As per ProPublica reports, several of the world’s most prominent richest persons paid minimal to no federal income tax in past some years.
The world’s richest person Jeff Bezos, did not pay any federal income tax in 2007 and 2011. Citing confidential Internal Revenue Service records, the report says that Tesla CEO Elon Musk also did the same in 2018.
Also, Bloomberg’s LP founder Michael Bloomberg and investors Carl Icahn and George Soros paid minimal rates of federal income tax in recent years.
Between 2014 and 2018, Warren Buffett’s wealth also rose by as much as 24.3 billion dollars. He also reported paying 23.7 million dollars in taxes. This is as per the data ProPublica reviewed, a true tax rate of 0.1 percent.
It is to be noted that ProPublica says that the data were provided to the news organization after it published a series of articles examining the IRS. And the news organization says that it didn’t know the identity of the source and didn’t ask for the information sent to it.
IRS Commissioner Charles Rettig says that his agency is opening an investigation into the source of the information.
ProPublica on the other hand reached out to all these richest persons for comments. Warren Buffett, Michael Bloomberg and Carl Icahn all told ProPublica they had paid the taxes they owed.
The highly confidential report details are apparently out now. On the top of it the report questions tax evasion by world’s wealthiest persons. It is sure to attract a probe into the details of the said report.