IRS Data: Democrat Billionaire Mike Bloomberg Pays Less than Half the Tax Rate Paid by Average American

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.

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Biden admin names Mike Bloomberg to lead military board

On Wednesday the Pentagon announced billionaire former Republican New York City Mayor and 2020 Democrat Presidential Candidate Mike Bloomberg will lead the Pentagon’s Defense Innovation Board.

In a press briefing, Pentagon Press Secretary John Kirby announced Defense Secretary Lloyd Austin had nominated Bloomberg to serve as the chair of the Defense Innovation Board.

“Mr. Bloomberg, as you all know, an entrepreneur and a leader who served three terms as the mayor of New York City, will bring a wealth of experience in technology, innovation, business and government to the Defense Innovation Board,” Kirby said.

“His leadership will be critical to ensuring the department has access to the best and brightest minds in science, technology and innovation through the team of diverse experts that he will lead as chair of that board,” Kirby added.

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