A TikTok Investor Has Avoided $1 Billion in Taxes. Now He’s a GOP Megadonor.

This story was originally published by ProPublica. One day in July 1985, three young men from Philadelphia, their lawyer and a burly Pinkerton guard arrived at a horse track outside Chicago carrying a briefcase with $250,000 in cash. Running the numbers on a Compaq computer the size of a small refrigerator, Jeffrey Yass and his friends had found a way to outwit the track’s bookies, according to interviews, records and news accounts. A few months earlier, they’d wagered $160,000, gambling that, with tens of thousands of bets, they could nail the exact order of seven horses in three different races.…

26 of America’s Richest Billionaires Paid 4.8 Percent Tax Rate in Recent Years

A new analysis of leaked Internal Revenue Service (IRS) documents shows that some of the U.S.’s wealthiest people have paid a disproportionately low federal income tax rate in recent years. In an analysis released Thursday, Americans for Tax Fairness found that, in relation to their wealth, 26 of the nation’s richest billionaires paid an average effective federal income tax rate of just 4.8 percent between 2013 and 2018. Collectively, they paid just $24 billion in taxes — a miniscule amount compared to an immense growth of $500 billion in their wealth over those six years. The report demonstrates the vast…

As Over a Million Have Died to COVID, US Billionaires Have Gained $1.7 Trillion

While the U.S. public has witnessed and experienced an unfathomable amount of death and tragedy over the course of the pandemic, U.S. billionaires have made out like kings and massively increased their wealth over the course of just over two years, new data shows. According to an analysis by the Institute for Policy Studies (IPS), American billionaires have added a colossal $1.71 trillion to their wealth since March of 2020. With an over 58 percent growth in their wealth, U.S. billionaires are now worth a collective $4.67 trillion. This is a towering figure — it amounts to nearly 25 percent…

Musk’s $43B Offer to Buy Twitter Is Nearly Twice His Entire Pre-COVID Net Worth

As nearly a million Americans died of COVID during the pandemic, Elon Musk’s wealth skyrocketed — opening the door for him to be able to make offers like buying Twitter for $43 billion, as he did on Thursday. As Americans for Tax Fairness documented on Thursday, Musk’s wealth has shot up by a whopping 1,080 percent during the pandemic. On March 18, 2020, Musk was worth an already towering $24.6 billion; now, he’s worth $290 billion. In other words, he has gained over $265 billion in two years, the vast majority of which he accumulated tax-free. This is an absurd…

Since “Citizens United,” Billionaires Are Spending Nearly $1B More on Elections

Billionaires are spending nearly 40 times more on elections than they were 12 years ago thanks to the Supreme Court’s Citizens United decision, a new report has found. Analyzing campaign contribution data, Americans for Tax Fairness found that billionaires have increased their donations from $31 million total during the 2010 election cycle to a whopping $1.2 billion in the 2020 election cycle, or about 39 times more. 2020’s total doesn’t even include the $1.4 billion total that Michael Bloomberg and Tom Steyer contributed to their own campaigns, the report noted. Overall, nearly 40 percent of all billionaire election spending since…

World’s 10 Richest Men Doubled Their Wealth as Many Lost All During Pandemic

As most of the world’s population suffered under a deadly pandemic, the world’s 10 richest people doubled their wealth while the world’s billionaires added $5 trillion to their collective wealth, a new report by Oxfam finds. Since the beginning of the pandemic, billionaires have been profiting greatly from the global economy, the report’s authors wrote. Since March 2021, billionaire wealth has risen from an already high $8.6 trillion to $13.8 trillion and previous reports have found that the 10 richest people alone account for hundreds of billions of dollars of that growth in wealth. This is a larger growth in…

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