Tax returns of some of the world’s richest people like Jeff Bezos, Elon Musk and Warren Buffett have been allegedly leaked. It states that Amazon’s Jeff Bezos did not pay any tax in 2007 and 2011 and that Elon Musk did not pay tax in 2018.
A White House spokeswoman called the leak illegal and the FBI and tax authorities are investigating the matter.
ProPublica said that it was analysing the vast trove of Internal Revenue Service data and would release further details in the coming weeks. It further disclosed that the richest 25 Americans pay less in tax- an average of 15.8% of adjusted gross income than most mainstream US workers. This website further disclosed that it was using legal tax strategies and how the uber- rich are able to shrink their federal tax bills to nothing or close to it as their wealth continued to soar. They are able to reduce their income tax bills by doing charitable donations and drawing money from investment income rather than wage income.
US President Joe Biden has plans to increase tax on the richest Americans to improve equality and raise funds for his massive infrastructure investment programme.