How Bala Cynwyd Businessman Jeffrey Yass, the Richest Man in PA, Pays a Lower Tax Rate Than Most Americans

Jeff Yass
Image via Poker News, VISTA Today.
Jeffrey Yass.

Jeff Yass, of Bala Cynwyd, head of Susquehanna International Group, recorded an average annual income of $1.3 billion a year from 2013 to 2018, but paid a lower tax rate than most Americans, writes Joseph N. DiStefano for The Philadelphia Inquirer.

According to tax records collected by ProPublica, only five other Americans earned more than Yass in that period. These included Microsoft founder Bill Gates, digital finance mogul Michael Bloomberg, and Apple founder Steve Jobs’ widow Laurene Powell Jobs.

The ProPublica report shows that Yass paid 18.7 percent of his earnings in federal income taxes in that period.

This is significantly below the top rates levied by the IRS on wages and other personal cash income that reached 37 percent in 2018 for married couples filing jointly and making more than $600,000. Additionally, many of the rich mostly pay taxes on capital gains, which are usually taxed at lower rates than wage income.

Yass shielded about 4 percent of his income from taxation, which is significantly lower than the 66 percent for Bloomberg or 51 percent by Jobs, who both give large amounts to nonprofits.

Read more about Jeff Yass of Susquehanna International Group and his tax records in The Philadelphia Inquirer.