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Wealthiest Executives Paid Little to Nothing in Federal Income Taxes, Report
Says
https://www.nytimes.com/2021/06/08/us/politics/income-taxes-bezos-musk-
buffett.html?smid=tw-nytimes&smtyp=cur
The 25 richest Americans including Jeff Bezos, Michael Bloomberg and Elon
Musk paid relatively little — and sometimes nothing — in federal income
taxes between 2014 and 2018, according to an analysis from the news
organization ProPublica that was based on a trove of Internal Revenue
Service tax data.
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In 2007, Mr. Bezos, the chief executive of Amazon, paid nothing in federal
income taxes even as his company’s stock price doubled. Four years later,
as his wealth swelled to $18 billion, Mr. Bezos reported losses and received
a tax credit of $4,000 for his children, according to ProPublica.
Mr. Buffett, the chief executive of Berkshire Hathaway who has long said
publicly that the tax code should hit the rich harder, paid just $23.7
million in taxes from 2014 to 2018, when his wealth rose by $24.3 billion.
In 2018, Mr. Bloomberg, who controls the media giant Bloomberg L.P.,
reported income of $1.9 billion and paid $70.7 million in income tax.
According to the report, Mr. Bloomberg was able to reduce his tax bill
through deductions, charitable donations and “credits for having paid
foreign taxes.”
In a statement to ProPublica, a spokesman for Mr. Bloomberg said they would
“use all legal means at our disposal to determine which individual or
government entity leaked these and ensure that they are held responsible.”
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