The Political Establishment Doesn’t Want You to Know the Economy Is Rigged
ProPublica’s bombshell story about the financial malfeasance of the richest Americans has stirred bipartisan outrage in Washington. Unfortunately, it's mainly outraged against the whistleblower who exposed the story.

The true tax rate of Jeff Bezos, the world’s richest person, is less than 1 percent. (Elif Ozturk / Anadolu Agency via Getty Images)
Unless you’ve spent the past week on Jeff Bezos’s space capsule, you’ve probably at least heard about ProPublica’s bombshell tax exposé. The report, based on a trove of anonymously leaked tax records, shows the scandalously low tax rate America’s ultrarich pay, entirely legally, to the federal government when their declared income is put next to their actual wealth.
The report and its follow-ups have already shaken the political world. Figures ranging from reliable names like Bernie Sanders and Elizabeth Warren to banker-senator Pat Toomey and former hedgefund enthusiast Jim Cramer have reacted with outrage, breathing new life into calls to tax extreme wealth, calls that were largely sidelined with the end of Bernie Sanders’s presidential campaign.
It’s unclear whether this will translate into anything concrete. Democrats’ plans to beef up tax enforcement face an uncertain fate, while Joe Biden is focused solely on taxing the wealth of those who have died, otherwise proposing modest raises in US tax rates that are, in reality, a hefty corporate tax cut vis-à-vis the Barack Obama years, this time with bipartisan legitimacy. And even those meager tax hikes would be taken off the table by the unnecessary bipartisan infrastructure deal Biden has spent weeks pursuing.