In fact, ProPublica has received confidential tax filing information from an agency source as recently as 2012. It is possible that an IRS employee, particularly one with access to the agency's datasets that support its Statistics of IncomeStatistics of IncomeStatistics of Income (SOI) is a program and associated division of the Internal Revenue Service (IRS) in the United States to make statistics collected from income tax returns and information returns available to other government agencies and the general public.https://en.wikipedia.org › wiki › Statistics_of_IncomeStatistics of Income - Wikipedia (SOI) project, could have compiled and released the information to ProPublica.
What taxes do billionaires pay?
Since it was last updated in August, the estimated wealth of all of these astoundingly rich individuals has only exploded further. But despite their individual economic growth, the country's richest people often manage to pay exactly $0 in federal income taxes.
How do billionaires avoid taxes?
Billionaires have avoided taxation by paying themselves very low salaries while amassing fortunes in stocks and other assets. They then borrow off those assets to finance their lifestyles, rather than selling the assets and paying capital gains taxes.
Why do millionaires not pay taxes?
Due to years of repeated budget cuts, the IRS rarely has the staff or internal resources to undertake the expensive, labor-intensive auditing process to force the biggest corporations and the wealthiest individuals to actually pay what they owe the IRS and any associated penalties.
Do billionaires get taxed less?
Billionaires Barely Pay Taxes — Here's How They Get Away With It. The country's wealthiest people pay hardly any income tax. But despite their individual economic growth, the country's richest people often manage to pay exactly $0 in federal income taxes.
What are tax loopholes for the rich?
Most people have probably never heard of a stepped-up basis, but it might just be the most important tax loophole in America — one that billionaires use to pass vast sums of wealth down to their heirs by avoiding capital gains taxes.
Do billionaires pay more taxes?
Billionaires Barely Pay Taxes — Here's How They Get Away With It. The country's wealthiest people pay hardly any income tax. The report, copublished by the Institute for Policy Studies and Americans for Tax Fairness, examines pandemic-era wealth accumulation by U.S. billionaires.