IRS Data Trove Shows How The Super Wealthy Pay Such Little Taxes: Report
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(Worthy News) – The super wealthy — including billionaires Jeff Bezos, Elon Musk and Michael Bloomberg — have skirted large amounts of taxes for years, according to a large trove of federal tax data obtained by ProPublica.
The 25 richest Americans’s wealth increased to a total of $401 billion while paying $13.6 billion in taxes between 2014 and 2018, according to the “secret” trove of data obtained by ProPublica. While the billionaires paid a high amount in taxes over that period, it totaled just 3.4% of their total wealth.
ProPublica calculated the individuals’ “true tax rate” — or percentage of wealth taxed — using Forbes’ net worth estimations. [ Source: Daily Caller (Read More…) ]
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