Following their so -called “bombshell” series of ProPublica’s Secret IRS Files, two senators have called for an investigation into how the rich used “legal tax breaks to avoid paying a fair share of taxes. in income. “
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Two prominent members of the Senate Finance Committee have called for an investigation into the ultrawealthy tax evasion, citing ProPublica’s series of Secret IRS Files.
on a letter sent last week, Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (DR.I.) wrote to the chairman of the committee, Ron Wyden (D-Ore.), whose “bombshell” and “severely disruptive” report calls for an investigation into “how the country’s richest individuals use a series of wild tax evasion to avoid paying a fair share of income tax. “
The senators also called for Senate hearings to continue and legislation to address the impact of the country’s financial loopholes and affordability for investments in infrastructure, health care, economy and environment.
Last month ProPublica began publishing a series of stories about tax evasion on ultrawealthy people, courtesy of a multiple analysis of tax data about thousands of America’s richest taxpayers and has spanned more than 15 years. ProPublica conducted an unprecedented analysis comparing the ultrawealthy tax to their wealth growth, calculating that the 25 richest Americans pay a “real tax bill” of only 3.4%.
Lots of caches of IRS information to get to @propublica revealed how billionaires like Jeff Bezos, Elon Musk + Warren Buffett pay little in income tax compared to their vast wealth – sometimes, even none.
– Robert F. Kennedy Jr. (@RobertKennedyJr) June 10, 2021
The rich pay very little tax primarily because they keep their income low, the article explains, often borrowing against their wealth to fund their lifestyles. Jeff Bezos of Amazon, Tesla’s Elon Musk, Bloomberg LP’s Michael Bloomberg and other billionaires have each not paid federal income taxes in one or more past years.
The tax evasion methods described in “IRS Secret Files: Told Never Seen Records Revealed How to Avoid Taxes”That’s legal, and common among the ultrawealthy.
In a subsequent article, ProPublica shows how some rich people, such as Peter Thiel, was able to use Roth individual retirement accounts, intended as vehicles to strengthen the savings of the middle class, to create a lot of unlucky luck. A third article shows how billionaires use a provisions of the tax code to lower their taxes after buying sports teams.
Banks and financial institutions owes more to the rich than ever before, according to a story in The Wall Street Journal last week. The senators called for a thorough investigation of banks and firm management firms to understand the methods, techniques and products offered by the wealthy to avoid paying taxes.
Morgan Stanley’s wealth management clients have $ 68 billion in debt backed by securities and other investments, more than double that amount five years ago, and Bank of America has debt worth more than $ 62 billion, the Journal reported.
In March, Warren introduced a bill, initiated by Whitehouse, that would make wealth tax of the richest Americans. Most Republicans and some Democrats are opposed to such a move.
Originally published on ProPublica.