A major leak of IRS tax filing has revealed new details about how U.S. billionaires pay little in income tax compared to their massive wealth — sometimes even nothing. ProPublica obtained the private tax records of some of the nation’s wealthiest billionaires, and the findings are stunning. Between 2014 and 2018, the wealthiest 25 Americans saw their collective wealth jump by $400 billion, but they paid just over $13 billion in federal income taxes — that’s just 3.4% of their wealth increase.
Warren Buffett paid a true tax rate of just 0.1% on income taxes during that period, while seeing his wealth grow by $24 billion.
— source democracynow.org | Jun 09, 2021