Details have been leaked on a news website claiming to reveal the lower income tax payments of US super-rich billionaires. ProPublica, an investigative news website, has written many articles about how the US Internal Revenue Systems has failed to enforce tax rules strictly on the wealthy and large enterprises. The news organization stated that it had received the leaked documents regarding these articles. The tax returns of a few world’s richest people, including Elon Musk, Jeff Bezos, and Warren Buffet, are now exposed.
The website alleges that Amazon’s Jeff Bezos has paid no tax in the years 2007 and 2011, while Tesla founder Elon Musk paid nothing in federal taxable income in 2018. The website revealed a vast collection of internal revenue system data on the tax payment of several billionaires and is likely to release further data in the upcoming weeks. Although the claims are still not confirmed, it shows the harsh reality of the small amount the wealthier people paid as tax and widening inequality.
In response to all this, White House secretary Jen Psaki stated any unauthorized disclosure of income tax or confidential government information is treated as illegal. Even Lily Woman, the Treasury Department spokeswoman, has written in an email that the federal prosecutors, FBI, and internal treasury department watchdogs have been given the work to investigate on it. The Former Mayor, Michael Bloomberg, also expressed that the disclosure of such information raises privacy concerns, and legal means will be utilized to uncover the source.
Biden Plans on Tax Strategies
The website reported that through perfect legal tax strategies, many of the ultra-rich become able to lessen their federal tax bills to almost nothing or close to it. Even if their wealth has grown largely over the past couple of years, then also their tax did not increase the same way.
President Joe Biden pledged to elevate tax on the wealthiest Americans as their mission’s part to improve equality and collect money for a massive infrastructure improvement program. Moreover, he wants to increase the top rate of the taxes and double the taxes on the amount that high earners make from investments. He is also looking forward to changing the inheritance tax.
However, ProPublica concluded in their analysis that the richest American like hedge fund managers are likely to pay more tax bills under the Biden proposals so that the vast majority of the world top 25 will see a little change.