ProPublica reveals how to Avoid Tax Legally - Billionaire Style

It was found that many US billionaires like Jeff Bezos and Elon Musk pay only a small amount as income tax while considering their massive wealth. Many times most of the billionaires escape without even paying any amount as income tax.

This was brought out by the NYC based non-profit ProPublica on Tuesday. They conducted a thorough study of the tax return patterns of the high-level businessmen and thus came across a huge amount of IRS information showing how the billionaires managed to pay only very little as their income tax.

The investigation was conducted mainly because of the rising problems due to the pandemic which exposed the wide gap between the privileged and underprivileged in the US. In the wake of the pandemic when the lower class had to struggle to make the ends meet the privileged people were mostly unaffected by the larger economic instability.

Jesse Eisinger who is the editor and a senior reporter at ProPublica mentioned that the story about how the billionaires manage to pay less considering their huge income will be followed by many similar articles. They are planning to include similar facts about rich people in various articles that would be published throughout the year.

They mention that the billionaires pay very little as income tax not through any illegal means or by evading the tax regulations. They follow a regular means routinely to avoid tax. This method is very legal. It was actually a system designed for the underprivileged to avoid tax without many complications.

Though the article brought out by ProPublica focuses on Bezos and Musk it also mentions the top 25 Wealthiest Americans including Warren Buffett, Rupert Murdoch, Bill Gates and Mark Zuckerberg. Bezos and Musk seem to have avoided paying taxes for many years.

Bezos even have taken a tax credit for his children in 2011 even while he has been over billionaire more than once. ProPublica insists through their story that the billionaires have managed to pay only over 3% of their yearly income as their income tax.