The "fancy tax avoidance" of 25 of the top U.S. billionaires has been exposed. The "fancy tax avoidance" of 25 of the top U.S. billionaires has been exposed. Among them, Buffett, whose wealth has increased by 24.3 billion U.S. dollars in the past five years, only paid 23.7 million U.S. dollars in taxes. The actual tax rate
It is the lowest for the rich, only 0.1%.
The 25 richest Americans paid $13.6 billion in federal income taxes.
The "fancy tax avoidance" of 25 of the top rich Americans was exposed 1 On Tuesday, June 8, the US news website ProPublica released a report, revealing how the richest Americans avoid taxes on a large scale.
According to confidential tax documents obtained by the above-mentioned website from the U.S. Internal Revenue Service (IRS), between 2014 and 2018, the 25 richest Americans *** paid $13.6 billion in federal income taxes.
Although this number is quite astonishing, it is only a drop in the bucket compared to the wealth they gained during this period - according to Forbes, the wealth of these 25 people has increased by US$401 billion in the past five years.
Among them, Buffett, whose wealth has increased by US$24.3 billion in the past five years, only paid US$23.7 million in taxes. The actual tax rate is the lowest among the rich, only 0.1%.
Bezos, whose net worth has increased by US$99 billion, followed closely, with an effective tax rate of 0.98%; Bloomberg and Musk's effective tax rates were 1.3% and 3.27% respectively.
In response to this, White House press secretary Jen Psaki said at a press conference that day that, first of all, any unauthorized disclosure of confidential government information is illegal, and the White House takes this seriously and will not
Comment without authorization.
Second, the IRS will take all steps to investigate tax evasion, including referring the matter to the Treasury Department, FBI, and Department of Justice.
"Broadly speaking, we know there is more work to be done to ensure that the highest-paid companies and individuals pay their fair share," she added.
The "fancy tax avoidance" of 25 of America's top wealthy people was exposed. 2 As Biden strives to promote taxes on the rich, the tax evasion of wealthy Americans has been exposed.
Some of these billionaires have not paid even a dime in federal income taxes for years.
Amazon founder Bezos, Tesla founder Musk, stock god Buffett, former New York City Mayor Michael Bloomberg... How do they avoid taxes?
Outrageous Effective Tax Rates On Tuesday, June 8, the US news website ProPublica released a report revealing how the richest Americans avoid taxes on a large scale.
Real estate tycoon Helmsley once said that only small people pay taxes.
According to a study published by the National Tax Journal, 34% of falsely reported incomes come from the top 1% of U.S. taxpayers.
Establishing charitable fund donations is the most common tax avoidance method.
The United States Internal Revenue Service (IRS) stipulates that no tax is levied on charitable donations. Only 5% of charitable donations are used each year, and the remaining 95% of donations can be used for investment. There is no tax on investment profits, and there is no need to disclose specific information to the public.
Operation details.
In recent years, the most popular thing among the super-rich is “donor-designated funds” (DAF).
DAF not only allows the super-rich to obtain huge tax deductions through charity, but also retains the right to decide on the use of charitable funds.
In comparison, what is the life of the middle class in the United States like?
Between 2014 and 2018, the average after-tax net worth of middle-class families in the United States increased by about $65,000, mostly due to rising home values.
However, since the vast majority of the middle class's income comes from wages, their tax bill is almost equal to the amount of increased wealth, close to $62,000.