The wealthiest Americans avoided billions in taxes by voluntarily doing something most only do out of necessity: borrowing money.
reported Tuesday it had obtained a massive trove of IRS documents, revealing that America's wealthiest individuals have avoided paying billions of dollars in taxes for years, resulting in income tax bills that amount to a fraction of their net worth.Many Americans borrow money only when they have to for large purchases like college tuition or a house, as interest can quickly add up, especially if they're not able to pay back the loan right away.
America's 25 wealthiest individuals saw their net worth grow by $401 billion from 2014 to 2018, according to Forbes. But they paid a total of $13.6 billion in federal income taxes in that same period, amounting to 3.4% of that newly acquired wealth, ProPublica found. However, ProPublica's analysis revealed in new detail how America's tax code allows the ultrawealthy to take advantage of a litany of tax loopholes and wealth-management strategies to increase their wealth without also increasing their tax bills substantially.
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