos and Icahn twice, Musk and Bloomberg once. Bezos one year even claimed a $4000 child credit.
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As a percentage of their gains in wealth, Buffett has paid 0.1% (10 cents on every $100), Bezos 1.1%, Bloomberg 1.3%, the 25 richest as a group just 3.4%. Even on just their income, the richest pay less than 16%, far below the 37% top rate:https://www.propublica.org/article/you-may-be-paying-a-higher-tax-rate-than-a-billionaire …
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The 25 richest Americans are collectively worth $1.1 trillion. It takes 14.3 million average wage earners to tally the same wealth. The average earner group paid literally 70 times as much in income taxes in 2018 as the 25.
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Here’s a note from
@steveengelberg and I about why we’re publishing, and what we’re saying about sourcing, privacy and the law:https://www.propublica.org/article/why-we-are-publishing-the-tax-secrets-of-the-001 …Näytä tämä ketju -
Here’s
@propublica's methodology on calculating true tax rates as a percentage of gains in wealth by the richest, as well as relative tax burdens on average wage earners:https://www.propublica.org/article/how-we-calculated-the-true-tax-rates-of-the-wealthiest …Näytä tämä ketju -
Today’s articles are the first in a series. Here’s how to help
@propublica do more reporting:https://projects.propublica.org/tips/help-us-report-on-taxes-and-ultrawealthy/ …Näytä tämä ketju
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Well this is kind of


but kind of what we already know
"The IRS records show that the wealthiest...pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year...the ultrarich effectively sidestep [IRS] system." -
I mean the problem is not that we don't know the system needs to be fixed. The problem is the people we elect to fix the system.
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Surprise!!
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Exactly…
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