The 25 richest Americans, including Jeff Bezos, Warren Buffett and Elon Musk, paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period. It found that in 2007 Bezos, the founder of Amazon and already a billionaire, paid no federal taxes.
Amazon’s founder and chief executive Jeff Bezos has endorsed Joe Biden’s plan to raise corporate taxes after the US president singled out the company over its contributions to federal coffers. Mr Bezos, issued a statement via the company’s website last night to say he supported the White House in its $2.3bn focus on bolstering the country’s infrastructure.
Yesterday, President Trump unveiled the Republican framework for tax reform during his speech in Indiana. Under the new plan, the wealthiest get big tax cuts including the total elimination of the estate tax. Businesses, both small and large, will also see major tax cuts. How the plan affects the middle and lower income levels is not clear yet.
The White House has issued a statement regarding Trump’s income from Russia stating that the only monetary transactions in the last 10 years was $12.2 million dollars in fees for the 2013 Miss Universe pageant held in Moscow, $95 million from a Russian billionaire who bought Trump’s estate in Florida, and his company’s routine sales of condo units and rounds of golf to Russians. Although Trump’s tax attorneys issued this statement, no documents were provided to prove his claims.
President Donald Trump urged House members to pass the revised Senate’s budget to ensure the plan’s passage even without Senate Democratic votes. Trump advised House members to call it ‘tax cuts’ instead of ‘tax reform’ for average Americans’ understanding. Trump argued Republicans failing to pass the plan, will cause difficulty in 2018 midterm elections.