Bezos, Musk, other billionaires regularly evading income taxes...

Dhaka, Wednesday   16 June 2021

Bezos, Musk, other billionaires regularly evading income taxes

 International Desk

 Published: 07:45 PM, 9 June 2021  

Amazon CEO Jeff Bezos, Tesla and SpaceX CEO Elon Musk; Photo: Collected

Amazon CEO Jeff Bezos, Tesla and SpaceX CEO Elon Musk; Photo: Collected

Although many people always want to know about the amount of money, assets of the world’s richest people and who surpassed whom in terms of money, however, they are not discussed whether these billionaires are paying income taxes properly, as a result, the matter stays behind.

ProPublica, a US media outlet, recently published an investigative report on the matter. 

It was seen in the report that these billionaire-class people is not paying income tax properly for years like many others, even they are regularly evading taxes.

The list of tax evaders includes billionaires such as Amazon CEO Jeff Bezos, Tesla and SpaceX CEO Elon Musk and US businessman Michael Bloomberg.

According to ProPublica, Jeff Bezos “did not pay” any federal income tax in 2007 and 2011. Elon Musk did the same in 2018. In recent years, Bloomberg LP founder Michael Bloomberg, also the owner of Bloomberg News and investors Carl Icahn and George Soros have filed nominal income taxes. 

ProPublica says Warren Buffett’s total wealth reached more than $24.3 billion from 2014 to 2018, however, he gave “$23.7 million” income taxes in that period. As such, he has paid only 0.1 percent of taxes from his assets.

ProPublica has collected this information from the internal revenue records of the United States. US Internal Revenue Commissioner Charles Rettig said on Tuesday that his organization had some more “interesting information”. 

ProPublica tried to communicate with these tax-evading billionaires before disclosing the information, however, they failed to do so.

Meanwhile, 57-year-old Jeff Bezos has announced that “he will go into space” on July 20 for the first manned mission of his rocket company Blue Origin. 

According to Blue Origin, Bezos will be accompanied on the flight by his younger brother Mark Bezos. Jeff Bezos has a net worth of $185.8 billion. If all goes well, Bezos will be the first person to go into space in a spacecraft built at his own expense.

Elon Musk was elected “Fellow of the Royal Society” the same year he failed to pay his income tax. He was ranked 25th in the list of the most powerful people in the world by Forbes magazine in 2018. Elon Musk has a net worth of $152.3 billion, but he is reluctant to pay regular income tax.