Do you know that the 25 richest people of America do not pay any tax to the government. These rich include Jeff Bezos, Michael Bloomberg and Elon Musk, the world’s biggest riches. According to the report of ProPublica in a news published in the New York Times, between 2014 and 2018, these nobles either paid very little or no tax according to their earnings. ProPublica released the data saying that it was analyzing the internal revenue on the income tax of billionaires.
These billionaires are included in this list
This list includes 25 American billionaires including Jeff Bezos, Michael Bloomberg, Elon Musk, Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. According to this report, there is a lot of inequality in the tax system in America. Billionaires there such as Jeff Bezos, Elon Musk, Warren Buffett, Michael Bloomberg have been taking advantage of the flaws of the tax system there. This analysis showed that America’s richest paid only a fraction of their wealth in taxes, while their wealth continued to grow.
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In the report, Pro Publica says that in 2007, Jeff Bezos did not deposit a single penny in the form of federal income tax. While Tesla Chief Elon Musk has not paid income tax in 2018. Also Michael Bloomberg has managed to do the same in recent years. George Soros did not pay any federal income tax for three consecutive years.
Save tax in this way
Most of the money that these wealthy earn, shares, vacation homes, yachts or other investments in companies run by them do not come under the purview of ‘taxable income’. These are considered taxable only when those assets are sold and taken advantage of. Even after this, there are many loopholes in the tax code which either limit or eliminate their tax liability.
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Here, White House Press Secretary Jen Psaki said in a briefing that any unauthorized disclosure of confidential information by any person is illegal. The FBI and tax officials are investigating this matter.