Rich Americans including Jeff Bezos and Elon Musk 'paid little to no federal tax for years'

Rich Americans including Jeff Bezos and Elon Musk ‘paid little to no federal tax for years’

What ProPublica calls the “true tax rate” means that Mr Buffett, for example, paid only 0.1 percent in taxes between 2014 and 2018.

Others who paid nothing to the Internal Revenue Service (IRS) in some years included Mr Bloomberg, the former New York City mayor and businessman, the activist investor billionaire Carl Icahn, and Mr Soros, a philanthropist and investor.

There is no suggestion that any of the individuals acted illegally. But the reports have triggered fury among some lawmakers in Washington and comes as the Biden administration weighs plans to address tax avoidance by the wealthiest individuals and companies.

Elizabeth Warren, a progressive senator who has long railed about the inequities of the tax system, said the leak showed “it is time for a WealthTax in America to make the ultra-rich finally pay their fair share.”

President Joe Biden has already pledged to raise the tax rate for the wealthiest Americans from 37 per cent to 39.6 per cent and nearly doubling the current 20 per cent capital gains tax rate for Americans earning $1 million annually or more.

He has also proposed a global minimum corporate tax rate to ensure multinational companies pay their fair share.

A global minimum corporate tax rate of 15 per cent was endorsed by G7 finance ministers this week.

However ProPublica suggested the richest Americans would be able to continue avoiding income tax because the majority of their wealth derives “from the skyrocketing value of their assets” which are not defined by US laws as taxable income unless and until the billionaires sell.

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