ProPublica recently released a report listing the 400 wealthiest Americans and their taxes. These people are so rich, celebrities like Jay-Z and Oprah didn’t even make the list!
More shocking, however, was what it revealed about America’s tax system.
These multi-billionaires, like Bill Gates, who brings in nearly $3 billion annually, use tricks and loopholes to avoid paying taxes – all while everyday Black people are audited by the IRS more than any other race!
Gates pays about 20% of his income in taxes – less than a regular American making an $80,000 salary. This is by design.
The U.S. tax system is rigged to benefit rich white people. It taxes income and investments VERY differently.
Money made from financial assets or investments is taxed at a lower rate than income made from wages. This is a major way billionaires stay rich – most of their wealth comes from investments.
Regular people pay more of our income in taxes, since most of it is wage-based. The super-rich, who can afford to contribute the most to society, ironically end up paying the LEAST in taxes!
We shouldn't be paying more taxes than the super wealthy. This report shows that they’re taking advantage of a system that was built to keep them rich, while everyone else keeps struggling.