Lobbyists create tax loopholes large enough for super-rich to drive their Lamborghinis through.
Robert Reich in today's Guardian.......
https://www.theguardian.com/commentisfree/2021/jun/10/when-americas-richest-men-pay-0-in-income-tax-this-is-wealth-supremacy
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Jeff Bezos, the richest man in America, reportedly paid no federal income taxes in 2007 and 2011. Elon Musk, the second richest, paid no taxes in 2018. Warren Buffett, often ranking number 3, paid a tax rate of 0.1% between 2014 and 2018.
The real scandal is it’s legal.
Wealth and power are inextricably connected. The super-rich have bought armies of lobbyists to keep their taxes minuscule and to create and maintain tax loopholes large enough to drive their Lamborghinis through.
The loopholes are tougher than kryptonite. Remember the notorious “carried interest” loophole that almost every presidential candidate over the last five elections has promised to close? It’s still there.
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