• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, June 16, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Trending

Is Income Tax inversely proportional for the rich?

by Sandra Theres Dony
June 9, 2021 - Updated On April 5, 2023
in Trending
Reading Time: 2 mins read
0
Pro Publica Reports

Jeff Bezos, Warren Buffet, Elon Musk

TwitterWhatsappLinkedin

The world is never short of ironies that sometimes border on hypocrisy. There is a saying that the design of the world is such that the rich keep getting richer and the poor keep getting poorer or worse. And the latest news doing the rounds on social media corroborates the same, underscoring the unfair machinery of the world that shields a few and shadows the rest.

You might also like

New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

YouTube’s War on Ad-Blockers Is Making Videos Lag—and Viewers Angry

Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

Warren Buffet
Jeff Bezos, Warren Buffet, Elon Musk

An investigative report by Pro Publica has brewed quite a storm with the news that about 25 of the wealthiest individuals get away by paying just a tiny fraction of the income tax rates in comparison to an average middle-class family. The list includes famous names like Jeff Bezos, Warren Buffett, and Elon Musk.

The richest Americans have paid little to zero federal income tax, ProPublica reports after reviewing leaked IRS data on billionaires including Jeff Bezos, Elon Musk and Warren Buffett. https://t.co/PttD0NsgR7

— NBC4 Washington (@nbcwashington) June 9, 2021

The Why and How of this Anomaly.

Despite being the richest in the world, why do these individuals pay such low amounts of tax? Someone with a good sense of humor might opine that this disparity is a good study in irony. However, someone with a sense of justice might say that the system is pretty rigged with loopholes big enough for such massive amounts to drain through.

Although the case at hand might seem like a riddle, the answer is simple. The primary basis of their wealth is real estate and stock. And these two are not taxable. Because sale is a prerequisite for the same. Another reason is the absence of dividends and, supposedly, philanthropy. If the Pro Publica reports are to be believed, then brace yourselves for a chill down your spine. As per the reports, despite a total rise in wealth amounting to a whopping $401 billion over the years, these individuals paid a meager total of $13.6 billion.

If the unfairness is still not evident, then place this picture against that of a normal family struggling with taxes. And these families still pay more than 20%, while people with more zeroes in their bank accounts pay just 0-1%.

Too many billionaires pay $0 – yes, zero – in taxes, while millions of Americans struggle to pay their taxes and provide for their families.
 
That’s not right. 

Everyone needs to pay their fair share, so our country can prosper. Everyone.

— Adam Schiff (@RepAdamSchiff) June 9, 2021

The irony becomes all the more defined because of the presence of Warren Buffett on the list. He was the same person who, in 2019, proposed the idea that rich people must pay more in terms of tax. It looks like this time he ended up on the wrong end of the gun.

The big guns weren’t ready to assume a silent stance. And the responses, though technically legible, are preposterous in terms of practicality. As an investor, Icahn happily skipped taxes in 2016 and 2017. The reason being a deduction worth millions due to interest payments. A very reasonable point. What is beyond reason and comprehension is the fact that during those same years, his total adjusted gross income amounted to $544 billion. Apparently, the Pro Publica reports ‘perplexed’ him. The actual question here is: who should be really perplexed?

Just like these individuals, Twitter was not ready to assume a silent stance either.

https://twitter.com/AirunNog/status/1402606414087004168?s=20

😠 Do you know what's painful?

😰 Holding a stock that goes nowhere for 5-6 years while the other ones keep touching new highs every day or so.

— Dhruv Girdhhar (@RichifyMeClubb) June 9, 2021

 

https://twitter.com/cnnphilippines/status/1402518961091055617?s=20

https://twitter.com/cnnphilippines/status/1402462108088893447?s=20

Warren Buffett, who advocates higher taxes, defends paying the least among America's richest https://t.co/r4N3BTeKse

— Newsweek (@Newsweek) June 9, 2021

It is not always a good thing to be on the top.

Here’s the tax rate that some billionaires paid through 2018:

📉 Warren Buffett: 0.1%
📉 Jeff Bezos: 0.98%
📉 Michael Bloomberg: 1.30%
📉 Elon Musk: 3.27%

RT if you paid MORE of your income in taxes than the richest Americans. It’s time for a wealth tax.

— Pramila Jayapal (@PramilaJayapal) June 9, 2021

Warren Buffett is definitely trending today. But for the wrong reasons.

 

 

 

 

 

 

 

 

Tags: Newstrending
Tweet54SendShare15
Previous Post

MicroStrategy announces pricing of $500 Million senior secured notes due by 2028

Next Post

Ferrari Hires Tech Industry Veteran For Electric Future

Sandra Theres Dony

Content writer at Techstory, dealing with topics, Artificial Intelligence, Virtual Reality and Augmented Reality.

Recommended For You

New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

by Harikrishnan A
June 16, 2025
0
New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

As much of the world moves on from the early chaos of the pandemic, a new COVID-19 variant is quietly making its way through communities across Asia, Europe,...

Read more

YouTube’s War on Ad-Blockers Is Making Videos Lag—and Viewers Angry

by Harikrishnan A
June 16, 2025
0
YouTube Faces Criticism Over Alleged Slowdown Tactics on Firefox and Edge

If you’ve noticed YouTube videos taking longer to start lately, you’re not alone—and it might not be a glitch. Over the past several days, users across Reddit and...

Read more

Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

by Harikrishnan A
June 16, 2025
0
Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

California Governor Gavin Newsom has condemned the U.S. Department of Defense for circulating misleading footage to support the Trump administration’s recent military deployment in Los Angeles. The controversy...

Read more
Next Post
Ferrari Hires Tech Industry Veteran For Electric Future

Ferrari Hires Tech Industry Veteran For Electric Future

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?