Bill Gates has publicly stated he has paid over $10 billion in taxes. Data covering 2013–2018 indicated he paid an average effective federal income tax rate of 18.4%, with estimates suggesting he paid roughly $525 million annually in federal income tax during that period.
In 2022, ProPublica reported his annual average income from 2013 to 2018 was $2.85 billion, and his annual federal income tax rate was 18.4% — meaning he would have paid about $525 million in federal income tax each year, according to BI calculations.
But if Zuckerberg received the $700 million as a straight salary, Schmidt estimated he'd be looking at a roughly $259 million tax bill on the wages after they were taxed at the top marginal rate of 37%.
Some years billionaires pay no federal income taxes: Jeff Bezos paid zero in 2007 and 2011, Elon Musk paid zero in 2018, Michael Bloomberg paid zero several times in “recent years”, and George Soros paid zero three years in a row.
High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2022, the bottom half of taxpayers earned 11.5 percent of total AGI and paid 3 percent of all federal individual income taxes. The top 1 percent earned 22.4 percent of total AGI and paid 40.4 percent of all federal income taxes.
The Bezos $2.7 billion income tax payment, Liu noted in her Forbes analysis, represented only 4.5 percent of the 2024 increase in his personal net worth — approximately $60 billion — and barely more than 1 percent of his overall $230 billion net worth. Props to Liu for her reporting.
Of those Canadians who do file a return (taxable and non-tax- able) almost 87% of the federal income tax is paid by those who earn $50,000 or more; almost 88% of provincial income tax is paid by those who earn $50,000 or more.
In some years, billionaires such as Jeff Bezos, Elon Musk and George Soros paid no federal income taxes at all. Billionaires avoid these taxes by taking out special ultra-low-interest loans available only to them and using their assets as collateral.
“I'm the largest individual tax payer in history. I pay over $10 billion in tax." — Elon Musk says.
There are several ways to reduce tax bills and pay no taxes legally, and one of the easiest ways is to take full advantage of a self-employment tax deduction scheme. In the US, this deduction allows you to deduct a portion of your self-employed income from your taxable profit, provided there are allowable expenses.
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According to data from the job search information website Zippia, the average lifetime income of an average person is about 2.7 million US dollars, while Gates's daily income is about 3 to 4 times this figure. According to estimates, Gates earns about $10.95 million a day, which is equivalent to about $117 per second.
Microsoft co-founder Bill Gates on Monday disclosed that he has donated $100 billion to charitable causes. What Happened: Despite Gates' extensive philanthropic efforts, he remains the world's seventh-richest person, with an estimated net worth of $164 billion, according to Bloomberg Billionaires.
The top 10 percent of income earners pay more than 60 percent of all federal taxes and 72 percent of income taxes, shares that have been increasing over time.
Before the Trump tax cuts (Tax Cuts and Jobs Act of 2017 - TCJA), individual income tax rates ranged from 10%, 15%, 25%, 28%, 33%, 35%, up to a top rate of 39.6%, with different income brackets for single and married filers, while the top corporate tax rate was 35%, significantly higher than the post-TCJA 21% rate. The TCJA maintained seven brackets but adjusted rates and income thresholds, alongside major changes to deductions, credits, and the corporate tax structure, notes this Tax Foundation article.
Yes, Elon Musk pays taxes, but his payments vary significantly year-to-year, often coming in large bursts when he sells Tesla stock to realize gains from stock options, as seen with his reported $11 billion federal tax bill for 2021, a massive payment triggered by stock option exercises, contrasting with other years where he's paid little to no federal income tax due to holding appreciating stock, according to reports from Americans For Tax Fairness (2021), ABC7 (2021), ProPublica (2021), and CNBC (2021). His wealth, primarily tied to stock, isn't taxed until shares are sold, meaning he can have huge wealth growth with little income tax in certain years, but triggers massive tax bills when exercising options or selling shares, as detailed in reports from Americans For Tax Fairness (undated), CNN (2022), and The Guardian (2021).
In 2022, Canada was ranked 22nd out of the 38 OECD countries in terms of the tax-to-GDP ratio. 1. In this note, the country with the highest level or share is ranked first and the country with the lowest level or share is ranked 38th.
For a $70,000 income in Canada (using 2025 rates), you'll pay roughly $13,000 to $20,000 in total taxes (federal, provincial, CPP, EI), depending on your province, resulting in a take-home pay around $50,000-$59,000, with federal tax around 14.5% or 20.5% depending on the portion, plus provincial tax and deductions like CPP and EI.
States with the highest property tax rates: