Billionaire Bloomberg pay less than half the average American tax rate

Billionaire Michael Bloomberg paid less than half the federal tax income rate of the average American, IRS data revealed.

The report by ProPublica showed how many wealthy Americans use tax loopholes to dodge expenses forced upon other citizens.

Not typical

“To make it into the top 400, each person on this list had to make an average of at least $110 million each year,” the investigation states. “A typical American making $40,000 would have to work for 2,750 years to make what the lowest-earning person in this group made in one.”

Bloomberg, ProPublica reports, “achieved one of the lowest tax rates in the top 400” richest Americans from 2013 to 2018 “partly by taking annual deductions of more than $1 billion, mostly through charitable contributions.”

Based on W-2 wages

“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,” ProPublica noted.

The difference means a person making significant wealth through self-employment or investments could have a lower overall tax rate, a loophole wealthy Americans take advantage of at tax time.

“On average, the rate of income tax that people pay climbs as incomes ascend into the top 1%, but when you get to the range of $2M-$5M, that trend stops,” the report added.

The concerns are disturbing for most Americans, wondering how those who make the most pay less, despite President Joe Biden’s claims that he will make the rich pay their “fair share.”

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