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Jeff Bezos, Michael Bloomberg, Elon Musk and George Soros are household names. They are worth billions and are among the wealthiest people in the United States.
A recent report by ProPublica has found another thing that separates them from regular Americans: They have paid almost nothing in taxes.
Using a complex web of loopholes, they have been able to do so while remaining inside the bounds of the law.
Why does the U.S. tax system let that happen?
On today's episode
An analysis by ProPublica showed that from 2014 to 2018, the nation's richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes during a time when their collective net worth reportedly increased by $401 billion.
The exposé has refocused attention on the tax code and how it applies to the superrich.
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Jonathan Weisman contributed reporting.
The Daily is made by Lisa Tobin, Rachel Quester, Lynsea Garrison, Annie Brown, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Wendy Dorr, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Austin Mitchell, Neena Pathak, Dan Powell, Dave Shaw, Sydney Harper, Daniel Guillemette, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Kaitlin Roberts, Rachelle Bonja, Leslye Davis, Diana Nguyen, Marion Lozano and Soraya Shockley, Corey Schreppel and Anita Badejo.
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