Elon Musk, Jeff Bezos, Warren Buffett’s affidavits leaked: how much do they pay in taxes? – Economic, financial and commercial news

The tax authorities of United States have opened an investigation into a leaked private records of billionairesincluding Warren Buffett, Jeff Bezos, Mike Bloomberg Yes Elon musk, which shows that many of them paid little taxes even when his wealth skyrocketed.

ProPublica has released details of what it called “a vast treasure trove of data” from the Tax service (IRS) which covers more than 15 years of tax returns thousands of richest americans. The nonprofit news agency did not disclose the source of the filtration.

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Its report concluded that legal tax avoidance strategies they had allowed Richest 25 Americans Pay only $ 13.6 billion in federal income tax for the five years until 2018, even as the growing value of their stocks, properties and other assets had inflated their collective wealth by about u $ s 401 billion.

Charles Rettig, the commissioner of the IRSsaid during a Senate finance committee hearing that the agency had opened an investigation to find the source of the leak. He said he shared “the concerns of all Americans” about the disclosure of confidential information.

Bloomberg, former mayor of new York and presidential candidate of United States, promised to use “all legal means” to discover the source of leakage. The founder of the financial information group of the same name rejected the premise of the article, believing that it “scrupulously obeys the letter and the spirit of the law” and disseminates in the three quarters of your annual income in taxes and charitable donations.

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“The publication of tax returns of an ordinary citizen should raise real concerns about the confidentialityregardless of political affiliation or opinions on fiscal policy“That said in a statement. We intend to use all legal means at our disposal to determine which person or government entity has disclosed this information and to ensure that it is held accountable.”

The leak comes at a time when some Democrats are arguing for a wealth tax wealthier Americans, rather than focusing on the annual income that can be offset by deductions, loans, and investment losses.

Elizabeth warren, the U.S. senator from Massachusetts, introduced legislation this spring to enforce a 2% tax on people with net worth over $ 50 million, with an additional surcharge of 1% on any asset greater than u $ s 1 billion. the President Joe Biden has proposed tax rate increases on the Capital gains Yes dividends for those who earn more than $ 1 million, but have not endorsed inheritance tax.

Warren I took advantage of the ProPublica report and wrote on Twitter that it showed it was time to “do the ultra rich finally pay your fair share“.

Morris Pearl, President of Patriot millionaires, a group of wealthy activists who advocate impose higher taxes on the rich, said the report reinforced his argument that richest Americans “essentially have a choice of whether to pay taxes or not”.

The wealth taxes and higher taxes on Capital gains The unrealized efforts his group is advocating were “fringe ideas” when it launched in 2010, he said, but opinions have changed and ProPublica’s disclosures could further bolster support.

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Bloomberg Yes Buffett They are among the billionaires who have promoted the highest taxes for the richest Americans for several years, but economic divisions exposed by the pandemic they have increased the political importance of the issue.

ProPublica said it decided to reveal the details “because only by seeing the details can the public understand the realities of the tax system del pas “.

Ron Wyden, an Oregon Democrat who chairs the Senate Finance Committee, said the ProPublica report showed that “the richest in the country, who have benefited immensely during the pandemic, they did not pay their fair share“.