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US Super Rich pays almost NO income Tax: What you need to know

Picture Courtesy: ABC Chicago
  • American billionaires Jeff Bezos, Elon Musk, and Warren buffet are facing a backlash with income-related information. It is being claimed that Jeff Bezos, owner of e-commerce company Amazon did not pay tax in 2007 and 2011. The owner of Tesla did not pay a single penny as tax in 2018.

  • Sharing the information of American billionaires, the news website ProPublica, claimed that the world's richest people are paying the lowest income tax. Releasing data on income tax in 2018 news website ProPublica said it was analyzing internal revenue on billionaire's income tax. The website said it would release more details in the coming weeks.

  • ProPublica released the data and claimed that 25 of America's richest people are filing an average of 15.8% of adjusted gross income, even though their wealth is growing in the past few years, but these people are reducing the amount by making legal strategy. To reduce income tax amount they are saving income by showing the amount invested in the work of the charity and other help.

  • The website uses Forbes magazine data to claim that the wealth of the 25 richest Americans collectively increased by $401 billion from 2014 to 2018 but during this time they paid only $13.6 billion in income tax.

  • A white house spokeswoman said that sharing this information is illegal and that FBI and tax officials are investigating the matter.

  • US President Joe Biden's call for equality in the country and his massive infrastructure investment program, to raise funds, he wants to raise the top rate of tax, double the tax on what high earners make from investments, and change the inheritance tax.

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