A few things - this article doesn't give links to the actual database / other solid information on what numbers are actually on their 1040's, which then allows the leftists at ProPublica to deliberately conflate wealth / net worth with income, only the latter of which is subject to tax, in order to paint these guys in the worst possible light. Dishonest to the core, but you knew that already.
[ProPublica via TaxProf blog] - 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.
Ever hear of a net operating loss or a carryforward loss, guys?
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.
Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
Also ignored are the employer payroll taxes paid by their respective companies, generally 9% - 10% of total wages. 
|
