America's 25 Richest People Pay Less Tax Than Workers

A report from a journalistic organization in the United States revealed that the 25 richest people in the country pay less taxes than middle-class employees. Among the list of millionaires are the creator of Amazon, Jeff Bezos, the creator of Tesla and SpaceX, Elon Musk and the entrepreneur and investor Warren Buffett.

According to a report by the ProPublica organization, the 25 richest Americans pay on average 15.8 percent less tax on gross income than average nationwide employees, once taxes for Social Security and Medicare health insurance are included.

The investigation revealed that Bezos did not pay income tax in 2007 even when his company’s stock price doubled and he increased his fortune by an estimated $ 3.8 trillion; what Musk didn’t pay it in 2018 either. and that the financier George Soros did not have to pay the tribute for three years in a row.

A spokesman for Soros, who has publicly supported raising taxes on the rich, told ProPublica that the billionaire lost money on his investments from 2016 to 2018 and that is why he did not pay federal taxes for those years.

For his part, Musk only responded with a question mark when asked by ProPublica and, so far, has not made any statements about it.

The information reached ProPublica thanks to an anonymous source that sent data from the Internal Revenue Service on the richest in the country, such as Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg.

The journalistic organization compared this data with data from other sources and reported that “in all cases that we were able to verify (with tax returns of more than 50 people) the details provided to ProPublica coincided with information from other sources.”

In United States, federal tax payment is progressive, that is, people must pay more as their income increases. But ProPublica concluded that, in fact, it was people who earn between $ 2 million and $ 5 million a year who paid an average of 27.5 percent in taxes, the highest rate of any group of taxpayers.

According to the ProPublica report, by the end of 2018, the 25 richest people in the United States had $ 1.1 trillion dollars, while it takes at least 14.3 million people who earn an average salary to raise the same amount of money. However, that year the 25 together paid $ 1.9 billion in taxes and the workers $ 143 million.

The report comes at a key moment in the debate on US tax policy. President Joe Biden has proposed raising taxes on millionaires and raise the maximum rate from 37 percent to 39 percent for people who earn $ 400,000 a year or more in taxable income. This would affect less than 2 percent of American households.

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