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They are the richest in the world.  But documents from Berňák show that taxes do not apply

They are the richest in the world. But documents from Berňák show that taxes do not apply

ProPublica investigators in their articleIt hit the “big well” of data from the US Treasury (IRS), which has revealed the tax returns of thousands of the wealthiest people in the US in at least 15 years.

“In 2007, Jeff Bezos, then a billionaire and now the richest man in the world, didn’t pay a penny in federal income tax. He pulled off the same business in 2011,” writes Server, who has already won five Pulitzer Prizes for his work.

Another example is Tesla founder and visionary Elon Musek, who paid nothing in federal taxes in 2018. Some currently consider Musk the second richest man in the world.

Taken together, this information shatters the basic myth of the US tax system: that everyone contributes fairly and that the richest Americans pay more.

Only a small part of the income is paid

Among the wealthy who managed to avoid tax obligations, ProPublic include, for example, former New York mayor and presidential candidate Michael Bloomberg, financier George Soros or, for example, investor Warren Buffett.

The latter some time ago called for an increase in taxes on the richest population (the so-called one percent).

ProPublica explains that American billionaires use a very specific tax avoidance strategy. Their wealth comes from the increased value of their assets, such as stocks or property. US law does not define these profits as taxable income unless (and even) sold by billionaires.