Jeff Bezos, Elon Musk and Warren Buffet on the list of millionaires who pay the lowest taxes

For their part, entrepreneurs Michael Bloomberg, Carl Icahn and investor George Soros also managed to avoid paying federal taxes within a few years. The organization says it has had access to thousands of tax returns from wealthy Americans to the IRS, spanning more than 15 years, to confirm the data.

According to the organization, this investigation “demolishes the foundations of the American tax myth: that everyone pays their fair share and that the richest pay the most.”

“The richest people in the country, who made huge profits during the pandemic, have not paid their fair share”, reacted Tuesday the Democratic chairman of the Senate finance committee, Ron Wyden. Teams from Bezos, Musk, Bloomberg, Icahn and Soros have yet to respond.

But in response to ProPublica, a spokesperson for Soros cited investment losses from 2016 to 2018 to justify the lack of federal taxes.

This organization has also developed a “True tax rate” which measures the tax burden paid by each millionaire in relation to the growth of their wealth. The relationship shows, for example, that the investor Warren Buffet, paid 0.10% between 2014 and 2018.

According to an article prepared from tax returns at National Revenue Service Over a period of three decades, these data “taken together, demolish the fundamental myth of the US tax system that everyone pays their fair share and the richest Americans pay more.”

“IRS records show that the wealthiest can legally pay income taxes that are only a small fraction of the hundreds of millions, if not billions, of what their fortunes grow each year.” , emphasizes ProPublica.

If the US Household Spending: enter an average of $ 70,000 gross per year and pay a 14% federal taxes. Keep in mind that there are states and counties that also charge their own taxes.