The economic structure of the world has become such that every year the gap between the poor and the rich And it deepens. This has been a matter of debate for a long time, but a recent report has come out with figures that may make this debate more aggressive. Analysts agree that the wealth, earnings and tax contributions of the world’s richest people differ, but non-profit media organizations The latest investigative report from ProPublica You can surprise everyone with your figures.
The report pointed out that some 25 of America’s richest people (including Amazon owner Jeff Bezos and Tesla and SpaceX owner Elon Musk) – despite the huge increase in their wealth over the past few years – have made almost no comparison. Income tax equal to Rs. ProPublica has allegedly given this information by quoting data received from the Internal Revenue Service of America.
Big businessmen did not pay tax
It has been told in the report that Jeff Bezos did not pay a penny in income tax in 2007, while he was a multibillionaire at that time and has now become the richest person in the world. In 2011 also he did not pay tax. At the same time, Elon Musk, who became the second richest person in the world, did not pay a single penny in the form of federal income tax in 2018.
Big businessman Michael Bloomberg also managed to save tax in the last few years. At the same time, billionaire investment Carl Icahn did not pay taxes for two years. George Soros did not pay a single penny of tax for three consecutive years.
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How to get tax liability
ProPublica analyzed the data taking into account the wealth of some of America’s richest people in the past few years and found that these rich were paying only 3.4 percent “true tax rate”. The organization calculated the stock portfolio and other assets of these wealthy businessmen in aggregate and worked out his tax liability, in comparison to the figures that came out, the tax being paid by them was negligible.
This report shows how America’s tax system is strict for low-income people, but how the rich manage to save their share of tax because wealthy businessmen often divide their wealth into several parts to save tax and make it stock or Then they invest in real estate and they have no accountability on the profit received from it.
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IRS begins investigation
The IRS has also started an investigation into the leak of private tax documents. Many other big media organizations tried to find out from ProPublica where it got this data, but the organization has refused to disclose it. In an article titled ‘The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax’, the organization has written this report by obtaining tax documents up to 15 years old of thousands of America’s rich.
Let us tell you that the debate about the tax system in America is old. Democrats have been saying that the country’s richest should pay taxes according to their wealth. President Joe Biden’s administration has also talked about working on this aspect.