Secret Files on Mega-Rich Shed Light on Wealth Inequality
By sweN TR
Secret Files on Mega Rich Shed Light on Wealth Inequality
Secret IRS data, analysed by the non-profit ProPublica, appears to show that the highest-earning Americans dodge relevant income tax rates.
The report showcases that the top 400 ultra wealthy Americans have pulled one even on ‘the rich,’ and are paying less in taxes by at least 5%. That is, when they even bother to pay taxes.
The disparity comes from the difference between how wages are taxed in the US versus investment, as income from financial assets usually gets a lower rate. The mega wealthy appear to make their biggest bucks by selling stocks.
Such a pattern of skewing financial stature “is especially true of tech billionaires like Bill Gates,” who reportedly cashed in on Microsoft stock from 2013 to 2018.
