Tax Details of US Super-Rich Allegedly Leaked
According to the BBC, details claiming to reveal how little U.S. billionaires pay in income tax have been leaked to investigative website ProPublica. From the report: ProPublica says it has seen the tax returns of some of the world’s richest people, including Jeff Bezos, Elon Musk and Warren Buffett. The website alleges Amazon’s Mr Bezos paid no tax in 2007 and 2011, while Tesla’s Mr Musk’s paid nothing in 2018. The FBI and tax authorities are looking into the source of the leak. ProPublica said it was analyzing what it called a “vast trove of Internal Revenue Service data” on the taxes of the billionaires, and would release further details over coming weeks.

ProPublica said the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross income — than most mainstream US workers. The website said: “Using perfectly legal tax strategies, many of the uber-rich are able to shrink their federal tax bills to nothing or close to it.” The wealthy, as with many ordinary citizens, are able to reduce their income tax bills via such things as charitable donations and drawing money from investment income rather wage income.

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