By Gene Marks
Just last month it was revealed from an investigation of IRS data by media platform ProPublica that—surprise, surprise—the wealthiest of the wealthy (Bezos, Buffet, Musk, etc.) did not pay their “fair share” of income taxes over the past 15 years.
What do we mean by “fair share?”
The bipartisan Tax Foundation says that the average federal tax rate for all taxpayers, after you take into consideration deductions, credits, and exemptions, was 13.3 percent in 2018. Bezos, in 2017, paid no taxes. Elon Musk’s “true” tax rate was about 3.4 percent, and Warren Buffet’s was 0.1 percent, according to the ProPublica report.
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