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Richest tycoons in America pay little or no tax, report finds

INVESTIGATIVE journalists ProPublica published leaked US tax receipts on Tuesday showing many of the country’s richest tycoons pay little or no tax.

Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk’s income tax bill was zero in 2018. And financier George Soros went three straight years without paying federal income tax, the report found.

The richest 25 US citizens paid a smaller proportion of their income on average — 15.8 per cent — than most ordinary workers, once taxes for social security and Medicare are included, ProPublica found.

The media outlet received reams of Internal Revenue Service data anonymously. 

Senator Elizabeth Warren tweeted: “Our tax system is rigged for billionaires who don”t make their fortunes through income, like working families do. The evidence is abundantly clear: it is time for a #WealthTax in America.”

The US government said the data leak was illegal and the FBI would investigate it.

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