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What ProPublica reported for each person
The figures below come from ProPublica’s June 8, 2021 reporting, based on IRS tax data obtained by the newsroom. They describe different years and measures, so they should not be read as a like-for-like ranking.
| Person | Reported finding | What the figure measures |
|---|---|---|
| Jeff Bezos | No federal income tax in 2007 and 2011; below 1% for 2014–2018. | The zero-tax findings concern two individual tax years. The below-1% figure is ProPublica’s five-year comparison of federal income taxes with estimated wealth growth. |
| Elon Musk | No federal income tax in 2018. | An individual-year federal income-tax finding. The cited reporting does not provide a comparable 2014–2018 true-tax-rate figure for Musk. |
| Michael Bloomberg | Zero-federal-income-tax years in the period reviewed; 1.30% for 2014–2018. | The zero-tax years are not enumerated in ProPublica’s short summary. The 1.30% figure compares federal income taxes with estimated wealth growth. |
These are reported findings about federal income tax, not a comprehensive accounting of each person’s taxes at every level of government. ProPublica’s article describes the findings and its comparison in its original investigation.
What “true tax rate” means—and what it does not
ProPublica used “true tax rate” for a comparison in which federal income taxes paid over 2014–2018 were measured against estimated growth in wealth over that period. On that basis, it reported less than 1% for Bezos and 1.30% for Bloomberg. The denominator was estimated wealth growth, not taxable income or total income.
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That distinction matters. A conventional income-tax rate compares tax with income. The wealth-growth measure instead asks how federal income taxes compare with a change in estimated fortune. It is not a statutory tax rate, and it does not mean that the men paid those percentages of their reported income.
ProPublica’s calculation used IRS tax data and Forbes annual billionaire-list estimates. Because Forbes published its list each March, the newsroom treated a March estimate as the preceding calendar year’s end-of-year wealth—for example, its March 2019 estimate for tax year 2018. It generally used periods of at least five years to reduce distortions from temporary financial changes, and used amended return amounts when available. The methodology and its qualifications are set out in ProPublica’s explanation of how it calculated the rates.
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Bloomberg’s 2018 income-tax figure is a separate calculation
For 2018, ProPublica reported that Bloomberg had $1.9 billion in income and paid $70.7 million in income tax, a 3.7% rate when tax is divided by income. That figure uses income as the denominator; his 1.30% figure covers 2014–2018 and compares taxes with estimated wealth growth. The two percentages answer different questions.
ProPublica reported that deductions available under the 2017 tax law, $968.3 million in charitable donations, and foreign-tax credits reduced Bloomberg’s 2018 tax bill. His spokesperson told ProPublica: “Mike Bloomberg pays the maximum tax rate on all federal, state, local and international taxable income as prescribed by law.” That statement concerns the rate on taxable income; it does not change what the separate wealth-growth comparison measures. The 2018 figures and response appear in ProPublica’s investigation.
Why “no federal income tax” does not mean “paid no taxes”
ProPublica’s methodology follows the IRS definition of total income tax and excludes self-employment tax and certain other non-income taxes shown on Form 1040. Its income-tax figures should therefore not be described as each person’s total tax burden. The findings do not establish what any of the three paid in state, local, foreign, payroll, corporate, or other taxes.
ProPublica distinguished income-tax calculations from broader references to “total taxes” or “personal federal taxes,” which incorporate additional categories, including payroll taxes. Its methodology notes explain the definitions and scope.
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How current are these numbers?
The central five-year comparison ends in 2018, and the individual zero-income-tax findings refer to specific earlier tax years. ProPublica’s reporting does not establish how much Bezos, Musk, or Bloomberg paid in 2026 or in other later years. Nor does it offer parallel five-year dollar totals or conventional income-tax rates for all three.
The wealth figures in the comparison are estimates, not direct measurements of every asset and liability. ProPublica said estimates may be imperfect, while noting that Forbes estimates could be more accurate for people whose fortunes were concentrated in publicly disclosed company shares. The comparison is best understood as a historical, federal-income-tax analysis using a particular wealth-estimation method—not as a complete or current account of taxes paid.
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Does the reporting show tax evasion?
No. ProPublica presented the results as evidence that some very wealthy people could legally pay federal income taxes that were a small fraction of estimated wealth growth. The investigation’s findings, as described in its June 2021 report, should not be recast as a finding that these individuals evaded taxes.
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