A massive trove of tax information obtained by ProPublica, covering thousands of America’s wealthiest individuals, reveals what’s inside the billionaires’ bag of tricks for minimizing their personal tax bills — sometimes to nothing.
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
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After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires.
The billionaire TikTok investor specializes in securities trades that are taxed at around 40%. A ProPublica analysis reveals how Yass and his partners have kept their tax rates at 20% or lower.
Susquehanna founder and TikTok investor Jeff Yass has avoided $1 billion in taxes while largely escaping public scrutiny. He’s now pouring his money into campaigns to cut taxes and support election deniers.
There are many differences between the rich and the rest of us, but one of the most consequential for your taxes is whether most of your income comes from wages.
An unprecedented trove of leaked IRS data shows who reported the most income in America from 2013 to 2018, as well as their tax rates, revealing that the very richest pay lower rates than the merely rich.
Secret IRS files reveal the top US income earners and how their tax rates vary more than their incomes. Tech titans, hedge fund managers and heirs dominate the list, while the likes of Taylor Swift and LeBron James didn’t even make the top 400.
After ProPublica's Secret IRS Files showed how the richest avoid taxes — often by minimizing income and relying on their wealth — the Biden administration unveiled a plan that could raise hundreds of billions in tax revenues. Its fate is uncertain.
In an interview, Senate Finance Chair Ron Wyden described the effect of the tax dodging revealed in “The Secret IRS Files” and argued that his stalled efforts to make the ultrawealthy pay what he calls “their fair share” could still bear fruit.
In the early 1900s some of the wealthiest Americans claimed their fortunes would never last through the generations. A century of tax avoidance later, the dynasties are going strong.
Phyllis Taylor’s company is responsible for the longest-running oil spill in U.S. history. That’s been a disaster for the Gulf of Mexico — but a tax bonanza for Taylor.
Thoroughbred horses, auto racing, massive ranches, luxury hotels. The hobbies and side businesses of the ultrawealthy create huge write-offs that can let them get away with paying little or no income tax for as much as a decade at a time.
Donald Trump and other ultrarich Americans have earned billions, but they’ve also managed to repeatedly avoid paying any federal income tax by claiming huge losses on their businesses.
IRS records reveal how Gov. Jim Justice, Gov. Jared Polis, former Education Secretary Betsy DeVos and other wealthy political figures slashed their taxes using strategies unavailable to most of their constituents.
IRS records reveal that 18 billionaires and some 250 other ultrawealthy people received aid intended to help middle-class Americans.
Taxing billionaires on their wealth may sound novel, but the ideas behind it are already frequently used in the tax code.
Several companies, including one backed by Peter Thiel, are fighting a proposal to curb giant retirement accounts and tighten rules for IRA investments.
“The Secret IRS Files” won Gold and "The Cutting," a Local Reporting Network project, won Bronze in the Barlett & Steele Awards for Investigative Business Journalism
Secret IRS records show billionaires use trusts that let them pass fortunes to their heirs without paying estate tax. Will Congress end a tax shelter that has cost the Treasury untold billions?
The proposed reform stems from a ProPublica story that detailed how PayPal founder Peter Thiel had amassed $5 billion, tax-free, in a Roth IRA. If the bill passes, Roth accounts would be capped at $20 million for high-income individuals.