Bezos, Buffett, Bloomberg, Musk, Icahn and Soros pay tiny fraction of wealth in income taxes, report reveals

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Warren Buffett and Jeff Bezos

Lacy O’ Toole | CNBC; Getty Images

Some of the world's richest men — Jeff Bezos, Elon Musk, Warren Buffett, Carl Icahn, Michael Bloomberg and George Soros — wage conscionable a tiny fraction of their expanding wealthiness successful taxes, and successful immoderate cases wage nary taxes successful a fixed year, according to a study Tuesday.

ProPublica, citing confidential IRS information it obtained connected thousands of affluent people, reported that the 25 richest Americans "saw their worthy emergence a corporate $401 cardinal from 2014 to 2018."

But those radical paid a full of conscionable $13.6 cardinal successful national income taxes for those 5 years, which "amounts to a existent taxation complaint of lone 3.4%," the nonfiction noted.

In contrast, the median U.S. household successful caller years earned astir $70,000 annually and paid 14% percent of that successful national taxes. Couples successful the highest income taxation complaint bracket paid a complaint of 37% connected net higher than $628,300, the study said.

ProPublica pointed retired that billionaires, dissimilar astir different radical whose net travel from accepted wage income, often payment from "tax-avoidance strategies beyond the scope of mean people."

And their wealthiness is often mostly based connected the rising worth of banal and existent property that is not considered taxable unless those assets are sold, the study noted.

The nonfiction said that according to ProPublica's calculations, Buffett's "true taxation rate" was conscionable .1%, oregon $23.7 cardinal successful taxes helium paid connected wealthiness maturation of $24.3 billion, during the five-year clip frame.

During that period, Buffett, the CEO of Berkshire Hathaway, reported legally taxable income of $125 million.

Bezos, who arsenic laminitis of Amazon has go the world's richest person, paid somewhat little than 1% successful ProPublica's existent taxation rate, oregon $973 million, connected wealthiness maturation of $99 cardinal during the five-year period. Bezos' existent taxable income during that clip was $4.22 billion, the study said.

In 2007, Bezos "did not wage a penny successful national income taxes," and helium besides avoided immoderate national income taxation liability successful 2011, the nonfiction said.

The world's second-richest person, Tesla CEO Elon Musk, paid a 3.27% existent taxation rate, oregon $455 million, connected wealthiness maturation of $13.9 billion, ProPublica said.

Musk, who had an existent taxable income of $1.52 cardinal during the five-year period, paid nary national income taxes successful 2018, according to ProPublica.

Bloomberg, the erstwhile New York City politician and laminitis of Bloomberg LP, paid a 1.3% existent taxation rate, oregon $292 million, during the clip play looked astatine by ProPublica. His existent taxable income was $10 billion, the study said.

The capitalist Soros paid nary national income taxes betwixt 2016 and 2018, which was a effect of him losing wealth connected his investments, his spokesperson told ProPublica.

Icahn, different investor, paid nary national income taxation successful 2016 and 2017, years successful which his full adjusted gross income was $544 million, the nonfiction said.

Icahn told ProPublica that helium registered taxation losses successful some of those years arsenic a effect of taking deductions worthy hundreds of millions of dollars owed to the involvement helium paid connected loans.

Asked whether it was due that helium had paid nary income taxation successful definite years, Icahn said helium was perplexed by the question, ProPublica reported.

"There's a crushed it's called income tax," Icahn was quoted arsenic saying successful the article. "The crushed is if, if you're a mediocre person, a affluent person, if you are Apple — if you person nary income, you don't wage taxes."

He added: "Do you deliberation a affluent idiosyncratic should wage taxes nary substance what? I don't deliberation it's germane. How tin you inquire maine that question?"

Read the afloat ProPublica study here.