25 US billionaires including Elon Musk paid no income tax in some years: Report

Last year, 607 new names were added to the global list of billionaires with a personal wealth of one billion US dollars or more ($1 - 72.93 ...

Last year, 607 new names were added to the global list of billionaires with a personal wealth of one billion US dollars or more ($1 - 72.93 rupees), three every two days. And, with a team of 140 billionaires, India has risen to number three in the world, right after the United States and China.

Elon Musk paid no income tax in some years

However, according to the Income Tax Department, in the 2018-19 assessment year, only 77 people in the country reported taxable income of Rs 100 crore or more.

This inequality in the tax system is not only in our country. According to The New York Times, based on data from the IRS, the New York Times quoted the news agency ProPublica as saying that between 2014 and 2018, the 25 richest people in the United States paid almost no income tax!

Wealthy people like Elon Musk, Jeff Bezos, Warren Buffett, Michael Bloomberg have collectively paid only $13.6 billion in income tax, where their total wealth is $401 billion!

The report further said that the rich people have been able to show their thumbs up to the entire tax system of the country by filling various legal loopholes.

This is where the report raises the issue of whether labor income or property should be taxed.

On Tuesday, a huge commotion started in the United States over the report. The US Senate is in a frenzy over how all that information came out from the IRS. IRS Commissioner Charles Rettig has been summoned to the Senate Finance Committee for accountability.

In the next phase of Covid, the idea of ​​relieving the lower class by imposing a higher tax burden on the rich people in different countries of the world including the United States has started.