After a report revealed that America’s wealthiest pay very little in taxes, Elizabeth Warren renews her call for a wealth tax.
After a report on America’s wealthiest people was issued, Democratic Senator Elizabeth Warren favored taxing the wealth of the wealthiest Americans, not just their income, according to the Associated Press.
The findings of the nonprofit investigative journalism organization ProPublica revealed that millionaires can reduce their income tax to zero or near to nothing, a strategy that has caused Warren and fellow progressive Senator Bernie Sanders to speak out about.
“Our tax system is rigged for billionaires who don’t make their fortunes via income, like working people do,” Warren tweeted on Tuesday. The evidence is overwhelming: America needs a #WealthTax to ensure that the ultra-rich pay their fair share.”
See the list below for more Associated Press reporting.
In 2007 and 2011, Jeff Bezos, the creator of Amazon, paid no income tax. Elon Musk, the founder of Tesla, paid no income taxes in 2018. According to ProPublica, financier George Soros went three years without paying federal income tax.
Once Social Security and Medicare taxes are factored in, the richest 25 Americans pay less in taxes — an average of 15.8 percent of adjusted gross income — than many ordinary workers, according to ProPublica. Its findings are likely to rekindle a national debate over the large and rising gap between the richest and poorest Americans.
ProPublica received reams of Internal Revenue Service data on the country’s wealthiest people, including Warren Buffett, Bill Gates, Rupert Murdoch, and Mark Zuckerberg, from an unidentified source. ProPublica compared the tax information it obtained to data from other sources. It stated that “The specifics provided to ProPublica matched the information from other sources in every instance we were able to review – including tax filings by more than 50 different people.”
Soros’ spokeswoman told ProPublica that the billionaire lost money on his ventures from 2016 to 2018 and hence did not owe federal income tax for those years. Soros has advocated for increased taxes on the wealthy. With a punctuation mark, Musk responded to ProPublica’s initial request for comment “?” — then did not react to follow-up inquiries in detail.
The federal tax code is designed to be progressive, which means that the wealthy pay a greater tax rate on their income over time. This is a condensed version of the information.