Taxes are one of the sources of government funding in all countries of the world, but they differ from one country to another, according to local laws, especially in the United States of America, which has a tax system that billionaires exploit to evade taxes.
And there are in the United States of America a number of the world’s largest billionaires, who do not pay their supposed share of taxes, thanks to some methods, which reduce their tax dues without falling under the law.
And the Saudi “Al-Sharq” network reported a video clip that monitors what some US billionaires are doing so that they can pay much less taxes than they owe.
The video says that the total wealth of 25 US billionaires increased by 401 billion dollars between 2014 and 2018.
Despite this, the income taxes paid by these people represent only 3.4 percent of the value of the increase in their capital.
The video pointed out that a number of billionaires did not pay taxes in some past years, including American billionaire Jeff Bezos, who did not pay taxes in 2007, even though his fortune was estimated at 190 billion dollars, which is the same thing that happened in 2011.
In 2018, Elon Musk, who was the third richest person in the world, did not pay any taxes, although his fortune was estimated at $ 167 billion, which is the same thing that happened with Michael Bloomberg, Karl Icahn, and George Soros.
25 أمريكياً زادت ثرواتهم بـ401 مليار دولار بين 2014 و2018، لكنهم دفعوا ضرائب تمثل 3.4% من قيمة الزيادة، فكيف يتهرب مليارديرات أمريكا من الضرائب؟#اقتصاد_الشرق pic.twitter.com/jeZ0r5KoL9
— Asharq Business اقتصاد الشرق (@AsharqBusiness) June 20, 2021
According to the video, although a number of American billionaires achieved an increase in income of more than 400 billion dollars during the period between 2014 and 2018, they paid a total of 13.6 billion dollars in taxes, or about 3.4 percent of the value of income, while American families pay up to Its annual income is only $70,000 and the tax rate is 14 percent.
The video says that billionaires are taking advantage of tax evasion methods that the average citizen does not get, because the large rise that occurs to stocks and real estate wealth in which they invest is not taxed, according to the American tax system.
13 facts about Jeff Bezos, the richest man in the world