A ProPublica investigation shows exactly how little tech tycoons believe they should contribute in taxes.
shows just how much billionaires — including billionaires in California — have gamed the system to their advantage, and to the disadvantage of everyone else.: Americans pay taxes at incrementally higher rates, meaning the rate increases as income surpasses certain benchmarks.
Find your own number and keep it in mind. Now let's get to ProPublica's findings, based on IRS data of tax filings between 2013 and 2018. , tech tycoons tend to make their"income" by selling stock. But long-term capital gains taxes are only 20%, as opposed to 37%. Larry Ellison, former CEO of Oracle, saved an estimated $106 million over a five-year span just on his dividends being taxed at 20%.
Proportionally, that widens the effective tax rate schism even further between billionaires and everyone else. The results are stark.
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