IRS Investigating Jeff Bezos and Elon Musk | 22 Words

The IRS is investigating the leak that revealed some of America's wealthiest figures, including Jeff Bezos and Elon Musk, have been paying zero income tax over the last few years.

The shocking information was published by non-profit investigative journalism organization ProPublica.

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Although the source of the leak remains unknown.

The documents found the likes of Elon Musk and Jeff Bezos have paid little to no income tax for several years.

The twenty-five richest Americans' wealth increased by $401 billion between 2014 and 2018, yet these twenty-five individuals only paid $13.6 billion in income tax over this time frame.

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As of the 2020 tax year, those who earned more than $518,400 were to pay thirty-seven percent in income tax, according to the Tax Policy Center.

Despite this, ProPublica's report suggested America's twenty-five wealthiest people paid just 3.4 percent of their overall wealth in federal income tax.

This is said to have been perfectly legal, however, as people can use tax avoidance strategies which gives people the opportunity to pay less tax in certain situations, such as if they make charitable donations or by taking no wages, Sky News reported.

With this in mind, the report claims Bezos paid no income tax between 2007 and 2011, while Musk paid none in 2018.

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Also on the list of billionaires not paying income tax across various years were Michael Bloomberg, investor Carl Icahn, George Soros, and Warren Buffett.

In the wake of the report being released, the Biden administration announced it is also investigating the leak, as the information disclosed in the report was confidential.

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Treasury spokeswoman Lily Adams said yesterday:

"The unauthorized disclosure of confidential government information is illegal. The matter is being referred to the Office of the Inspector General, Treasury Inspector General for Tax Administration, Federal Bureau of Investigation, and the US Attorney's Office for the District of Columbia, all of whom have independent authority to investigate."

It's believed the data from the report was obtained through Internal Revenue Service (IRS) records, CNN reported.

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This is a developing story and updates will be posted accordingly.