Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
by Justin Elliott, Patricia Callahan and James Bandler
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
ProPublica started with a trove of private tax data — then analyzed those records, along with sources ranging from Forbes’ list of billionaires to publicly available information from the IRS, the Federal Reserve and more.
A new ProPublica analysis of a trove of IRS documents revealed that the richest 25 Americans pay a tiny fraction of their wealth in taxes. But even if you use the most conventional yardstick — income — the wealthiest still pay low rates.
We are disclosing the tax details of the richest Americans because we believe the public interest in an informed debate outweighs privacy considerations.
Tali Farhadian Weinstein, who donated $8 million to her own campaign, and her hedge fund manager husband paid nothing (or almost nothing) to the IRS four times in six years.
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