IRS investigating leak revealing Elon Musk and other billionaires paid little in federal taxes
3 years, 7 months ago

IRS investigating leak revealing Elon Musk and other billionaires paid little in federal taxes

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Federal authorities are investigating the leak of years of tax returns from billionaires like Elon Musk following a bombshell report by an investigative news outlet, Internal Revenue Service Commissioner Charles Rettig said on Tuesday. News of the investigation came hours after the ProPublica report revealed Mr Musk, the CEO of Tesla, paid a 3.27 per cent true tax rate, or $455m, for his wealth growth of $13.9m over the five-year period between 2014 and 2018. But collectively those Americans paid a total of $13.6bn in federal income taxes over those five years, which was a collective true tax rate of just 3.4 per cent. Warren Buffett, Jeff Bezos and Michael Bloomberg all held a true tax rate that was lower than 1.5 per cent, despite reporting income in the billions between 2014 and 2018.

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History of this topic

Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people
11 months, 2 weeks ago

Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people

Associated Press  

WASHINGTON — A former contractor for the Internal Revenue Service who pleaded guilty to leaking tax information to news outlets about former President Donald Trump and thousands of the country’s wealthiest people was sentenced to five years in prison Monday. Charles Edward Littlejohn, 38, of Washington, D.C., gave data to The New York Times and ProPublica between 2018 and 2020 …

'Bombshell' report raises questions about new possible Trump tax evasion: experts
11 months, 2 weeks ago

'Bombshell' report raises questions about new possible Trump tax evasion: experts

Raw Story  

According to a report from the Daily Beast's Roger Sollenberger, a "bombshell" footnote in documents filed by the special monitor appointed by the court in the $370 million Donald Trump financial fraud trial is raising questions about a $50 million Trump loan that may or may not exist. According to the report, former federal judge Barbara Jones included a "major …

Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people
1 year, 3 months ago

Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people

Associated Press  

WASHINGTON — A former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the country’s wealthiest people pleaded guilty to a federal charge Thursday in an agreement with prosecutors. The Justice Department charged Charles Edward Littlejohn, 38, of Washington, D.C., with stealing tax return information and giving …

Debate clip resurfaces of Trump saying he paid ‘millions’ in federal income taxes in years he only paid $750
2 years ago

Debate clip resurfaces of Trump saying he paid ‘millions’ in federal income taxes in years he only paid $750

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Moderator Chris Wallace, then of Fox News, now of CNN, specifically asked the then-president …

EXPLAINER: What’s the debate over releasing Trump’s taxes?
2 years ago

EXPLAINER: What’s the debate over releasing Trump’s taxes?

Associated Press  

WASHINGTON — The Democratic-controlled House Ways and Means Committee on Tuesday voted to release former President Donald Trump’s tax returns, raising the potential of additional revelations in the coming days related to the finances of the longtime businessman who broke political norms by refusing to voluntarily make public his returns as he sought the presidency. That date coincides with when …

US govt paid Twitter millions of dollars to censor info from public: Elon Musk
2 years ago

US govt paid Twitter millions of dollars to censor info from public: Elon Musk

Live Mint  

Twitter CEO Elon Musk claimed that the US government paid 'millions of dollars' to censor information from the public on multiple social media platforms, including Twitter. Retweeting 'Part 7' of the Twitter Files, Musk posted, "Government paid Twitter millions of dollars to censor info from the public." The debate over the controversial 'The Twitter Files' saga sparked following Musk's decision …

Column: Can America’s billionaires please stop whining about their privacy rights?
2 years ago

Column: Can America’s billionaires please stop whining about their privacy rights?

LA Times  

Billionaire space traveler Jeff Bezos, second from left, after traveling aloft on his Blue Origin spacecraft: Did he not have anything to spend on to improve conditions on Planet Earth? Hedge fund billionaire Ken Griffin sued the Internal Revenue Service on Tuesday for what he says was the “unlawful disclosure” of his tax and income records due to the agency’s …

Elon Musk ousts Jeff Bezos on top of Forbes billionaires list for first time with net worth of $273.6bn
2 years, 9 months ago

Elon Musk ousts Jeff Bezos on top of Forbes billionaires list for first time with net worth of $273.6bn

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Tesla and SpaceX CEO …

FBI to probe billionaire IRS leak that revealed Elon Musk and Jeff Bezos paid little to federal tax
3 years, 7 months ago

FBI to probe billionaire IRS leak that revealed Elon Musk and Jeff Bezos paid little to federal tax

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The FBI are opening an investigation into the leaking of …

Leak of billionaires' tax data draws GOP outcry over privacy
3 years, 7 months ago

Leak of billionaires' tax data draws GOP outcry over privacy

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Republicans in Congress are alarmed by the leak of confidential …

Leak of billionaires’ tax data draws GOP outcry over privacy
3 years, 7 months ago

Leak of billionaires’ tax data draws GOP outcry over privacy

Associated Press  

WASHINGTON — Republicans in Congress are alarmed by the leak of confidential IRS data to the investigative news organization ProPublica, enabling it to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times. Treasury and the IRS must hold accountable any and all individuals who broke federal law by inappropriately …

Jeff Bezos and Elon Musk pay no taxes — but the right wrings its hands about "privacy"
3 years, 7 months ago

Jeff Bezos and Elon Musk pay no taxes — but the right wrings its hands about "privacy"

Salon  

A bombshell report published by ProPublica on Tuesday detailed leaked IRS filings suggesting that some of the wealthiest individuals in the U.S. pay next to nothing in federal taxes, despite reaping hundreds of millions or more in annual income. Other billionaires detailed in the report include former New York mayor Michael Bloomberg, who paid $70.7 million in federal income taxes …

Billionaires hit back over revelation of how little they pay in federal income taxes: ‘Do you think a rich person should pay taxes no matter what?’
3 years, 7 months ago

Billionaires hit back over revelation of how little they pay in federal income taxes: ‘Do you think a rich person should pay taxes no matter what?’

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Billionaire investor Carl Icahn declared a total income …

Elon Musk, Jeff Bezos, other billionaires have paid zero income tax in some years: Report
3 years, 7 months ago

Elon Musk, Jeff Bezos, other billionaires have paid zero income tax in some years: Report

Live Mint  

Several of the richest Americans have paid zero income tax in some years, according to an investigative report published Tuesday that comes as Washington weighs new proposals to address tax avoidance by the wealthiest individuals and companies. The bombshell report, by New York-based journalism nonprofit ProPublica, showed Amazon Chairman Jeff Bezos paid no income tax in 2007 and 2011, while …

Elon Musk, world’s second richest person, paid $0 in federal income tax in 2018, report claims
3 years, 7 months ago

Elon Musk, world’s second richest person, paid $0 in federal income tax in 2018, report claims

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

'Secret IRS Files' Show How Rich Americans Avoid Income Tax : Consider This from NPR : NPR
3 years, 7 months ago

'Secret IRS Files' Show How Rich Americans Avoid Income Tax : Consider This from NPR : NPR

NPR  

ProPublica's 'Secret IRS Files' Unveil How Richest Americans Avoid Income Tax Enlarge this image toggle caption Zach Gibson/Getty Images Zach Gibson/Getty Images The story made waves in Washington, D.C., this week: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax. ProPublica obtained private tax data from America's 25 wealthiest individuals, which revealed exactly how …

Trump may have to face tax questions now he is no longer president
3 years, 11 months ago

Trump may have to face tax questions now he is no longer president

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. One is a massive income tax refund Trump received before entering office, according to …

'Fake News': Trump Rejects Report That Says He Paid Just $750 in Income Taxes in 2016
4 years, 3 months ago

'Fake News': Trump Rejects Report That Says He Paid Just $750 in Income Taxes in 2016

News 18  

In an oblique reference to the New York Times report that said he paid just $750 in federal income taxes in 2016, US President Donald Trump on Monday dismissed as fake news the allegations made by the publication. FAKE NEWS!— Donald J. Trump September 28, 2020 Earlier on Sunday, Trump had told journalists after the publication put out multiple allegations …

Trump paid just $750 in federal income tax in 2016, says media report
4 years, 3 months ago

Trump paid just $750 in federal income tax in 2016, says media report

The Hindu  

President Donald Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data. The Times reported that Mr. Trump, who is seeking re-election in November, paid just $750 in federal income taxes in both 2016 and …

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