Taxes
U.S. Billionaires Faced Tax Rates as Low as 0%: ProPublica
- IRS chief says investigation opening on source of information
- Senate Finance Chair Wyden says wealthiest not paying enough
This article is for subscribers only.
Several of the world’s most prominent billionaires paid minimal to no federal income tax in some years, ProPublica reported on Tuesday, citing confidential Internal Revenue Service records it had reviewed.
The world’s wealthiest individual, Amazon.com Inc. CEO Jeff Bezos, did not pay any federal income tax in 2007 and 2011. Tesla Inc. CEO Elon Musk managed to do the same in 2018. Bloomberg LP founder Michael Bloomberg and investors Carl Icahn and George Soros were also shown to have paid minimal rates of federal income tax in recent years.