ProPublica published a huge trove of information about the taxes (lack of) paid by billionaires like Bezos, Buffet, and others, and it’s eye opening as to the sheer amount of money they haven’t been required to pay because the tax code is gamed to favor them, while the burden falls to everyone else.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax. Billionaires can and do pay less tax than poor and middle class; they are able to take advantage of tax breaks that most can’t use. https://t.co/79MSdBzSpb
— lawhawk #vaxxingforafriend (@lawhawk) June 8, 2021
The problem is also that most people polled don’t want to change one of the big reasons that those billionaires were able to pay such low taxes in the first place: taxation on unrealized gains.
Americans want the rich to pay higher taxes — but they also support the crucial tax code provision that allows the rich to pay low taxes
— Scott Greenberg (@ScottElliotG) June 8, 2021