Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Wealthiest Americans including Elon Musk and Jeff Bezos 'paid no income tax'

Wealthiest Americans including Elon Musk and Jeff Bezos 'paid no income tax'

George Soros, known as the man who broke the Bank of England, reportedly paid no federal income tax over three years.

President Joe Biden is facing calls to introduce a wealth tax following a report alleging America's richest executives, including Elon Musk and Amazon's Jeff Bezos, have avoided paying income tax - some over several years.

ProPublica, the not-for-profit investigative journalism organisation, said its findings showed the tax bills were especially low when compared with their soaring wealth and other assets.

It calculated the wealth of the 25 richest Americans collectively jumped by $401bn (£283bn) from 2014 to 2018.

They paid, ProPublica said, $13.6bn (£9.6bn) in federal income taxes over those years - equal to just 3.4% of the increase in their overall fortunes.

Amazon founder and departing CEO Jeff Bezos.


This is down to tax strategies which are perfectly legal.

Tax avoidance measures can include reductions for charitable donations or by taking no wages - taxed at up to 37% - and benefiting instead mainly from investment income at a usual lower rate of 20%.

The report alleged that Amazon founder and departing CEO Jeff Bezos paid no income tax at all in 2007 and 2011.

It was the same for Tesla and Space X founder Elon Musk in 2018.

Members of the Patriotic Millionaires hold a federal tax filing day protest outside the apartment of Jeff Bezos, to demand he pay his fair share of taxes in May


The analysis showed financier George Soros - known by some as the man who broke the Bank of England because of a short sale on sterling that netted him $1bn in 1992 - went three straight years without paying federal income tax.

A spokesman for Mr Soros, who has supported higher taxes on the rich, told ProPublica that he had lost money on his investments from 2016 to 2018 and so did not owe federal income tax for those years.

Mr Musk, the AP news agency reported, responded to ProPublica's initial request for comment with a punctuation mark "?''.

America's tax system is under greater strain as Mr Biden embarks on a series of spending sprees, including a massive $2.3trn infrastructure programme, at a time when government borrowing has rocketed to pay for the 1COVID1-19 pandemic.

Financier George Soros - known by some as the man who broke the Bank of England


Democrat supporters used the publication of the ProPublica papers to demand the president introduce a tax on wealth rather than inflict more financial pain on ordinary households.

Senators Elizabeth Warren and Bernie Sanders are among the cheerleaders.

Ms Warren tweeted on Tuesday: "Our tax system is rigged for billionaires who don't make their fortunes through income, like working families do.

"The evidence is abundantly clear: it is time for a #WealthTax in America to make the ultra-rich finally pay their fair share."

Mr Biden has previously ordered a crackdown on offshore tax evasion amid estimates the US government loses up to $120bn annually from individuals and corporations cheating the system.

However, a Senate finance committee hearing was told earlier in the day by the IRS Commissioner Charles Rettig that his team was "outgunned" when it came to enforcement.

The G7 group of wealthy democracies, which includes the US and Britain, agreed to support a global minimum corporate tax rate of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×