United States Court Orders 80 Year-Old Billionaire Robert Brockman to Stand Trial for $2 Billion Tax Evasion, Rejects Claim of Dementia Caused by Alzheimer & Parkinson Disease

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United States Court Orders 80 Year-Old Billionaire Robert Brockman to Stand Trial for $2 Billion Tax Evasion, Rejects Claim of Dementia Caused by Alzheimer & Parkinson Disease

27th May 2022 | Hong Kong

The United States court judge has ordered 80 year-old billionaire Robert Brockman to stand trial for $2 billion tax evasion and other crimes, rejecting his claim of dementia caused by Alzheimer & Parkinson disease.  In February 2022, Robert Brockman (former CEO of software company Reynolds & Reynolds) facing United States tax charges including tax evasion and failure to disclose assets offshore, continued to transfer assets to offshore tax havens and family to avoid paying his potential $1.4 billion tax bill accrued for around 20 years including penalties.  The United States Internal Revenue Service (IRS) has requested the United States federal court to impose a special tax to bypass a tax review that may take years to complete.  Robert Brockman (Age 80) was named in the Pandora Papers Leak in 2021.  Read: Pandora Papers Leak: Secret Offshore Holdings of 35 Country Leaders, 130 Billionaires and Famous People | United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune

“ United States Court Orders 80 Year-Old Billionaire Robert Brockman to Stand Trial for $2 Billion Tax Evasion “

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United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune

In 2021, The richest United States billionaires personal tax filings had been leaked, including billionaires Jeff Bezos, Warren Buffett, Elon Musk, Michael Bloomberg, Carl Icahn and George Soros, with the top 25 richest billionaires paying an average tax rate of 3.34%. From 2014 to 2018, the top 25 richest billionaires in United States grew their wealth by $401 billion, but paid only $13.6 billion in federal taxes, an average tax rate of 3.34% compared to 14% for the median income tax rate.  (The tax leak did not disclose details on donations, that may have qualify for tax deductions)

The leaked tax filings showed the 25 richest billionaires in United States paid an average tax rate of 3.34%, while the median (50th percentile) pays 14% in federal taxes for earnings at $70,000.  The highest income tax rate is 37% tax rate, for earnings above $523,600.

The United States authorities have launched an investigation into the tax leaks.  Michael Bloomberg, former Mayor of New York and founder of Bloomberg, have also pledged to use all legal means to uncover the source of the leak.

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