Sunday, August 22

Tag: Taxes

Many Of The Ultra Rich Pay Almost No Income Tax, Report ProPublica
Blog

Many Of The Ultra Rich Pay Almost No Income Tax, Report ProPublica

According to a report released Tuesday from the nonprofit group ProPublica, Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk’s income tax bill was zero in 2018. And financier George Soros went three straight years without paying federal income tax, according to ProPublica found that overall, the richest 25 Americans pay an average of 15.8% of adjusted gross income — which is less than many ordinary workers do, once you include taxes for Social Security and Medicare, . Its findings are likely to heighten a national debate over the vast and widening inequality between the very wealthiest Americans and everyone else.An anonymous source delivered to ProPublica reams of Internal Revenue Service data on the country’s wealthiest people, including Wa...
G-7 Nations Move To Make Tech Giants Pay Fair Share Of Taxes
Politics

G-7 Nations Move To Make Tech Giants Pay Fair Share Of Taxes

The meeting of finance ministers came ahead of an annual summit of G-7 leaders scheduled for June 11-13 in Cornwall, England. The group of the world's richest nations made the deal on Saturday which will close cross-country tax loopholes used by some of the world's biggest companies.The Group agreed to support a global minimum corporate tax rate of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries. G-7 finance ministers meeting in London also endorsed proposals to make the world's biggest companies - including U.S.-based tech giants - pay taxes in countries where they have lots of sales but no physical headquarters. U.S. Treasury Secretary Janet Yellen who attended the London meetings, said the agree...