The simple and fair solution to having wealthy Americans pay their fair share

Every American should pay the same tax rate on all income above a livable minimum.

A recent report from ProPublica indicated that some of the wealthiest Americans paid little or no federal income taxes in certain years. Earning billions of dollars and paying little or no income tax is certainly unfair. And there may be an easy way to fix this.

According to ProPublica, “In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.”

And they say, “Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.”

It certainly seems like these billionaires are not paying their fair share.

Forbes noted, “ (the) 25 (richest) people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.”