The Secret IRS Files: How Billionaires Avoid Income Tax

In 2021, ProPublica published one of the most significant investigations into wealth inequality in American history. The outlet obtained IRS data showing that the 25 richest Americans paid a "true tax rate" of just 3.4% between 2014 and 2018 — while their collective wealth grew by $401 billion.

The investigation revealed that the ultra-wealthy use entirely legal strategies to minimize their tax bills: borrowing against their assets instead of selling them, using losses from one venture to offset gains in another, and exploiting loopholes that simply don't exist for ordinary wage earners.

While a median American household earning roughly $70,000 per year paid about 14% in federal taxes, billionaires routinely reported little or no taxable income despite their net worth growing by billions.

This series fundamentally changed the national conversation about tax fairness and the growing gap between the ultra-wealthy and everyone else.