These billionaires who escaped income tax in the past

A ProPublica survey reveals that several billionaires have not paid income tax for several years. Among them, the richest man in the world Jeff Bezos, Elon Musk and businessman Michael Bloomberg.

Tax optimization

After reviewing numerous tax returns from wealthy American billionaires to the IRS (IRS), the independent organization Propublica notes that many of the richest men in the world have paid no income tax for several years. Indeed, it emerges from this survey that Jeff Bezos, head of Amazon, did not pay any income tax between 2007 and 2011 and Elon Musk, the boss of Tesla, was also exempt in 2018. Other very wealthy businessmen like Michael Bloomberg or the philanthropist George Soros have been able to escape income tax in the past.

ProPublica, which is based in New York, unveiled this information on its website Tuesday, June 8, 2021. It wants to be the organization that “Denounces the abuse of power and the betrayal of public trust”. However, if Propublica was able to get hold of these tax returns in a totally mysterious way and illegal “According to the Treasury, its authors are convinced that “Put end to end, [ ces déclarations ] demolish the foundations of the American tax myth: that everyone pays their fair share and that the richest pay most ”.

Tax the richest

The organization specifies however that it is not a question of fraud but rather tax optimization Which consists of evading tax by various legal means. For example, Jeff Bezos obtained a tax credit of $ 4,000 for his children in 2011. This is the year he had declared in his tax return a loss in investments greater than his annual income. The same Jeff Bezos who has yet shown his support for the tax hike desired by President Joe Biden, elected in November 2020, to finance his infrastructure investment plan.

These revelations come as the Democratic president intends to increase high income tax of 37 to 39.6% for American households earning more than 400,000 euros. This initiative is supported by the International Monetary Fund (IMF), which recommends taking the most important profits to help the most vulnerable to emerge from the crisis. Joe Biden also wants to raise taxes for multinational companies.