Jeff Bezos, Elon Musk managed to avoid paying income tax in some years: Report

As scrutiny of billionaires across the globe continues to intensify, it has been reported that several of the world’s most significant wealthy personalities paid either minimal or no federal taxes in some years. ProPublica on June 8 reported citing confidential Internal Revenue Service (IRS) records it had reviewed that Amazon founder Jeff Bezos did not pay any federal income tax in 2007 and 2011. Additionally, while Tesla CEO Elon Musk managed to skip paying taxes in 2018, Bloomberg LP founder Michael Bloomberg and investors Carl  Icahn and George Soros were also shown paying minimal rates of federal income tax in recent years. 

As per the data reviewed by ProPublica, even though Warren Buffet’s wealth between 2014 and 2018 rose by $24.3 billion, he is reported to pay a “true tax rate” of 0.1% which is $23.7 million in taxes. The media outlet has also stated that the confidential data was provided to ProPublica after it published a series of articles examining IRS. The news organisation also denied having any knowledge about the identity of the source and did not ask for the information that was received. 

IRS opening investigation into source’s identity

While Bezos, Musk, Buffet are yet to respond to the revelation, as per Bloomberg report, IRS Commissioner Charles Rettig said at a Senate Finance Committee hearing on June 8 that his agency is probing into the source of the information published by ProPublica. Rettig said, “I can confirm that there is an investigation with respect to the allegations that the source of the information in that article came from the Internal Revenue Service...I share the concerns of every American for the sensitive and private nature and confidential nature of the information the IRS receives."

 IRS Commissioner also said that he could not comment on the article directly or on the tax payments of any individual. Reportedly, federal employees in the United States can face prison time for improperly releasing private taxpayer data. Senate Finance Committee Chairman Ron Wyden said at the hearing, "This morning there is what appears to be a massive, unauthorized disclosure of taxpayer records” adding that "given the IRS's responsibility to protect taxpayer data, it has a responsibility to investigate the source of this disclosure." Wyden reportedly said, "This country's wealthiest, who profited immensely during the pandemic, have not been paying their fair share.”

IMAGE: AP