Media Roundtable: ProPublica Exposes How The Wealthiest Avoid Paying Taxes
On this week’s media roundtable, we're discussing Propublica’s major investigation that reveals how the richest 25 Americans pay a tiny fraction of their wealth in taxes and how much the ultrawealthy gained by shaping the Trump tax cuts.
Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed.
In order to pay for the $3.5 trillion reconciliation bill, which would greatly expand social services, the corporate tax rate would be raised from 21 to 26.5 percent. The Trump administration lowered the corporate tax rate from 35 to 21 percent. Taxes would also be raised on those earning more than $1 million a year.
Justin Elliott, award-winning investigative reporter with Propublica covering business, economics and money in politics
Propublica: The Secret IRS Files
New York Intelligencer: $3.5 Trillion Is Not a Lot of Money