The Product Spot
A snapshot review of a useful product!
Also in this Monthly Bulletin:
The Non-fiction Feature: Perfectly Legal by David Cay Johnston
The Children’s Spot: The Short Cheap Tax Book for Students by Kirk Taylor
The Pithy Take
ProPublica is one of the world’s premier independent and investigative journalism organizations. They focus on abuses of power by governments, businesses, and other institutions.
In their explosive “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” (there are many other off-shooting articles on their website about this topic, too), ProPublica reveals the vast cache of IRS information they obtained, which showed how billionaires like Jeff Bezos, Elon Musk, and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
The article notes that this evidence “demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.”
And just think: If the ultra-rich evade hundreds of millions of dollars in taxes each year, who makes up for that loss? Yeah, you’re right, it’s us.
