Wealthiest Americans including Elon Musk and Jeff Bezos ‘paid no income tax’

SourceSkyNews
SectorEconomy
CountryMiddle east

President Joe Biden is facing calls to introduce a wealth tax following a report alleging America’s richest executives, including Elon Musk and Amazon’s Jeff Bezos, have avoided paying income tax – some over several years.

ProPublica, the not-for-profit investigative journalism organisation, said its findings showed the tax bills were especially low when compared with their soaring wealth and other assets.

It calculated the wealth of the 25 richest Americans collectively jumped by $401bn (£283bn) from 2014 to 2018.

They paid, ProPublica said, $13.6bn (£9.6bn) in federal income taxes over those years – equal to just 3.4% of the increase in their overall fortunes.

Image:
Amazon founder and departing CEO Jeff Bezos. Pic: AP

This is down to tax strategies which are perfectly legal.

Tax avoidance measures can include reductions for charitable

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