Income Tax: CEO of Amazon and Tesla gets away from paying taxes

According to ProPublica reports, its shocking to come across how the well-known and wealthiest CEO of Amazon Company Jeff Bezos and Tesla CEO Elon Musk pay minimal to literally no taxes in some years, as claimed on Tuesday citing the Internal Revenue Service (IRS) records.

World’s wealthiest entrepreneur, business magnate and CEO of Tesla Company, Elon musk managed to pay no Income Taxes levied on him in the year 2018. Similarly, an American Business magnate, investor, media proprietor and CEO of Amazon.in, the very prominent and well-known online store, Jeff Bezos also somehow managed to not pay the required amount of taxes in the year 2007 and 2011.

There are more billionaires in the list, including investors like Michael Bloomberg, Carl Icahn and George Soros was also shown to have paid minimal to no rate of income taxes levied on them in the recent years, reports claim.

However, the information based on the sources, Internal Revenue Service (IRS) Commissioner, Charles Rettig at Senate Finance Committee hearing, said that his agency will open an investigation for the same.

In the IRS investigation, “I can confirm that there is an investigation with respect to the allegations that the source of the information in that article came from the Internal Revenue Service,” Rettig said. “I share the concerns of every American for the sensitive and private nature and confidential nature of the information the IRS receives,” stated Rettig.

According to ProPublica report, it claims that it reached out to all the individuals who didn’t pay their taxes for their comment on it. At the same time, Warren Buffet, Carl Icahn, and Michael Bloomberg said that they have paid the taxes levied on their income.

Importantly, Rettig can be heard mentioning of not commenting upon the article directly as it could lead the employees to face prison time for improperly releasing the private taxpayers data sheet.

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