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    American billionaires grew in number and expanded their collective fortunes by $2.1 trillion since Covid-19 sparked a worldwide pandemic nineteen months ago, according to a new analysis unveiled Monday. An overall 70% surge of wealth among the nation's richest individuals since March of 2020 has resulted in approximately 130 new billionaires, found the new report released by Americans for Tax...
    A majority of voters oppose permanently transferring billions in American taxpayer money to illegal aliens via expanded child tax credits, a new survey finds. For months, Senate Democrats have sought to pass a $3.5 trillion budget reconciliation package that would need only majority support in the House and Senate. The reconciliation process would also prevent Senate Republicans from using the...
    A spotlight that has been thrown on how many of the rich and powerful shield their wealth is also intensifying a fear among philanthropy experts: That the tax havens being used by the wealthy will increasingly siphon money away from charitable causes. Wealthy Americans have long sought to use charitable contributions to reduce their tax burdens. But the “Pandora Papers”...
    For all the noise progressives have made about taxing wealth, it remains an idea confined to the radical fringes of the Democratic Party. More level-headed legislators recognize that taxing wealth is economically harmful, administratively nightmarish and rightly avoided by most of the rest of the developed world. Enter mark-to-market taxation — a theoretically less polarizing way to tax wealth with...
                      by Eric Lendrum  A new comprehensive study of 12 million internal files from 14 major international firms has revealed even more than previously known about how much the world’s wealthy elite have hidden their wealth from domestic tax requirements, according to CBS News. The report, dubbed the “Pandora Papers,” was...
    The secret offshore wealth of more than 300 world leaders, politicians and billionaires has been exposed in one of the biggest ever leaks of financial data. Dubbed the Pandora Papers, the documents show how 35 current and former world leaders - including Tony Blair and Vladimir Putin - used accounts in tax havens to accrue huge amounts of wealth and...
    Robert Reich, who served a labor secretary under Bill Clinton, and who has degrees in economics and law, used his most recent column and his blog to rail against the recent decision by the House Ways and Means Committee to fund its ambitious spending plan by taxing income instead of wealth. The key here, which you probably already know, is...
    In this article TSLAJeff Bezos, left, and Elon MuskGetty Images; ReutersThe wealthiest Americans may be dodging as much as $163 billion in income taxes every year, according to the U.S. Department of the Treasury, and many leverage tax laws to do it legally, financial experts say. Although U.S. levies increase with income, the ultra-wealthy often finesse the tax code to...
    Getty Images Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.In 2016, when Donald Trump was campaigning for president, he got a ton of mileage out of lamenting, to all who would listen, that “the system is rigged” against ordinary Americans. Which it is. But Trump usually neglected to note...
    In order to fund his "human infrastructure" proposals, President Joe Biden has recommended increasing taxes on the wealthiest Americans — including inheritance taxes. Republicans and corporate lobbyists are claiming that doing so would punish blue-collar businesses. But liberal Washington Post opinion writer Greg Sargent, this week in his column, notes that this claim is also being promoted by a centrist...
    (CNN)Democratic Sen. Joe Manchin of West Virginia is likely to be the deciding vote on the $3.5 trillion Senate reconciliation bill to expand spending on social and infrastructure programs. Because of his concerns over rising debt and inflation, Manchin wrote in a Wall Street Journal op-ed that he will not support the bill until he gets answers to a basic...
    vitapix | E+ | Getty Images Tax breaks for retirement plans, such as 401(k) plans and individual retirement accounts, may reward workers for saving more money, but these write-offs may also be widening the racial wealth gap. That's according to a new analysis from the Tax Policy Center that is based on the Federal Reserve's latest Survey on Consumer Finances.   In 2019,...
    President Joe Biden has proposed sweeping changes to the tax code, such as raising the corporate tax and capital gains tax rates. But one provision buried within a Treasury Department document in particular has businesses and families concerned the administration may be seeking to confiscate generational wealth.
    Given the absolute onslaught of news we’ve experienced in recent months (if not recent years), it can feel like the presidential debates for the 2020 election happened a lifetime ago. Many of us here at Daily Kos recall the countless times Massachusetts Sen. Elizabeth Warren campaigned to tax the ultra-wealthy and tried her best to break down complicated tax systems and structures...
    Senator Elizabeth Warren (D-MA) and Home Depot co-founder Ken Langone engaged in a fiery clash over corporate taxes, entitlements, and other related related topics. Warren and Langone appeared together Wednesday on CNBC’s Squawk Box, and the debate got heated right out of the gate — with Langone slamming a proposed wealth tax as a “negative compound interest.” “I made all...
    In this article AMZNVIDEO1:5601:56Sen. Warren on wealth taxes: 'Yes, Jeff Bezos. I'm looking at you'Squawk BoxSen. Elizabeth Warren on Wednesday reignited her push for a tax on the wealth of the richest Americans and called out billionaire Amazon founder and nascent space-tourism magnate Jeff Bezos for what she views as his failure to pay his fair share. "I want to...
    The tax would be per passenger. More from Blumenauer's press release:It would also include a two-tiered excise tax for each launch into space. The first tier would apply to suborbital flights exceeding 50 miles above the Earth's surface but not exceeding 80 miles above the Earth's surface. The second tier, which would levy a significantly higher excise tax, would apply...
    The world's richest man wanted to say thanks to the people who made his brief trip into space Tuesday possible. But for some, Amazon founder Jeff Bezos' expression of gratitude went over like a lead rocket. "I want to thank every Amazon employee, and every Amazon customer because you guys paid for all this," the 57-year-old Bezos said...
                        Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Leahy welcomed Julio Gonzalez, CEO and founder of Engineered Tax Services to the newsmakers line to...
    Rolf Bruderer | Tetra images | Getty Images The greatest wealth transfer in history is underway, and taxes may take a bite from inheritances without proper estate planning, financial advisors say. It's estimated that nearly 45 million U.S. households will transfer more than $68 trillion over the next 25 years, according to Cerulli Associates. Baby boomers hold the bulk of...
    I guess if you commute by helicopter you don't have to care. New York Democratic Rep. Thomas Suozzi has an idea. It's just the beginnings of the idea, but it's an idea. Given how extraordinarily well America's wealthiest people did during a global pandemic while the American government tried (well, while a Democratic administration tried, anyway) to keep their captured...
    ProPublica’s “bombshell” report on a trove of tax records of the wealthy it procured through a leak has received a full-scale red carpet rollout from the media. The report resulted in a flurry of righteously outraged New York Times opinion pieces, while the usual suspects, such as Sens. Elizabeth Warren and Bernie Sanders, tripped over each other to proclaim that...
    Ariel Skelley | DigitalVision | Getty Many consider 529 college savings plans to be for education, but these accounts also offer a flexible way to transfer wealth.  There's currently an estate tax exemption of $11.7 million per person. Although President Joe Biden campaigned on slashing the write-off to $3.5 million, it hasn't been part of his agenda. Regardless of what...
    The very richest Americans could be hit with bills for billions of dollars under plans being developed for a wealth tax by Democratic Rep. Tom Suozzi, which would see Amazon founder Jeff Bezos face paying almost ten billion dollars on his enormous wealth.  Suozzi, who sits on the tax-writing House Ways and Means Committee, is drafting what he called a...
    Democrat Rep. Thomas Suozzi is exploring a one-time tax on wealthy Americans as Democrats are looking for ways to pay for their partisan wish list while they control Congress. Suozzi (D-NY), who sits on the House Ways and Means Committee, told the Hill he is looking into a one-time tax on millionaires, called the “patriot tax.” The tax would be a “one-time surcharge...
    More On: taxes The outrage of tax leaks ‘OK Gen Z!’ AOC supporter roasted for $2M home after ‘Tax the Rich’ post This NYC rideshare company was busted not charging sales tax Dems in Albany eyeing yet another $15B tax hike — to be hidden in fuel costs ProPublica obtained the tax returns of the richest Americans and discovered...
    In this article TSLA AMZN VIDEO4:5504:55'These revelations make me sick' — Cramer suggests a surtax for billionairesSquawk BoxCNBC's Jim Cramer on Friday suggested the U.S. impose a surtax on billionaires following this week's ProPublica report on how some of the richest people on the planet are avoiding taxes. In recent years, billionaires including Amazon CEO Jeff Bezos, Tesla CEO...
    Yes, the super-rich are different than the rest of us. A lot of them pay very little in income taxes. Some of the world's wealthiest executives, including Warren Buffett, Jeff Bezos, Michael Bloomberg and Elon Musk, pay little to no taxes compared to their wealth, a ProPublica report revealed on Tuesday. "The tax law is not designed for the wage...
    Leaving a fortune to your offspring has seldom been easier.Mother Jones Illustration/Getty Images Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.If you are an American citizen with hundreds of millions of dollars in assets, this would be a great time to die. No...
    This article was originally published by ProPublica. In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. Michael Bloomberg managed to do the...
    After negotiations between the White House and Senate Republicans on a jobs bill collapsed, Senate Minority Leader Mitch McConnell slammed President Joe Biden's proposal as too extreme. "President Biden is unwilling to let go of some of the most radical promises he made to the left-wing of his party," McConnell told reporters on Wednesday. Among Republicans' biggest hang-ups with Biden's...
    (KPIX 5) Amid an eye-opening ProPublica report on how some of the wealthiest Americans legally pay little in income taxes, a Bay Area lawmaker is pushing his measure. The report, released Tuesday from the investigative journalism organization, provided a glimpse into the world of the nation’s mega-millionaires. ProPublica obtained IRS records for the 25 wealthiest Americans and the information is...
    A blockbuster ProPublica report on the taxes of the richest Americans is reigniting a push from progressives for a wealth tax. The report, based on tax-return data ProPublica received from an anonymous source, details how prominent billionaires like Jeff BezosJeffrey (Jeff) Preston BezosSenate passes long-delayed China bill On The Money: Biden ends infrastructure talks with Capito, pivots to bipartisan group...
    The Wall Street Journal editorial board argued the leaker of IRS data containing tax return information on many of America's wealthiest individuals wants to "serve the left's agenda" on tax legislation.  In a Tuesday editorial, the board wrote the leaker to ProPublica sought to influence the debate over taxes in Congress, and to coincide with the left wing of the...
    A major IRS document leak revealed that billionaires George Soros and Warren Buffett, who advocate for higher taxes on the wealthy, paid little to nothing in federal income taxes in recent years. The trove of documents was leaked to nonprofit investigative outfit ProPublica and was detailed in a lengthy story that was released on Tuesday morning. The revelation sparked...
    (CNN)Here's a good one. Jeff Bezos, Michael Bloomberg, Warren Buffett and Elon Musk all walk into the IRS. But none of them, in various years, seem to have paid federal income taxes.Or how about this one: The rich get richer ... because they don't always pay their fair share into the community chest.This is US tax law. And now we...
    BILLIONAIRES like Elon Musk, Jeff Bezos, Michael Bloomberg, and George Soros paid little or nothing in taxes from 2014 to 2018, according to IRS data. A new report that looked into Internal Revenue Service data over the years found that the 25 richest Americans were able to use tax code loopholes to avoid paying up. 5A IRS data dump...
    The super wealthy — including billionaires Jeff Bezos, Elon Musk and Michael Bloomberg — have skirted large amounts of taxes for years, according to a large trove of federal tax data obtained by ProPublica. The 25 richest Americans’s wealth increased to a total of $401 billion while paying $13.6 billion, or just 3.4% of their wealth, in taxes between...
    The U.S. tax system is designed to be progressive, meaning that the wealthiest citizens pay a greater share of their income than the less fortunate. But a new ProPublica analysis of tax data on some of the nation's richest Americans comes to the conclusion that the richest 25 people in the U.S. have a "true tax rate" of almost nothing. ...
    Billionaires Elon Musk and Jeff Bezos paid zero federal income tax some years, according to a trove of secret IRS records.  The confidential IRS records from the 25 wealthiest people in the United States were obtained by ProPublica and published on Tuesday.  It show that Amazon founder Jeff Bezos paid no income tax in 2007 and 2011, while Tesla founder Elon Musk's income...
    Warren Buffett and Jeff BezosLacy O’ Toole | CNBC; Getty Images Some of the world's richest men — Jeff Bezos, Elon Musk, Warren Buffett, Carl Icahn, Michael Bloomberg and George Soros — pay just a tiny fraction of their increasing wealth in taxes, and in some cases pay no taxes in a given year, according to a report Tuesday. ProPublica,...
    Savannah Rychcik May 27, 2021 0 Comments Sen. Elizabeth Warren (D-Mass.) is sharing her frustration with her wealth tax proposal as it appears she is having difficulty getting it passed in Congress. In March, Warren unveiled her Ultra-Millionaire Tax Act, which would implement a 2% tax on fortunes of over $50 million. The New York Times reported, “Warren’s wealth tax...
    With Tax Day having come and gone, many Americans just went through the yearly ritual of seeing how much of their hard-earned income just got churned up in the fiscal disposal that is the federal government. With any luck, most did not have any neighbors insufferable enough to complain that they didn’t have to pay more in taxes. Yet that’s...
    Billionaire investor Leon Cooperman went after Democratic Massachusetts Senator Elizabeth Warren on Fox Business Wednesday and called Democratic Vermont Senator Bernie Sanders “a communist.” “You have a running commentary with senator Elizabeth Warren who lately says you are afraid of her or she threatens you,” Fox Business host Larry Kudlow told Cooperman. “Are you frightened of Elizabeth Warren, is that...
    (CBS Local)– Ever wonder how the extremely wealthy live? Author Michael Mechanic has you covered with his brand new book from Simon & Schuster called “Jackpot: How the Super-Rich Really Live—and How Their Wealth Harms Us All.” Mechanic initially wanted to speak with lottery winners about their lives, but many stay in the shadows in order to avoid family and friends...