ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
wealth
The Rich Should Be Taxed Differently Than You and Me
A 10 percent surtax on incomes over $2 million should be levied on wages and salaries and investment income gained from wealth, including capital gains and dividends.
Starbucks’s Howard Schultz: Another Billionaire Presidential Candidate Who Doesn’t Get It
Privileged candidates from Donald Trump to Howard Schultz don’t have any idea what life is really like for a single parent raising two kids while working and attending night classes.
Not To Worry, Estate Planners: Help For Struggling Millionaires Is On The Way
The estate tax was just slashed to exempt millionaire families up to $22 million, a doubling of the previous exemption, which had covered 99.8 percent of taxpayers.
There’s No Good Reason for Your Boss to Make 347 Times What You Do
It’s business executives through outsized CEO pay — not movie stars, professional athletes, or heiresses — who grabbed the dollars that once flowed to the American worker.
Millionaires Make Up Nearly One-Third Of the Florida Legislature, More in Senate
Almost half of the Florida Senate is in the millionaires club, and more than two dozen senators saw their net worths grow in the past year.
Rick Gets Richer: Governor’s Net Worth Climbs $14 Million in 2014, Padded By Blind Trust
Scott, who reportedly spent $13 million last year on his re-election, stated he generated $9.8 million last year from his blind trusts. Unlike last year, however, Scott did not disclose the assets of the blind trust in the most recent report.
Judge Upholds Blind Trust Law, Allowing Gov. Scott to Shield Assets From Public
Critics say the device contradicts constitutional safeguards requiring Florida voters to be made aware of what a public official owns and how it might affect his or her decisions. Scott, who reported a net worth of $132.7 million as of the end of last year, is believed to be the only official using a blind trust.
Gov. Rick Scott’s Net Worth: $132.7 Million
Among the details in Scott’s financial disclosure, his Naples home and boathouse are worth $13.2 million, he owns 60 acres in Montana worth $1.4 million, and $43 million of his investments are tied to family investment firm RLSI-CSP Capital Partners in Naples.
Hiding Behind Barricades of Indifference as Income Disparities Corrode the Social Contract
The very rich, who are already less and less in touch with the lives of ordinary Americans, will further barricade themselves to avoid having to witness the decline of a country that is no longer about ensuring a decent standard of living for the greatest number of people.
Martin Luther King’s Nightmare: The Inequality Behind Forbes’ Richest 400
The net worth of just 400 billionaires is on par with the collective wealth of our more than 14 million African- American households. Both groups possess some $2 trillion, about three percent of our national net worth, an economic injustice Martin Luther King would have decried, argues Bob Lord.
At Public Universities, More Aid Is Going To the Wealthy Than to The Neediest
Attention has long been focused on the lack of economic diversity at private colleges, especially at the most elite schools. What has been little discussed is how public universities, which enroll far more students, have gradually shifted their priorities — and a growing portion of their aid dollars — toward wealthier students.
Florida Cabinet Trio’s Combined Personal Worth: $9.76 Million
Cabinet members — Chief Financial Officer Jeff Atwater, Attorney General Pam Bondi and Agriculture Commissioner Adam Putnam — are now collectively worth $9,756,748, still a far cry from the $83.8 million Gov. Rick Scott reported last week.
In Recession’s Depth, 2,362 Millionaires Got Unemployment Benefits
Brace yourselves: in 2009, no fewer than 2,362 millionaires got unemployment benefits. The year before, 2,840 did, raising questions about whether unemployment insurance should be means-tested. Five such proposals are pending in Congress.
Mitt Romney’s Tax Returns: A Guide
As one of the richest men ever to run for President, Romney’s filings are enormously complex, and the subject of close scrutiny. News organizations are making their way through the returns. Here’s a guide to where to look to make sense of the numbers, including the original returns for 2010 and 2011.
They Feel Your Pain: Florida Legislature Home to 51 Millionaires
Millionaires make up almost half of the 40-member Florida Senate and nearly one-third of the 120-member Florida House. Legislators are paid $29,697 a year, with presiding officers making $41,181 a year.
Adagio for Scott: Governor’s Net Worth Drops by Half, to $102 Million
Scott reported 2010 income of $11.5 million, up 46 percent from the $7.9 million he posted in 2009, and almost all investment income. His wealth topped that of all other Cabinet officials combined.