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US Tax Authorities leak reveals the details of US super-rich

Calls for a wealth tax on the super-rich have grown after a trove of tax data from the US Internal Revenue Service was leaked to the investigative journalism organisation ProPublica revealing the tax returns of some of the world's richest people, including Jeff Bezos, Elon Musk, Warren Buffett and George Soros. ProPublica calculated the wealth of the 25 richest Americans collectively jumped by $401bn (£283bn) from 2014 to 2018. They paid, according to ProPublica, $13.6bn (£9.6bn) in federal income taxes over those years - equal to just 3.4% of the increase in their overall fortunes. Using tax strategies which are perfectly legal, Jeff Bezos paid no income tax at all in 2007 and 2011; George Soros went three straight years without paying federal income tax, while Musk paid nothing in 2018. The leak, which is being investigated by authorities, has prompted the likes of Senators Elizabeth Warren and Bernie Sanders to demand Joe Biden introduce a wealth tax in America “to make the ultra-rich finally pay their fair share.”

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