Billionaire Michael Bloomberg, the failed Democrat presidential primary candidate and former New York City mayor, is paying less than half the federal income tax rate the average American taxpayer pays, newly published Internal Revenue Service (IRS) data reveals.
The revelation is part of a broad investigation by ProPublica that gives a glimpse into the tax loopholes that the richest 400 Americans utilize every year to dodge billions in federal income taxes that most Americans are required to pay.
“To make it into the top 400, each person on this list had to make an average of at least $110 million each year,” the investigation states. “A typical American making $40,000 would have to work for 2,750 years to make what the lowest-earning person in this group made in one.”
Bloomberg, ProPublica reports, “achieved one of the lowest tax rates in the top 400” richest Americans from 2013 to 2018 “partly by taking annual deductions of more than $1 billion, mostly through charitable contributions.”
During that time frame, Bloomberg paid an average federal income tax rate of just four percent — less than half the rate that the average American taxpayer, at 13.3 percent, pays every year. In fact, Bloomberg’s average rate is just 0.5 percent more than what the bottom 50 percent of income earners pay on average.