Via America’s Lawyer: The gig is up for America’s wealthy elites, as a new report shows billionaires have been paying just 3% in income taxes using a wide array of loopholes to protect their fortunes. Mike Papantonio and Farron Cousins discuss more.
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http://www.ROFPodcast.com*This transcript was generated by a third-party transcription software company, so please excuse any typos.
After a report last week revealed the tax avoidance schemes of America's wealthiest billionaires, the government decided that the people who leaked the story, that they were the villains, crazy as it may seem. Joining me to talk about this is Farron Cousins. Farron, as soon as I saw this story, first of all, I'm thinking these are folks that have deprived the tax system of billions and billions of dollars. Pick it up from there.
Yeah. Billions and billions of dollars every year that they weren't paying their taxes or paying far less than what they should have. And so what we have here is ProPublica put together this phenomenal reporting, exposed this. They got their hands, it was leaked to them, actually, the tax documents of people like Jeff Bezos, Warren Buffet, George Soros, Elon Musk, and they all determined based on this, these individuals had been using these tax avoidance loopholes, really. Because nobody's been accused. Let's be clear. Nobody's been accused of doing anything illegal with this tax avoidance that we know of. But they are starving the federal government. They're getting all this special treatment from the government. And the DOJ says, well, it's illegal to leak these records. So we're going to punish whoever did this.
Okay. So this is how they do it. The company buys them yachts. It buys them vacation homes all over the world. It, it, it buys them investments that they didn't have before. And that's not taxable income.
Right.
Although it's billions of dollars worth of wea
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