The rich really are different from you and me: they’re better at dodging the tax collector
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A spokesman for Soros, who has supported higher taxes on the rich, told ProPublica that the billionaire had lost money on his investments from 2016 to 2018 and so did not owe federal income tax for those years. Musk responded to ProPublica’s initial request for comment with a punctuation mark — “?″ — and did not answer detailed follow-up questions.
President Joe Biden, in seeking revenue to finance his spending plans, has proposed higher taxes on the wealthy. Biden wants to raise the top tax rate to 39.6 per cent for people earning $400,000 a year or more in taxable income, estimated to be fewer than 2 per cent of US households. The top tax rate that workers pay on salaries and wages now is 37 per cent.Biden is proposing to nearly double the tax rate that high-earning Americans pay on profits from stocks and other investments.
Chuck Marr, a senior director at the left-leaning Centre on Budget and Policy Priorities, suggested that Biden’s proposals, which face fierce opposition from Republicans in Congress and from businesses, are “modest” given how much the wealthy have benefited in recent years and how comparatively little tax many of them pay.
ProPublica’s data “reveals that the country’s wealthiest, who have profited immensely during the pandemic, have not been paying their fair share of taxes,” Democrat Senator Ron Wyden said at the start of a hearing Tuesday on the IRS’ budget with Commissioner Charles Rettig.For his part, Rettig said that the IRS is investigating the leak of the tax data to ProPublica and that any violations of law would be prosecuted.
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