Sunday, June 13, 2021

Sunday Best: Billionaires, busted

How the rich have more money and still pay less.

Thanks to ProPublica's revelatory report last week, you may have heard that Elon Musk, Jeff Bezos, Warren Buffett and other American billionaires have been paying very little — sometimes nothing — in federal income taxes in recent years.

Perhaps you didn't find the news particularly surprising but aren't exactly sure how the top 25 richest Americans actually pulled this off.

The tax system in the United States is riddled with loopholes, Binyamin Appelbaum, a member of our editorial board, writes. And while President Biden has proposed changes that he believes will tackle tax avoidance and ensure that everybody pays their fair share, Binyamin argues that won't "suffice to address the basic unfairness that the wealthy are living by a different set of rules, lavishly spending money that isn't taxed as income."

— Jennifer Brown

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Peter Fisher for The New York Times

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