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IRS Records Show Rampant Tax Avoidance by America's Wealthiest Billionaires

"Our system only taxes 'taxable income' and if you are really rich, you don't need any 'taxable income,' so you get to pick and choose when and how you're taxed."
WASHINGTON -

This morning, ProPublica released a report based on secret IRS data that reveals how billionaires like Elon Musk and Warren Buffett avoid paying billions of dollars in income taxes. In response to this article, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., released the following statement:

 

"Today's ProPublica report is shocking, but it is not surprising. It's common knowledge that the richest people in the US have rigged the tax code in their favor, leaving them able to game the tax code to avoid paying almost anything in taxes. This is how the richest 400 Americans end up owning more wealth than the bottom 150 million Americans combined. Our system only taxes "taxable income" and if you are really rich, you don't need any "taxable income," so you get to pick and choose when and how you're taxed. 

 
There is no justification for a tax code that allows billionaires to pay significantly lower tax rates than normal working Americans. We must change the tax code to force the rich to pay their fair share."

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Patriotic Millionaires

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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