.@ProPublica has obtained IRS data on thousands of America’s wealthiest people, providing an unprecedented look inside the finances of titans like Jeff Bezos, Elon Musk, Warren Buffett, Bill Gates & Mark Zuckerberg. (Thread)
2/ The records show not just the income and taxes paid by these multibillionaires, but also their investments, stock trades, gambling winnings and even the results of audits.
3/ What's revealed demolishes the cornerstone myth of the American tax system: That everyone pays their fair share & the richest pay the most.
propublica.org/article/the-se…
propublica.org/article/the-se…
4/ Rather, these IRS records show the wealthiest can—perfectly legally—pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year. 
5/ The current highest tax rate in America is 37% for couples with combined income above $628,300, but our analysis shows how the ultrarich effectively sidestep this system.
6/ For example, in 2007 Amazon founder Jeff Bezos paid $0 in federal income tax, even as his company's stock price doubled, increasing his wealth by an estimated $3.8 billion.
7/ Bezos reported a paltry (for him) income of $46 million in 2007, but offset every penny with losses from side investments & deductions, like interest expenses on debts & the vague catchall category of “other expenses.”
8/ The Amazon CEO outdid himself in 2011, when he not only reported a NEGATIVE income to the IRS, due largely to investment losses, but also claimed a $4,000 tax credit for his kids.
9/ Between 2006-2018, a period for which ProPublica has complete data, Bezos’ wealth increased by an estimated $127 billion.
10/ During that same time, he paid $1.4 billion in personal federal taxes. A massive number, but worth only 1.1% of his increased wealth.
Mr. Bezos did not respond to our request for comment on this story.
Mr. Bezos did not respond to our request for comment on this story.
11/ Bezos, now the world's wealthiest person, is far from alone among his peers in keeping his tax bills as close to zero as possible.
Our analysis of tax data for the 25 richest Americans quantifies just how unfair the system has become.
Our analysis of tax data for the 25 richest Americans quantifies just how unfair the system has become.
12/ By the end of 2018, the 25 wealthiest American were worth $1.1 trillion.
For comparison, we looked at a group of ordinary American wage earners who together held that same amount of wealth.
It took 14.3 million taxpayers.
For comparison, we looked at a group of ordinary American wage earners who together held that same amount of wealth.
It took 14.3 million taxpayers.
13/ The 2018 personal federal tax bill for the top 25 wealthiest Americans: $1.9 billion.
The total bill for those 14.3 million wage earners: $143 billion.
The total bill for those 14.3 million wage earners: $143 billion.
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