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The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
(www.propublica.org)
this post was submitted on 20 Jun 2024
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Title is a little bit clickbaity. The reason a lot of them aren't paying much in taxes is bcz their asset values grew. But if you arent selling it, there's no tax to pay. The headline makes it seem like they just aren't paying any taxes at all.
While there's criticism to go around when it comes to the tax laws around billionaires, this isn't really the issue.
Cashing dividens or taking personal loans ahould come at a higher cost for people worth billions. Me cashing a $45 dividens check is much different than Buffet cashing a $250m check.