Musk, Bezos, other billionaires avoid US income taxes: report

Several of the richest people in the United States of America have paid zero income tax in some years, according to an investigative report published on June 8 that comes as Washington weighs new proposals to address tax avoidance by the wealthiest individuals and companies.

The bombshell report, by New York-based journalism nonprofit ProPublica, showed Amazon Chairman Jeff Bezos paid no income tax in 2007 and 2011, while Tesla chief Elon Musk avoided all payments in 2018.

Some of the richest Americans “pay little in income tax compared to their massive wealth — sometimes, even nothing,” said ProPublica, which did not disclose how it obtained the confidential tax data.

Others who paid nothing to the Internal Revenue Service in some years included news industry billionaire and former New York City mayor Michael Bloomberg, activist investor billionaire Carl Icahn, and philanthropist and financial giant George Soros.

Source: https://www.philstar.com/business/2021/06/09/2104180/musk-bezos-other-billionaires-avoid-us-income-taxes-report

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