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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