Billionaires Elon Musk & Jeff Bezos Paid Little Or No Income Tax In Recent Years, IRS Records Show
The richest Americans pay a minute fraction of their income in taxes based on income, according to a new report from ProPublica. The United States has a theoretically progressive federal tax code, consisting of seven federal income tax brackets with rates ranging from ten percent to 37% depending on reported income. A source leaked a mass of Internal Revenue Service documents that show, in 2018, the 25 richest Americans paid 13.3% of their reported incomes in taxes – when they should have been paying a few points shy of 40% based on the tax code. To put it in perspective, a typical worker in A...