Billionaire reveals eye-watering tax bill

He’s worth more than $8 billion so when he revealed his tax bill – it had some questioning whether the amount was “fair”.A US billionaire has revealed that he is “proud” to be paying $US275.9 million in tax, but some have questioned the “strikingly low” figure.in the US and is the co-founder of the company Cost Plus Drugs, is worth an estimated $US5.4 billion .

However, some people commented that the figure was “strikingly low” and questioned why he wasn’t paying more, while others claimed he was “cheating the government”. “The positive thing I could say about it is at least he is showing that tax is an important part of society … the US is a very similar to Australia actually in that largely they are low tax countries compared to other developed countries,” he said.

Meanwhile, the EU Tax Observatory report also suggested that “global billionaires” still have effective tax rates as low as between 0 and 0.5 per cent of their wealth with the use of shell companies common to avoid paying tax on their income.

He said the best data in Australia is the top 20 per cent of households which means there isn’t a good idea on how much “we are missing out on” from high income earners avoiding paying tax.

Matt Grudnoff Countries Tax Australia Institute United States Of America Education System Mark Cuban North America Australian Tax Australian Tax System Oceania Tax Rates OECD America Business Tax Systems Tax Surprise Paying Tax Sarah Sharples Patriotic Thing Tax System Wealth Concealment EU Tax Observatory Australia And New Zealand Australian Tax Sytem Positive Tax Reform Tax Scheme Tax Bill Tax Department Dallas Mavericks Tax Coutnries Tax Bracket Developed Countries Northern America Income Earners Foreign Tax Havens Tax Cuts Income Tax Australia Tax Evasion

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