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Thursday, May 26, 2022

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How do American billionaires avoid paying taxes?

Warren Buffet paid an 18% tax rate in 2007, while his secretary paid a 33% rate. In 2007, 2011, and 2018, Jeff Bezos and Elon Musk paid a total of $0 in income taxes. Every year, billionaires in the United States save $160 billion in taxes. How is it possible to be a billionaire while paying so little in taxes?

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Thomas Hogendobler 12 days ago

Between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion of income, according to ProPublica, despite his wealth growing by $13.9 billion over that period. Elon Musk says he will pay over $11 billion in taxes this year
Published Mon, Dec 20 20214:41 AM ESTUpdated Mon, Dec 20 20211:58 PM EST- CNBC

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