Billionaire Michael Bloomberg, the failed Democrat presidential primary candidate and former New York City mayor, is paying less than half the federal income tax rate the average American taxpayer pays, newly published IRS data reveals.
Billionaire Michael Bloomberg, the failed Democrat presidential primary candidate and former New York City mayor, is paying less than half the federal income tax rate the average American taxpayer pays, newly published Internal Revenue Service data reveals.by ProPublica that gives a glimpse into the tax loopholes that the richest 400 Americans utilize every year to dodge billions in federal income taxes that most Americans are required to pay.
Bloomberg, ProPublica reports, “achieved one of the lowest tax rates in the top 400” richest Americans from 2013 to 2018 “partly by taking annual deductions of more than $1 billion, mostly through charitable contributions.” , pays every year. In fact, Bloomberg’s average rate is just 0.5 percent more than what the bottom 50 percent of income earners pay on average.Bloomberg’s massive tax breaks are thanks to provisions signed into law by former Presidents George W. Bush and Donald Trump.
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