Elon Musk and Jeff Bezos Didn’t Pay Income Tax for Several Years, IRS Data Records Show

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REVEALED: Billionaires Elon Musk and Jeff Bezos Didn’t Pay Federal Income Tax for Several Years, According to Secret Treasure of IRS Data on America’s 25 Richest People

  • The IRS records of the 25 richest people in the United States were obtained by ProPublica and published Tuesday dinsdag
  • The data shows that Amazon founder Jeff Bezos paid no income tax in 2007 and 2011, while Tesla founder Elon Musk was zero in 2018.
  • Investor George Soros went three consecutive years without paying federal income taxes, according to the data
  • The report found that the richest 25 Americans pay less in taxes — nearly 16 percent of adjusted gross income — than the average worker.

Billionaires Elon Musk and Jeff Bezos didn’t pay federal income taxes for several years, according to a wealth of classified IRS data.

The confidential IRS data of the 25 richest people in the United States was obtained by: ProPublica and published Tuesday.

It shows that Amazon founder Jeff Bezos paid no income tax in 2007 and 2011, while Tesla founder Elon Musk’s income tax came to zero in 2018.

Investor George Soros went three straight years — between 2016 and 2018 — without paying federal income taxes, according to the data.

The report found that the richest 25 Americans generally pay less in taxes — nearly 16 percent of adjusted gross income — than the average worker.

ProPublica has not disclosed how it obtained the tax information. The outlet only said it got the data in “raw form” after publishing a series of articles investigating the IRS.

Amazon founder Jeff Bezos did not pay income taxes in 2007 and 2011, according to IRS data obtained by ProPublica and published Tuesday

Tesla founder Elon Musk's income tax hit zero in 2018, data shows

Amazon founder Jeff Bezos paid no income taxes in 2007 and 2011, while Tesla founder Elon Musk’s income taxes hit zero in 2018, according to IRS data obtained by ProPublica and published Tuesday.

In reviewing the tax data, the site calculated what it called a “true tax rate” for the billionaires by comparing how much tax they paid annually from 2014 to 2018 to how much Forbes estimated their wealth had grown over that same period.

The average American household in recent years earned an average salary of about $70,000 and paid 14 percent in federal taxes per year.

According to the data, between 2014 and 2018, the 25 richest Americans collectively paid an actual tax rate of 3.4 percent on $401 billion in capital appreciation.

Warren Buffett, the CEO and chairman of Berkshire Hathaway, has been the most tax dodging company, according to the data.

Between 2014 and 2018, Buffet’s net worth grew by about $24.3 billion, but he reported paying $23.7 million in taxes.

It showed a supposedly real tax rate of 0.1 percent, which equates to less than 10 cents for every $100 Buffet added to his net worth during that period.

For Bezos, his net worth grew by an estimated $99 billion and his total reported income was $4.22 billion between 2014 and 2018.

Warren Buffett, the CEO and chairman of Berkshire Hathaway, has been the most tax dodging company, according to data.  Between 2014 and 2018, Buffet's net worth grew by about $24.3 billion, but he reported paying $23.7 million in taxes.  It showed a so-called real tax rate of 0.1 percent

Warren Buffett, the CEO and chairman of Berkshire Hathaway, has been the most tax dodging company, according to the data. Between 2014 and 2018, Buffet’s net worth grew by about $24.3 billion, but he reported paying $23.7 million in taxes. It showed a so-called real tax rate of 0.1 percent

During that period, Bezos paid $973 million in taxes, equivalent to a tax rate of 0.98 percent.

In 2007, when Bezos paid no income taxes, the Amazon founder — in a joint tax return with his then-wife MacKenzie Bezos — reported $46 million in income, mostly from interest and dividend payments on investments.

He was able to offset his earnings with losses from other investments and deductions.

In 2011, his tax return revealed that he had lost money and he claimed a $4,000 tax credit for his children.

Elon Musk’s net worth grew by an estimated $13.9 billion between 2014 and 2018. He reported $1.52 billion in total revenue and paid $455 million in taxes. It corresponds to an actual tax rate of 3.27 percent.

In 2018, Musk paid no federal income tax. The records show that he paid $68,000 in 2015 and $65,000 in 2017.

Michael Bloomberg’s net worth grew $22.5 billion between 2014 and 2018 — a period during which he reported $10 billion in total income.

Bloomberg paid $292 million in taxes at the time, which is a real tax rate of 1.30 percent.

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