A first-of-its-kind analysis of newly disclosed Internal Revenue Service data shows that the richest 25 billionaires in the United States paid a true federal tax rate of just 3.4% between 2014 and 2018—even as they added a staggering $401 billion to their collective wealth. Published Tuesday by the investigative nonprofit ProPublica—which obtained a sprawling cache of IRS data on thousands of the nation’s wealthiest people dating back 15 years. By the end of 2018, the 25 were worth $1.1 trillion. For comparison, it would take 14.3 million ordinary American wage earners put together to equal that same amount of wealth. The personal federal tax bill for the top 25 in 2018: $1.9 billion. The bill for the wage earners: $143 billion.
Amazon CEO Jeff Bezos—the world’s richest man—and Berkshire Hathaway CEO Warren Buffett paid a true tax rate of 0.98% and 0.10%, respectively, between 2014 and 2018. In 2007, ProPublica notes, Bezos paid nothing in federal taxes even as his wealth grew by $3.8 billion.
— source commondreams.org | Jun 8, 2021
#classwar