And they plunged deep into the process of lobbying and legislating to show how Wisconsin Sen. ProPublica revealed that some moguls exploit IRAs in ways lawmakers never envisaged. Some enjoyed streaks of a decade or more in which their write-offs were so large, they paid no federal income taxes at all, even while raking in hundreds of millions in income. The ultrarich also found ways to avoid paying taxes on the income they did report. The data showed that the ultrawealthy could live lavishly without receiving salaries or other income the IRS deems taxable. But the data provided by the anonymous source(s) exposed a pattern that the ultrarich knowingly exploit. 001%-don’t pay their fair share of taxes. Tax experts and scholars have long understood that the ultrarich-roughly the top. George Soros paid no federal income tax three years in a row. Billionaire investor Carl Icahn did it twice. Michael Bloomberg managed to do the same in recent years. In 2018, Tesla founder Elon Musk, now the richest person in the world, paid no federal income taxes. In 2007, and again in 2011, Jeff Bezos, the world’s second-richest man, did not pay a penny in federal income taxes. They were just avoiding the burdens borne by nearly every other wage-earning American using completely legal strategies that are far beyond the reach of ordinary wage earners. These billionaires weren’t cheating on their taxes.
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Our federal tax code emphasizes taxing income rather than assets like stock holdings and far-flung properties (though ordinary American homeowners pay taxes on their property-their homes). They assembled a team of reporters to explore its significance and came to one shocking realization: the wealthiest Americans, including famously successful business leaders, had not paid a single dollar in income tax to the U.S Treasury while amassing fortunes worth many of billions of dollars. history-a vast trove of data that disclosed the income taxes paid by thousands of the nation’s wealthiest citizens over more than 15 years. Last year, ProPublica received the biggest leak of confidential tax information in U.S.
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