ProPublica: Many of the uber-rich pay next to no income tax
Associated PressWASHINGTON — The rich really are different from you and me: They’re better at dodging the tax collector. And financier George Soros went three straight years without paying federal income tax, according to a report Tuesday from the nonprofit investigative journalism organization ProPublica. Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found. It reported that “in every instance we were able to check — involving tax filings by more than 50 separate people — the details provided to ProPublica matched the information from other sources.’’ Using perfectly legal tax strategies, many of the uber-rich are able to shrink their federal tax bills to nothing or close to it. Rettig responded, “We are outgunned.” Democrats have argued that the tax gap has widened mainly because big U.S. corporations have parked revenue overseas and wealthy individuals have failed to pay their fair share.
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