PODCAST: The Leak Exposing The Billionaire Tax Scam

A trove of confidential IRS records shows that the super-rich live in an entirely different tax universe.
PODCAST: The Leak Exposing The Billionaire Tax Scam

In a new podcast, Sirota talks to ProPublica senior reporter Jesse Eisinger about his bombshell report on a recent leak of IRS data showing how billionaires are able to accumulate vast wealth while paying little or nothing in taxes. Recent analyses have estimated that every year, the richest 1 percent are not paying between $174 billion and $250 billion of taxes they owe.

The documents leaked to ProPublica illustrate how tax loopholes, preferences, and shelters allow moguls such as Jeff Bezos and Warren Buffett to pay a lower effective tax rate than everyone else. Eisinger also reviews the story of how right-wing billionaire Peter Thiel used low stock valuations and a Roth IRA —- which was designed for middle-class Americans — to shelter roughly $5 billion of wealth. The discussion concludes with a review of new legislative proposals to rebuild the IRS so that the agency can better police billionaire tax avoidance.

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