ALT "In some cases, the deductions from money-losing businesses have allowed a handful of people to avoid paying taxes for years. Ty Warner, creator of the Beanie Baby toy, lost so much money on his side business — luxury hotels and resorts — that he went 12 years without paying a dollar in federal income taxes. Dr. Patrick Soon-Shiong, who built his $7.1 billion fortune by selling two drug companies, oversees an array of businesses that have produced tax losses, including the Los Angeles Times, which he bought in 2018. He hasn’t paid federal income tax in five consecutive recent years."

ALT "Soon-Shiong reported negative income for six straight years from 2013 through 2018. That enabled the billionaire doctor to pay no federal income tax from 2013 through 2017. In 2018, he paid $158,000. By the end of 2018, he still had over $400 million in accumulated losses that he could use to offset income in future years, ProPublica estimates."