5/16/2023 0 Comments Steermouse avoid paying![]() The definition of “live” is flexible because there can be delays in transmission, and many set-top boxes and PVRs let you pause or save TV programmes. You still have to buy a licence if you only watch live streams from Mongolia’s Eagle TV channel. It doesn’t matter which television stations you watch, or how you watch them. The basic rule is that you must have a TV licence if you watch, record or otherwise consume live television. The authoritative record of NPR’s programming is the audio record.If you use the BBC iPlayer app on any device for any reason, you need a TV licence. This text may not be in its final form and may be updated or revised in the future. NPR transcripts are created on a rush deadline by an NPR contractor. Visit our website terms of use and permissions pages at for further information. Thank you for your time.Ĭopyright © 2021 NPR. MARTIN: ProPublica senior reporter and editor Jesse Eisinger - he joined us on Skype. That should make everybody - you know, give everybody pause. And we have a group of the wealthiest individuals not paying their fair share. Periodically, people are worried that Social Security and Medicare will go bankrupt. economy and the culture, the society?ĮISINGER: The implications are that our federal budgets have been constrained for decades. MARTIN: So what are the significant - what are the implications of these findings for the overall U.S. And that's a kind of - the system has been built up so that the ultra wealthy can easily avoid taxation. It's about legal routine tax avoidance through regular means. And sort of one of the points of the story is that they don't need exotic, illegal, evasive techniques. MARTIN: We should say all this is legal, though, right?ĮISINGER: This is entirely legal. And that is what we compare to this, what we're calling the true tax rate on wealth of 3.4% for the top 25 wealthiest. The typical American will pay about 14% on income. And it's even less for somebody like Jeff Bezos or Warren Buffett. So as you mentioned in your introduction, what we think of as their true tax rate, their tax rate on what essentially is their income - their wealth growth is 3.4%. And so what happens is that they can accumulate vast, vast wealth, which is really the equivalent of income for us, and not pay taxes on it. None of their wealth is taxed until something happens - they sell, they realize a gain. The ultra wealthy are not in the tax system. ![]() ![]() The vast majority of the listeners today are in the tax system. Our first story is about a very basic concept, which is that you and I pay income taxes. MARTIN: So what are the big revelations? I mean, we said there in the intro they're not paying as much federal income tax as they "should," quote, unquote. And almost all the household names - Warren Buffett, Bezos, Michael Bloomberg, Elon Musk. We're talking about Jeff Bezos, Elon Musk and others.ĮISINGER: We have records on thousands of the wealthiest individuals, tax information and tax returns, covering more than 15 years. I mean, these are names we would expect when you talk about the wealthiest Americans. And we're going to be doing stories about this all year, but we're not commenting further than that. We verified it very carefully with over 50 individual records, public and private, and then with the principles in the article today that are mentioned. MARTIN: First off, how'd you do this? How did ProPublica get its hands on this tax data?ĮISINGER: We obtained it, but we're not commenting further about it. So how does this happen? For more on this investigation, I'm joined by ProPublica senior reporter and editor Jesse Eisinger. That amounts to a true tax rate of only 3.4%. Over a five-year period, the 25 richest Americans paid a combined $13.6 billion in federal income taxes. A new investigation by the nonprofit ProPublica shows that the country's super rich pay only a fraction in federal income taxes compared to the average American. America's wealthiest individuals are avoiding paying their fair share in taxes.
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