The higher the income, the higher the tax, but apparently this is not the case with multibillionaires, as a new report claims that Amazon CEO Jeff Bezos and Tesla CEO Ilan Musk have not paid income tax for some years.
This new report from the website «ProPublicaIt has been reported to refer to a large source of Internal Revenue Service (IRS) data. The report does not only mention the name of the richest person in the world, Jeff Bezos, and of course his rival Ilan Mask, and there are other prominent people in it.
Michael Bloomberg is another billionaire who has evaded federal income tax in some years. Warren Buffett is another person who claims in this report that he did not pay most of his taxes to the government.
According to the report, Warren Buffett taxed only 0.1 percent of his $ 24.3 billion fortune between 2014 and 2018. Of course, we must point out that income tax is applied to income, not wealth.
ProPublica has not published information on how to access this data and we are only dealing with raw forms. Domestic revenue services cannot provide such forms to individuals and are considered illegal.
Despite this, ProPublica claims to have been able to obtain tax returns for thousands of wealthy Americans covering 15 years. The website also said it had contacted everyone in the report, but only one had responded.
Billionaire financier George Source has said he has not paid taxes for several years because he has lost money on his investments.
According to the report, Jeff Bezos earned $ 46 million in 2007 but did not pay taxes due to any loss on other investments. Between 2006 and 2018, Bezos’ fortune increased by $ 127 billion, but reported only $ 6.5 billion in revenue and $ 1.4 billion in taxes, a very small amount compared to his vast fortune.
Ilan Mask paid a tax of nearly 68 thousand dollars in 2015, in 2017 this tax was reduced to 65 thousand dollars and in 2018 he did not pay taxes at all. The rate of mask tax payment between 2014 and 2018 was equal to 3.27 percent.