Congressman introduces 'Robinhood' Act targeting billionaires; accuses Elon Musk, Jeff Bezos of evading taxes, hoarding wealth
https://timesofindia.indiatimes.com/.../125775249.cms
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A 2021 ProPublica investigation showed that America’s 25 richest individuals paid an average effective tax rate of just 3.4%, far below the top federal income tax bracket. Elon Musk paid 3.3%, Jeff Bezos 1%, and Warren Buffett just 0.1%.
One common strategy called the “Borrow, Buy, Die” allows the ultra-wealthy to borrow against appreciating assets rather than sell them and pay capital gains tax. In 2022, Elon Musk had pledged $94 billion in Tesla shares as collateral for personal loans, while the next richest 1% collectively borrowed over $1 trillion in the same year.
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