The Washington post june 9 : The release of the records sent shock waves through Washington, with the federal government referring the unauthorized disclosure to investigators and some Democrats saying the revelations affirmed their long-held view that the richest Americans are able to shield much of their wealth from taxation.
The information published Tuesday shows how billionaires are able to legally reduce their tax burden, highlighting how the American tax system can hit ordinary wage earners harder than the richest people in the country. That’s often because the richest Americans tend to have their wealth tied up in stocks and real estate, allowing them to avoid taxes on unrealized profits
Some tax experts said the ProPublica report fits with previously documented critiques of the U.S. tax system, but they were nonetheless surprised by the disclosure of such detailed personal information about some of the country’s richest people and how they benefit from the tax laws.
“I think this is big because it tells the story of wealth and the way it is taxed in a way everybody kind of expected but didn’t know,” said Philip Hackney, a former IRS official who teaches tax law at the University of Pittsburgh.
The report comes after President Biden and other Democrats have complained that the U.S. tax system is unfair and tilted to benefit corporations and the wealthy. There has been a fierce debate in Washington for decades about how much money the wealthy should pay in taxes, but little was known publicly about the tax payments of individual billionaires.