Washington4 minutes agoAuthor: Alan Rappeport
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Disclosures from the analysis of data from the US tax agency IRS.
25 of America’s richest people, including Jeff Bezos, Elon Musk, Michael Bloomberg and Warren Buffett, among the world’s top rich, pay a modest income tax. The report of the news organization ProPublica states that in some years these people did not pay taxes. According to this, between 2014-2018, America’s top-25 billionaires paid very little tax.
According to the documents of the American tax agency Internal Revenue Service (IRS), the income of these nobles during this period was Rs 29.26 lakh crore, while they earned only Rs 99 thousand crore in the form of tax. lamps. For example, Amazon CEO Bezos did not pay taxes in 2007, when the company’s shares doubled in value that year.
In 2011, his net worth was 86 thousand crores, but he had taken a tax credit of two lakh rupees in the name of children by showing loss. ProPublica made the report from Forbes’ data. It says that these rich took advantage of the flaws of America’s tax system. They showed that what they earn is not taxable in the US. Their income comes from companies’ shares, vacation homes, yachts and other investments which are not ‘taxable income’.
Elizabeth Warren, a Democrat working to reform the tax system, said, “Our system is flawed to benefit billionaires. US President Joe Biden called for raising taxes on wealthy Americans as part of raising money for equality and a massive infrastructure investment program.
The total net worth of this billionaire trio is 34 lakh crores, yet tax evasive
Apart from Bezos, Tesla’s Musk did not pay taxes in 2018. Between 2014 and 2018, his wealth increased by Rs 1.08 lakh crore, but paid tax of 3 thousand crores. Berkshire Hathaway CEO Buffett paid only Rs 173 crore in tax during 2014-2018, while his wealth grew by 1.77 lakh crore during this period. According to the Bloomberg index, the combined net worth of these three is around Rs 34 lakh crore. is.