IRS Data Trove Shows How The Super Wealthy Pay Such Little Taxes: Report


internal revenue service irs worthy ministries(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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