How the ultra-rich paid almost no tax

From Bezos, Buffet to Bloomberg, the biggest billionaires in US avoided paying any tax, this as per a report published in ProPublica.

Citing confidential Internal Revenue Service the report states that Amazon chief and the world's richest man Jeff Bezos, did not pay any federal income tax in 2007 and 2011.

In 2007, Bezos, paid nothing in federal income taxes even as his company’s stock price doubled. Four years later, as his wealth swelled to $18 billion, Bezos reported losses and received a tax credit of $4,000 for his children, according to ProPublica.

Between 2014 and 2018, the world's most profitable investor Warren Buffett's wealth is reported to have risen by as much as $24.3 billion and he reported paying 0.1% as tax with an outgo of just $23.7 million in taxes.

The analysis showed that the nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes on $401 billion of their wealth.