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How Billionaires Used Tax Loopholes to Save Billions

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Jeff Bezos claimed a $4,000 child tax benefit in 2011, despite being worth billions.Credit.John Locher/Associated Press
Tax and the .001 percent
The fallout from ProPublica’s bombshell report about billionaires’ tax bills is just beginning. The news outlet obtained tax records for the nation’s 25 richest people, which show that they paid $13.6 billion in federal income taxes between 2014 and 2018, or about 16 percent of their reported income over that period and a very, very small sliver of their wealth.
What’s revelatory about the scoop is that it provides never-before-seen details of specific billionaires’ tax bills, or lack thereof. Some of the jaw-droppers in the report: ....

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Opinion | Should America's Richest Pay a Wealth Tax?

A ProPublica report showing how little many of America’s wealthiest paid in taxes raises that question. Also: Covid proms. ....

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