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 …Show this thread -
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 …Show this thread -
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/ …Show this thread
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Surprise!!
Thanks. Twitter will use this to make your timeline better. UndoUndo
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This isn't exactly groundbreaking stuff, guys. Nearly all of this isn't tax avoidance or tricky loopholes. It's following the most basic rules of the U.S. tax system....so hopefully that's who you're upset with, not Buffett and Bezos.pic.twitter.com/llEYtg272u
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So did you expect Buffett to just 'give' the IRS tax dollars he doesn't owe? If he tried that, they'd refund it! Buffett would pay more tax if the law required him to - I'm pretty confident of that.pic.twitter.com/yS1OxG9QZl
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