Owners like Steve Ballmer can take the kinds of deductions on team assets — everything from media deals to player contracts — that industrialists take on factory equipment. That helps them pay lower tax rates than players and even stadium workers.
by Robert Faturechi, Justin Elliott and Ellis Simani
How do billionaire team owners end up paying lower tax rates not only than their millionaire players, but even the person serving beer in the stadium? Let’s go to the highlights.
One proposal would ban the kinds of transactions that helped Peter Thiel amass $5 billion in his Roth; another would cap how much could be saved tax-free in these retirement accounts. But two unrelated bills could undermine those efforts.
by James Bandler, Patricia Callahan and Justin Elliott
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.
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
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.
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.
We are disclosing the tax details of the richest Americans because we believe the public interest in an informed debate outweighs privacy considerations.
by Stephen Engelberg and Richard Tofel
As we speak, ProPublica is working on more stories from our trove of secret IRS files. Text “IRS” to 917-746-1447 and we’ll text you when the next one drops. Standard messaging rates apply. Privacy policy here.
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