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ProPublica: Big Billionaires Pay Little To No Income Tax - Newsy Things To Know Before You Get This


<h1 style="clear:both" id="content-section-0">The Basic Principles Of ProPublica tax leak story: IRS files show how billionaires pay<br></h1>
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<p class="p__0">When they do, they make money and they get taxed. The federal government considers almost every dollar workers earn to be "earnings," and companies take taxes straight out of their paychecks. The Bezoses of the world have no requirement to be paid a salary. Bezos' Amazon earnings have actually long been set at the middle-class level of around $80,000 a year.</p>
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<p class="p__1">Steve Jobs took $1 in income when he returned to Apple in the 1990s. Facebook's Zuckerberg, Oracle's Larry Ellison and Google's Larry Page have all done the same. Yet this is not the self-effacing gesture it seems: Salaries are taxed at a high rate. The top 25 wealthiest Americans reported $158 million in incomes in 2018, according to the internal revenue service information.</p>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://cdn.cheapism.com/images/022019_why_billionaires_pay_less_in_taxes_sl.max-784x410_aYvLqN8.jpg" alt="NYT Runs Interference for Billionaires Who Don't Want Their Wealth Taxed - FAIR"><span style="display:none" itemprop="caption">5 Ways That Billionaire Warren Buffett Pays a Lower Tax Rate Than His Secretary</span>
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<h1 style="clear:both" id="content-section-1">The 7-Minute Rule for Let's Make the Most of This 'Tax Billionaires' Moment - Institute<br></h1>
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<p class="p__2">1% of what they listed on their tax forms as their overall reported earnings. This Site came from dividends and the sale of stock, bonds or other financial investments, which are taxed at lower rates than wages. The ultrawealthy generally hang on to shares in the business they have actually founded. Buffett, for example, has famously kept his stock in Berkshire Hathaway, the conglomerate that owns Geico, Duracell and stakes in American Express and Coca-Cola.</p>
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<p class="p__3">From 2015 through 2018, he reported annual income varying from $11. 6 million to $25 million. That may seem like a lot, however Buffett ranks as approximately the world's sixth-richest individual he's worth $110 billion as of Forbes' price quote in May 2021. A minimum of 14,000 U.S. taxpayers in 2015 reported higher earnings than him, according to internal revenue service data.</p>
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<img width="454" src="https://nomadcapitalist.com/wp-content/uploads/2019/10/How-to-pay-less-taxes.png">
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://ca-times.brightspotcdn.com/dims4/default/5436a9f/2147483647/strip/true/crop/4992x2808+0+260/resize/1200x675!/quality/90/?url=https%3A%2F%2Fcalifornia-times-brightspot.s3.amazonaws.com%2F1f%2F55%2F9944c5394dd281de1d1da8badb6d%2Fgettyimages-1137410599.jpg" alt="Rich People Are Getting Away With Not Paying Their Taxes - The Atlantic"><span style="display:none" itemprop="caption">Two billionaires explain why they shouldn't pay more taxes - Los Angeles Times</span>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://i.insider.com/5d9e0d203b33a74b287b84de?width=1200&amp;format=jpeg" alt="Billionaires Don't Pay Taxes: Here's Why - Wealthy Diligence"><span style="display:none" itemprop="caption">What could the US afford if it raised billionaires' taxes? We do the math - US taxation - The Guardian</span>
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<h2 style="clear:both" id="content-section-2">The Best Strategy To Use For The Secret IRS Files: Trove of Never-Before-Seen Records<br></h2>
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<p class="p__4">Berkshire does not pay a dividend, the sum (a piece of the earnings, in theory) that lots of business pay each quarter to those who own their stock. Buffett has always argued that it is better to use that cash to find investments for Berkshire that will further increase the worth of shares held by him and other investors.</p>
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