Notes

The Main Principles Of Musk, Bezos, other billionaires pay little to nothing in US


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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://img.buzzfeed.com/buzzfeed-static/static/2021-09/14/18/asset/9ec10e9b778e/sub-buzz-405-1631643407-1.jpg?downsize=700%3A%2A&amp;output-quality=auto&amp;output-format=auto" alt="Never Sell Assets And Pay Less In Taxes Like Billionaires - Physician on FIRE"><span style="display:none" itemprop="caption">Never Sell Assets And Pay Less In Taxes Like Billionaires - Physician on FIRE</span>
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<h1 style="clear:both" id="content-section-0">The Best Guide To How the Billionaires Income Tax Would Work - WSJ<br></h1>
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<p class="p__0">In 2007, Jeff Bezos, then a multibillionaire and now the world's richest man, did not pay a penny in federal earnings taxes. He attained the accomplishment again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. Michael Bloomberg managed to do the very same recently.</p>
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<p class="p__1">George Soros paid no federal income tax three years in a row. Pro, Publica, the investigative newsroom, has actually obtained a large chest of Internal Earnings Service information on the income tax return of countless the nation's wealthiest people, covering more than 15 years. The information provides an unmatched appearance inside the monetary lives of America's titans, including Warren Buffett, Costs Gates, Rupert Murdoch and Mark Zuckerberg.</p>
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<h1 style="clear:both" id="content-section-1">A Biased View of The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax<br></h1>
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<p class="p__2">Taken together, it demolishes the cornerstone misconception of the American tax system: that everyone pays their fair share and the wealthiest Americans pay the most. The internal revenue service records reveal that the wealthiest can completely legally pay earnings taxes that are only a small fraction of the hundreds of millions, if not billions, their fortunes grow each year.</p>
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<p class="p__3">Pro, Publica is a nonprofit newsroom that investigates abuses of power. The Secret Internal Revenue Service Files is a continuous reporting job. Sign up to be informed when the next installation publishes. Many Americans live paycheck to paycheck, accumulating little wealth and paying the federal government a portion of their income that increases if they make more.</p>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://ichef.bbci.co.uk/news/976/cpsprodpb/2673/production/_118834890_bezos_buffet_musk_comp_getty.jpg" alt="These Latino workers dislike billionaires paying less taxes than they do - The Limited Times"><span style="display:none" itemprop="caption">For the first time in history, U.Sbillionaires paid a lower tax rate than the working class - The Washington Post</span>
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<h2 style="clear:both" id="content-section-2">Top Guidelines Of New OMB-CEA Report: Billionaires Pay an Average Federal<br></h2>
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<p class="p__4">The highest earnings tax rate, 37%, began this year, for couples, on incomes above $628,300. The confidential tax records obtained by Pro, Publica reveal that the ultrarich successfully avoid this system. America's billionaires avail themselves of tax-avoidance techniques beyond the reach of regular individuals. Their wealth obtains from the skyrocketing value of their possessions, like stock and property.</p>
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<p class="p__5">laws as taxable earnings unless and up until the billionaires sell. To record the monetary reality of the wealthiest Americans, Pro, Publica undertook an analysis that has never been done before. Solution Can Be Seen Here compared just how much in taxes the 25 wealthiest Americans paid each year to just how much Forbes estimated their wealth grew in that exact same time period.</p>
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