The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

[troubled soul]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

 

[Golden Fleece]

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

Why would you post such an idiotic article? It is non-sensical on its face. The article itself states the following:

Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.

The federal income tax in the U.S. (like most countries) taxes annual income, including realized gain on assets sold within the past year, but not unrealized gain on any increase in wealth. So, the discussion is idiotic.

It is just an argument for a wealth tax using a self-serving and inaccurate analysis of U.S. income tax law. If your house doubles in value over ten years, should you have to pay a wealth tax on that increase in value even if you never sell it?

 

[Silvio]

Wow, mentally retarded left wing journalists finally discovered capital gains tax are only taxed when you sell

 

[Jerry1911]

Wow, mentally retarded left wing journalists finally discovered capital gains tax are only taxed when you sell

 

[Golden Fleece]

Good write-up on this issue today by Sovereign Man:

Elon Musk Tax: So I guess it wasn’t “two cents” after all. . .

A group of journalists published the private financial and tax information of some of Jeff Bezos, Warren Buffett, and Elon Musk. Find out more about the story.

www.sovereignman.com