Why rich people pay less in taxes, income tax, capital gains

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In 2007, Jeff Bezos, then a multibillionaire and now the world's wealthiest male, did not pay a penny in federal income taxes. He attained the task once again in 2011. In  Full Article , Tesla founder Elon Musk, the second-richest individual on the planet, also paid no federal earnings taxes. Michael Bloomberg managed to do the exact same recently.

George Soros paid no federal earnings tax three years in a row. Pro, Publica, the investigative newsroom, has actually gotten a large chest of Internal Income Service data on the tax returns of countless the country's most affluent individuals, covering more than 15 years. The data provides an unmatched look inside the monetary lives of America's titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg.

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Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay one of the most. The internal revenue service records reveal that the most affluent can completely lawfully pay earnings taxes that are only a small fraction of the numerous millions, if not billions, their fortunes grow each year.

Pro, Publica is a not-for-profit newsroom that investigates abuses of power. The Secret Internal Revenue Service Files is a continuous reporting task. Sign up to be informed when the next installation releases. Numerous Americans live paycheck to paycheck, amassing little wealth and paying the federal government a percentage of their income that rises if they earn more.

Warren Buffet Explains How He pays Less Taxes Than His Secretary - YouTube

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The highest earnings tax rate, 37%, began this year, for couples, on earnings above $628,300. The private tax records obtained by Pro, Publica reveal that the ultrarich effectively sidestep this system. America's billionaires obtain themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth originates from the escalating value of their properties, like stock and home.

laws as gross income unless and until the billionaires offer. To catch the financial truth of the wealthiest Americans, Pro, Publica undertook an analysis that has actually never ever been done before. We compared how much in taxes the 25 wealthiest Americans paid each year to how much Forbes approximated their wealth grew in that very same time duration.