ProPublica’s Swing and Miss

Source: Commentary
by John Steele Gordon

“ProPublica recently got hold of the federal tax returns from the 25 richest Americans and has now published an ‘analysis’ of them. … The ‘analysis’ is blatantly tendentious. ProPublica compared the amount of taxes paid by these people not to their earned income but to the amount their wealth grew during the period in question. That’s not an analysis of their incomes but their wealth. So, what ProPublica is engaged in isn’t a dive into our tax code but a speculative lobbying effort in favor of taxing wealth. … ProPublica fails to note that these billionaires own vast amounts of stock in companies that pay large corporate income taxes. In a recent year, Berkshire Hathaway paid $6 billion in corporate income taxes, and Warren Buffett owns one-third of Berkshire Hathaway. So, didn’t he pay $2 billion of that corporate tax bill?” (06/10/21)