Friday, November 5, 2021
ProPubica, How These Ultrawealthy Politicians Avoided Paying Taxes:
IRS records reveal how Gov. Jim Justice, Gov. Jared Polis, former Education Secretary Betsy DeVos and other wealthy political figures slashed their taxes using strategies unavailable to most of their constituents. ...
The records show that rich Democrats and Republicans alike have slashed their taxes using strategies unavailable to most of their constituents. Among them are governors, members of Congress and a cabinet secretary. ...
As ProPublica has revealed in a series of articles this year, these tactics, if sometimes aggressive, are completely legal. And they’re not universal among wealthy politicians. ProPublica reviewed tax data for a couple dozen wealthy current and former government officials. Their data shows that many of them paid relatively high tax rates while employing more modest use of the fairly standard deductions of the rich.
The politicians who paid little or exploited loopholes either defended their practices as completely proper or declined to comment. ...
ProPublica’s data shows that at least two federal officials have already taken steps to preserve their family fortunes for their heirs, exploiting loopholes that divert revenue from the federal government.
Prior TaxProf Blog coverage:
- ProPublica: America's Richest People Pay Little To Nothing In Federal Income Taxes (June 8, 2021)
- Dorothy Brown And David Cay Johnston Discuss Yesterday's ProPublica's Report On The Tax Secrets Of The .001% (June 9, 2021)
- Dorothy Brown On The ProPublica Tax Report, Racial Justice, And The Gig Economy (June 14, 2021)
- ProPublica: How Peter Thiel Turned $2,000 In A Roth IRA Into $5,000,000,000 (June 28, 2021)
- ProPublica: Why You Can’t Turn Your Roth IRA Into a Billion-Dollar Tax Shelter (July 1, 2021)
- ProPublica: The Billionaire Playbook — How Sports Owners Use Their Teams To Avoid Millions In Taxes (July 12, 2021)
- ProPublica: The Number Of People With IRAs Worth $5 Million Or More Has Tripled, Congress Says (July 29, 2021)
- ProPublica: Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut” (Aug. 11, 2021)
- ProPublica: How The Trump Tax Law Created A Loophole That Lets Top Executives Net Millions By Slashing Their Own Salaries (Aug. 20, 2021)
- ProPublica: House Bill Would Blow Up The Massive IRAs Of The Superwealthy (Sept. 22, 2021)
- ProPublica: More Than Half Of America’s 100 Richest People Exploit GRATs To Avoid Estate Taxes (Sept. 30, 2021)
- ProPublica: 18 Billionaires Received Taxpayer-Funded Stimulus Checks During The Pandemic (Nov. 4, 2021)