June 13, 2021, 3:46

    ProPublica: Many of the uber-rich pay next to no income tax

    ProPublica: Many of the uber-rich pay next to no income tax

    WASHINGTON — The rich really are different from you and me: They’re better at dodging the tax man.

    An anonymous source delivered to ProPublica reams of Internal Revenue Service data on the country’s wealthiest people, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg.

    ProPublica compared the tax data it received with information available from other sources. It reported that “in every instance we were able to check — involving tax filings by more than 50 separate people — the details provided to ProPublica matched the information from other sources.’’

    Using perfectly legal tax strategies, many of the uber-rich are able to whittle their federal tax bills down to nothing or close to it. Soros went three straight years without paying federal income tax; billionaire investor Carl Icahn, two, ProPublica finds.

    The findings are sure to heighten the national debate over the vast and widening inequality between the very wealthiest Americans and everyone else.

    ProPublica reports that the tax bills of the rich are especially low when compared with their soaring wealth — the value of their investment portfolios, real estate and other assets.

    Sourse: abcnews.go.com

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