Why Billionaires Pay So Little Tax

Jeff Bezos, Michael Bloomberg, Elon Musk and George Soros are household names. They are among the wealthiest people in the United States.But a recent report by ProPublica has found another thing that separates them from regular Americans citizens: They have paid almost nothing in taxes.Why does the U.S. tax system let that happen?Guest: Jonathan Weisman, a congressional correspondent for The New York Times. Sign up here to get The Daily in your inbox each morning. And for an exclusive look at how the biggest stories on our show come together, subscribe to our newsletter. Background reading: An analysis by ProPublica showed that from 2014 to 2018, the nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes during a time when their collective net worth reportedly increased by $401 billion.The exposé has refocused attention on the tax code and how it applies to the superrich.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.