The Richest of the Riches cheating the system...legally!

US’ rich cheat the tax system, legally

What does Jeff Bezos, Elon Musk, Michael Bloomberg, Carl Ieahn and George Soros have in common, other than the fact that they are all multibillionaires?

These unimaginably rich people ( two of them, Bezos and Musk are ranked number one and two in the richest list) did not pay a penny in federal income taxes at one time or more, it has been reported.

In 2007, Bezos, then a multibillionaire, did not pay a penny in federal income taxes. Nor did he pay in 2011. In 2018, Musk, the second-richest person in the World, also paid no federal income taxes. Soros paid no federal income tax for three consecutive years.

Internal Revenue Service data on the tax returns of thousands of the United States’ wealthiest people, for the past 15 years provided an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg, according to the report. It laid to rest the popular myth about the US’ tax system, that everyone pays their fair share and the richest Americans pay the most.

The report said that records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of their huge fortunes that grow each year. The ordinary, hardworking American citizens lived from paycheck to paycheck, paid the government a percentage of their income and made little wealth. The reports said that the tax records of the rich revealed that they bypassed the tax system.