Tag: Avoiding Tax

The Secret IRS Files: Trove Of Never-Before-Seen Records Reveal How The Wealthiest Avoid Income Tax | HuffPost

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits. Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

Source: The Secret IRS Files: Trove Of Never-Before-Seen Records Reveal How The Wealthiest Avoid Income Tax | HuffPost