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Photos of Jeff Bezos, Elon Musk, Warren Buffett and Michael Bloomberg. Photos, from left to right: Saul Loeb/AFP via Getty Images; Hannibal Hanschke/Pool/Getty Images; Daniel Zuchnik/WireImage; Joe Raedle/Getty Images

The collective worth for the 25 richest Americans rose $401 billion from 2014 to 2018, but they only paid a total of $13.6 billion in federal income taxes, according to a ProPublica report based on confidential IRS tax data.

Why it matters: The analysis found that billionaires like Jeff Bezos, Elon Musk, Warren Buffett and Michael Bloomberg "were able to benefit from a complex web of loopholes in the tax code," the New York Times notes.

How it works: ProPublica, using the IRS data, compared how much the 25 richest Americans paid in federal income taxes over those years to how much Forbes estimated their wealth grew in that same period.

Yes, but: They were able to pay so little in federal income tax largely because the value of their assets — like stock and property — grew but assets are not considered taxable income until they are sold.

  • But the billionaires also used other legal tactics, such as deductions, to reduce their payments.

By the numbers, according to tax data obtained by ProPublica:

  • Buffett's wealth grew by an estimated $24.3 billion between 2014 and 2018, and he paid $23.7 million in federal income taxes. His total income was $125 million.
  • Bezos’ wealth increased by an estimated $99 billion between those years, and he paid $973 million in federal taxes. His total income was $4.22 billion.
  • Bloomberg's wealth jumped by $22.5 billion, and he paid $292 million. His total income was $10 billion.
  • Musk's fortune rose $13.9 billion, and he paid $292 million. His total income was $1.52 billion.

Thought bubble, via Axios' chief financial correspondent Felix Salmon: It’s hardly surprising that billionaires paid no taxes on their unrealized capital gains, since unrealized capital gains are taxed as income nowhere in the world.

  • There will also now be a massive leak investigation, encompassing the IRS, the FBI and others. A lot of Washington seems to be much angrier about the leak than they are about the rather unsurprising revelations therein.
  • ProPublica did not say how it obtained the confidential tax data, but it was able to use it "with no conditions or conclusions."

IRS commissioner Charles Rettig told the Senate Finance Committee Tuesday that the service is currently investigating the origins of the report and said those who shared data in violation of law will be prosecuted.

The big picture: Though progressive Democrats like Sen. Elizabeth Warren (Mass.) have pushed for legislation that would impose a new tax on the assets of America's wealthiest individuals, the Biden administration has focused on other tax reforms that would ensure that the wealthy pay more.

  • President Biden has proposed raising the corporate rate, imposing a global minimum tax on profits from foreign subsidiaries, taxing capital gains as regular income and unrealized capital gains at death, and returning the top individual rate for those making more than $400,000 to the pre-Trump rate of 39.6%.
  • Biden also wants $80 billion over 10 years for the IRS so it can close the gap between taxes owed and taxes paid.

Go deeper: Biden eyes 15% minimum corporate tax rate to pay for infrastructure

Go deeper

Felix Salmon, author of Capital
6 mins ago - Technology

Lina Khan's mission

Illustration: Aïda Amer/Axios

All of the world's trillion-dollar companies (with the exception of Saudi Aramco) are reportedly having what Protocol's Issie Lapowsky characterizes as "heart palpitations" over the appointment of Lina Khan as FTC chair. But don't expect anything drastic to happen soon.

Why it matters: Khan is the most fearsome foe that Big Tech could have imagined in America's top antitrust role — and her fans in Congress are making waves as well. But you'd never guess that from the giants' share prices, which have been hitting new all-time highs since the announcement.

Exclusive: EV charging providers to allow roaming across their networks

Illustration: Aïda Amer/Axios

Greenlots, Chargepoint and several other electric vehicle charging companies will allow roaming access across their networks, a move that could help speed EV adoption.

Why it matters: Your phone works on any mobile network, no matter which provider you use. And you can use any bank's ATM machine, regardless of where you keep your money. Now the same will be true of EV charging.

Ina Fried, author of Login
Updated 39 mins ago - Technology

Windows goes to 11

Screenshot: Axios

Microsoft on Thursday offered a first look at Windows 11, coming this holiday season. The new version changes both the look of the operating system as well as its underlying business model, as well as supporting Android apps for the first time.

Why it matters: Windows has been steadily losing market share on the desktop, which has itself lost prominence to smartphones.