Clamour for wealth tax grows after revelations about super-rich’s affairs | Tax avoidance | The Guardian

The revelation last week that the 25 richest US billionaires have paid very little tax even as their fortunes have soared has reignited demands for wealth taxes on both sides of the Atlantic.

It discovered that Jeff Bezos – founder of Amazon and world’s richest person, with a $193bn (£136bn) fortune – paid no federal taxes in 2011 and even claimed $4,000 in tax credit for his children.

Warren Buffett, the famed investor who has pointed out that he pays less tax than his secretary and called for reform of the system, paid an effective tax rate of just 0.1% between 2014 and 2018. Collectively, the 25 richest Americans – a group that also includes Rupert Murdoch, Michael Bloomberg and George Soros – paid 0.17% of their wealth in taxes in 2018.

Clamour for wealth tax grows after revelations about super-rich’s affairs | Tax avoidance | The Guardian