If you sit down to count the wealth of some of the richest people in the world, you will get tired of counting to zero. Just imagine, how much tax would these people pay to their government? A report has claimed that these legendary rich people pay a very nominal amount in the form of tax. This report includes the names of 23 richest people, including the world’s richest man Jeff Bezos and Elon Musk. These people have given a very small amount as tax to their government between 2014 and 2018.
ProPublica, a US-based organization, has done an analysis about the taxes paid by some of the world’s richest people. The report claimed that 23 rich people earned US$ 401 billion but paid only $13.6 billion in taxes, which is less than four percent of the total amount.
Huge inequality in the US tax system
Let us tell you that Amazon’s co-founder and CEO Jeff Bezos has an annual income of $ 190 billion. At the same time, Tesla CEO Elon Musk has a yearly earnings of $ 167 billion. After this report came out, the tax information of big bigwigs has become public. The New York Times report said that this report has given information about a great ‘inequality’ in America’s tax system.
According to the report, rich people like Elon Musk, Jeff Bezos, Warren Buffett took advantage of America’s weak tax system. In the US, large parts of property such as yachts, vacation houses, etc. are not taxed at all, unless they are sold or earned from them.
Biden proposed to increase the tax rate
America’s tax system has been battling with many weaknesses for a long time, taking advantage of which people avoid paying taxes. US President Joe Biden is trying to make this system more strict and transparent so that people can be taxed honestly. In this episode, Joe Biden has proposed to increase the tax rate from 37 percent to 39.6 percent.