While representatives for Bezos declined to comment, many of the individuals, including Buffett and Bloomberg responded to these claims by reiterating that they paid their fair share in taxes, as Elon Musk replied in the most Elon Musk way possible, sending the outlet a single question mark before ignoring subsequent inquiries into the matter. Meanwhile, George Soros, who the outlet also says paid a total of $0 in income taxes over the course of three years, replied with a statement alleging he “lost money on his investments” between 2016 and 2018 and “therefore he did not owe federal income taxes in those years.”
“Mr. Soros has long supported higher taxes for wealthy Americans,” the statement continued.
Now, reader, I know what you’re probably thinking – how the hell is this legal? As the report noted, much of this wealth essentially only exists on paper, determined by increasing value in stocks and property, which under U.S. law, are not considered taxable income unless these billionaires sell their assets, a perk that unfortunately, doesn’t exactly apply to the rest of us.
Aside from missing out on the material benefits of being a billionaire – dropping $100,000 on an Among Us crewmate-shaped chicken nugget, snagging a roll of golden toilet paper worth $1.3 million, or blowing nearly $25,000 on guinea pig armor, it seems average Americans may also never get the chance to experience these ultra-wealthy-exclusive tax rates. As the outlet noted, the median American household garnered $70,000 in income per year paid 14% in taxes, with the highest income tax rate, reserved for couples who rake in more than $628,300 annually, set at 37%. Yep. Your rich aunt and uncle paid approximately 33.73% more in proportional income taxes than the SpaceX founder himself, based on the calculations of his true tax rate.
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