The wealthy may avoid $163 billion in taxes every year. Here’s how they do it
The wealthiest Americans may be dodging as much as $163 billion in income taxes every year, according to the U.S. Department of the Treasury, and many leverage tax laws to do it legally, financial experts say.
Although U.S. levies increase with income, the ultra-wealthy often finesse the tax code to reduce how much they owe. And some billionaires, such as Amazon founder Jeff Bezos and Tesla CEO Elon Musk, pay little to no taxes compared to their wealth, a ProPublica report found.
“As long as you’re adhering to the law, everything’s fair game,” said certified...