10 Ways Billionaires Avoid Tax On A Massive Scale - How Money Works | How Money Works

10 Ways Billionaires Avoid Tax On A Massive Scale - How Money Works

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Rich people didn’t get rich by paying a lot of taxes and for some of them avoiding uncle Sam has become their favourite pastime.

Say what you will about billionaires, but they can be a very creative bunch where their money is concerned.

Last year ProPublica a non-profit investigative journalism organisation was leaked a cache of IRS files that contained tax information about the richest people in America.

Dozens of journalists and forensic accountants were able to reverse engineer a number of systems that the billionaires used to pay much lower rates of income tax than most regular working Americans.

#tax #billionaire #howmoneyworks

ProPublica Articles:

https://www.propublica.org/article/billionaires-tax-avoidance-techniques-irs-files

https://www.propublica.org/article/a-massive-oil-spill-helped-one-billionaire-avoid-paying-income-tax-for-14-years