Illustration by PublicDomainPNG / Pixabay
Posted on 06/08/2021 11:03:43 AM PDT by SunkenCiv
Several of the richest U.S. corporate executives have either paid a fraction of their cumulative wealth in federal taxes of nothing at all, according to a new report from the nonprofit media outlet ProPublica.
What Happened: In its coverage, ProPublica said "America's billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell."
However, ProPublica did not offer evidence that the executives being spotlighted were violating the U.S. tax code.
The coverage focused primarily on four executives — Tesla Inc. CEO Elon Musk, Amazon.com Inc. CEO Jeff Bezos, Berkshire Hathaway CEO Warren Buffett and Bloomberg LP founder Michael Bloomberg — between 2014 and 2018.
ProPublica reported that Musk's wealth grew by $13.9 billion between 2014 and 2018 and he reported total income of $1.52 billion, or 10.94% of this wealth, and paid $455 million, or 3.27% of his wealth. Musk also reportedly paid no money in federal taxes in 2018.
(Excerpt) Read more at benzinga.com ...
What's ProPublica's FR nick?
WB = 19%
JB=23%
MB=3%
EM=30%
Musk needs to higher Bloomberg's accountant.
I have no love for Jeff Bezos, but isn't it interesting how America's permanent deep state apparatchiks at IRS, FBI, DOJ, etc.. have no problem leaking information which furthers a political narrative.
The Nazis had no idea they were actually democrats....
Leftist uber rich like Bezos favor increased income tax because it has a chilling effect on the entrepreneurial spirit. Robber barons like Bezos fear competition and high income taxes serves to abort nascent capital.
And who, pray tell, writes those tax loop holes?
Imagine how much worse those companies would run if steered by anyone from FBI, DOJ or other government hackarama.
Some people pay zero income tax on their Form 1040 but pay a lot of Alternative Minimum Tax.
Misleading and a little silly. When one pays income tax, you pay tax on income not wealth. It looks like Musk paid about 1/3 of his income in taxes between the years stated. Hardly a scandal.
Don't worry, I'm sure the DOJ will immediately investigate the IRS, or maybe get the Manhattan DA to do it. /s
They aren’t loopholes.
And the tax code wasn’t written by Bezos, Musk, Buffet, or even Little Mikey RINO.
But I think I understand the spirit in which your comment was meant.
The Demagogic Party is a collection of violent rival street gangs.
So wait, are they following the laws, as written? Yes?
If you want to take more money from people, you have to write that in the law. When the law you wrote doesn’t say what you thought it said, or doesn’t do what you wanted it to do, it’s a failure of the legislature. You can’t blame people who are trying to avoid handing over money they don’t have to under the law.
No one should ever pay any more taxes than they are legally obligated to pay.
Well said. And career politicians, many of whom are silver-spoon types, avoid AMT by spoofing their income figures while enjoying junkets, serving for stipends on “not-profit” boards to get the untaxed use of private jets and other perks...
Yes, and you're all late for the choir practice.
Musk needs to higher Rogan’s dealer. Oh, sorry.
The people I was referring to regarding the writing of the loophes are the politicians.
Tax brackets would have been a more accurate choice of words.
Sorry for any confusion.
Correct.
The whole article is an exercise in manufactured outrage and fake news. Not to mention breaking the law by illegally obtaining the tax returns of 0privateindividuals.
The same people Trump donated to for decades that allowed him to pay the same amount as these guys -or what-$750 one year? And few on FR had a problem then. So nobody should have a problem now.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
