According to an investigative report by New York-based ProPublica, 25 richest Americans paid relatively little to nothing in federal income taxes. The report claims that Warren Buffett, Jeff Bezos, Michael Bloomberg and Elon Musk paid less than 4% tax on their incomes between 2014 and 2018.

Top richest Americans paid little to nothing in US Federal income taxes, says report

U.S. President Donald Trump said on Friday (July 26)the United States would hit France shortly with a "substantial reciprocal action" - and warned a new American tax on French wine was possible - after Paris announced a tax aimed at U.S. technology companies. Trump told reporters the tax decision was wrong and he threatened the key French export. The United States is by far the largest single export market for French wine and spirits, which is France's second-biggest export after aerospace. The United States in 2018 accounted for nearly a quarter of all French wine exports or 3.2 billion euros' ($3.6 billion) worth. Trump also offered a pessimistic view on reaching a trade deal with China, saying Beijing may not sign one before the November 2020 election in hopes a Democrat who will be easier to deal with, will win.

Trump says U.S. to hit France with 'substantial' action for digital tax

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Top richest Americans paid little to nothing in US Federal income taxes, says report

Trump says U.S. to hit France with 'substantial' action for digital tax