Billionaires Like Jeff Bezos, Elon Musk and Others Avoided Paying Income Tax. 

Billionaires Like Jeff Bezos, Elon Musk and Others Avoided Paying Income Tax. 

Jeff Bezos is the world’s wealthiest man, Inc. In 2007 and 2011 he did not pay any income tax.

Jeff Bezos avoids income tax
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According to private Internal Revenue Service data seen by ProPublica, the world’s most renowned billionaires paid little or no federal income tax in certain years.

Jeff Bezos, the world’s most wealthiest person did not pay any income tax in 2007 and 2011. And also Elon Musk who is also one of the wealthiest people in the world did not pay income tax in 2018. In the recent years some of them like Bloomberg LP founder Michael Bloomberg, Carl Icahn and George Soros also paid low rates of income tax.

According to the statistics ProPublica studied, Warren Buffett’s fortune increased by as much as $24.3 billion between 2014 and 2018, yet he paid $23.7 million in taxes, a “true tax rate” of 0.1 percent.

The information was given to ProPublica after it published a series of articles about the IRS, according to the news group. The news outlet stated that it had no idea what the source was and that it had not requested the information given to it.

At a Senate Finance Committee hearing on Tuesday, IRS Commissioner Charles Rettig said his agency is looking into the source of the information.

According to IRS Investigation, “I can confirm that the accusations that the source of the information in that article came from the Internal Revenue Service are under investigation,” Rettig added. “I share every American’s worry about the sensitive and private nature, as well as the confidentiality, of the information the IRS receives.”

ProPublica claims to have contacted out to all of the people whose taxes it discusses for response. Warren Buffett, Michael Bloomberg, and Carl Icahn have all informed ProPublica that they have paid their taxes.

Bloomberg LP, the parent business of Bloomberg News, was founded and is majority owned by Michael Bloomberg.

ProPublica have contacted all of the persons whose taxes it discusses in order to receive feedback. According to ProPublica Warren Buffett, Michael Bloomberg, and Carl Icahn have all confirmed that they have paid taxes.

Michael Bloomberg established and owns a majority of Bloomberg LP.

Rettig said he couldn’t comment directly on the report or on any individual’s tax position. For inappropriately exposing sensitive taxpayer data, federal employees may risk prison time.

“The wealthiest in this country, who reaped enormous benefits from the pandemic, have not been paying their fair share,” Wyden, Senate Finance Committee Chairman added.

The ProPublica investigation is “extremely pertinent” to the Biden administration’s plan to require financial institutions to record account transactions to the IRS, according to Mike Crapo, the top Republican on the Senate panel.

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