• The Leak Exposing The Billionaire Tax Scam

  • Jul 12 2021
  • Length: 34 mins
  • Podcast

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The Leak Exposing The Billionaire Tax Scam

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  • Summary

  • Sirota talks to ProPublica's Jesse Eisinger about the recent leak of IRS data showing how billionaires are able to accumulate vast wealth while paying so little in taxes. Recent analyses have estimated that every year, the richest 1 percent are not paying between $174 billion and $250 billion of taxes they owe. The documents leaked to ProPublica illustrate how tax loopholes, preferences and shelters allow moguls such as Jeff Bezos and Warren Buffett to pay a lower effective tax rate than everyone else. Eisinger also reviews the story of how right-wing billionaire Peter Thiel used stock valuations and a Roth IRA - which was designed for middle-class Americans - to tax shelter roughly $5 billion of wealth. The discussion concludes with a review of new legislative proposals to rebuild the IRS so that the agency can better police billionaire tax avoidance.
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