https://www.fool.com/taxes/2020/09/25/why-does-billionaire-warren-buffett-pay-a-lower-ta/
This is not rocket science, here.
Or simply look at the net taxes paid by corporations like Amazon/FB by domiciling in Ireland or the Caribbean. Or a certain former president the past 10-15 years. Not something any middle class taxpayer can do, exactly. Even the billionaires know it’s a joke.
“A 70% marginal tax rate. A 77% estate tax. A 3% tax on every dollar over $1 billion of net worth. As various plans to tax the ultra-rich gain steam in American political discourse—and after a recent bombshell report that the 400 richest Americans paid a lower tax rate than other income groups last year—many billionaires have been challenged to address their very existence amid growing income inequality.
At least a dozen billionaires have made public statements that call for the super-rich to pay more in taxes. On Monday, Salesforce chairman and cofounder Marc Benioff penned the latest in a string of billionaire op-eds calling for higher taxes on the wealthy. The California software entrepreneur, who ranked No. 93 on The Forbes 400 list of richest Americans released earlier this month, wrote that “increasing taxes on high-income individuals like myself would help generate the trillions of dollars that we desperately need to improve education and health care and fight climate change.”
https://www.forbes.com/sites/cartercoudriet/2019/10/15/billionaires-more-taxes-gates-buffett-bloomberg/?sh=7cfe5bf57792
Even Forbes of all publications is sympathetic.
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.
Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.
Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each and every year.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax