Why Billionaires Pay So Little Tax
Jeff Bezos, Michael Bloomberg, Elon Musk and George Soros are household names. They are among the wealthiest people in the United States.
But a recent report by ProPublica has found another thing that separates them from regular Americans citizens: They have paid almost nothing in taxes.
Why does the U.S. tax system let that happen?
Guest: Jonathan Weisman, a congressional correspondent for The New York Times.
- An analysis by ProPublica showed that from 2014 to 2018, the nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes during a time when their collective net worth reportedly increased by $401 billion.
- The exposé has refocused attention on the tax code and how it applies to the superrich.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.