Angela G on Nostr: Billionaire financiers avoid Medicare tax: n 2016, Steve Cohen, the owner of the New ...

Billionaire financiers avoid Medicare tax: n 2016, Steve Cohen, the owner of the New York Mets, paid $0. So did Stephen Schwarzman, head of Blackstone. Bill Ackman, the hedge fund manager, was able to shield almost all his income from the tax.

But tax advisers, wielding a once-obscure bit of the tax code, found a way to make that obligation vanish: . channel profits in a way that invokes this obscure provision,.

The three billionaires contacted for this article said they followed the law as written.
#TaxTheRich #EndTaxLoopholes
#FixTheTaxCode

https://www.propublica.org/article/medicare-tax-loophole-steve-cohen