ProPublica published a report on the income and tax payments of Jeff Bezos, Elon Musk, Bill Gates, and other billionaires.
The Icahn Enterprises boss said his taxable income was zero in 2016 and 2017 because his investment expenses exceeded his returns in those years.
Our tax code has two massive tax loopholes that reward billionaires like Mark Zuckerberg, Jeff Bezos, and Elon Musk. Biden has a plan to fix that.
ProPublica obtained confidential tax documents filed with the IRS that revealed how some of the world's wealthiest have avoided paying taxes.
If wealth gains were taxed like income, Musk's tax rate would amount to a little over 3%, according to secret IRS files obtained by ProPublica.
Buffett keeps his fortune in Berkshire Hathaway stock and doesn't pay a dividend to pay less tax, ProPublica said. The investor justified those moves.
Multinational companies have been taking advantage of existing tax rules by shuffling money between jurisdictions with super-low rates.
The deal will make multinationals pay taxes where they operate and includes a pledge to introduce a global minimum corporate tax rate of 15 percent.
Rich people like me are going to invest no matter what the capital gains tax is, so go ahead and raise the taxes.
Asset management firm Legal & General Investment Management has paused rent payments for ten businesses in Poole, England.
A global minimum corporate tax rate would stop companies from moving to a different country to get a better tax rate.
Indonesia is the latest country to look into potential tax reforms in the wake of the pandemic, with a focus on asking the wealthy to chip in more.
The bill introduced by Sen. Elizabeth Warren would help close the tax gap by boosting the annual IRS budget from $11.9 billion to $31.5 billion.
Making the expansions permanent and educating Americans about their benefit are great places to start.
Elliott Management is moving its headquarters to West Palm Beach, while Carl Icahn, Tom Brady, and Peter Thiel have all bought homes in Florida.
The world's top 50 biggest companies paid an effective tax rate of 17.4% in 2020 compared to 35.5% in 1990.
The Treasury Department released new proposals to strengthen IRS enforcement, including doubling staffers to help combat tax evasion.
"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the Treasury said.
The news comes one day after the New York attorney general's office said its investigation into the Trump Organization had become a criminal probe.
Most of Harris and Emhoff's income came from Emhoff's work at a law firm. Their income was substantially down on 2019, when they earned $3 million.
As infrastructure talks heat up, who's paying and who's receiving taxes is set for the spotlight. This July, families will start getting checks.
President Joe Biden stopped taking paid speaking engagement last year during his election campaign, which explains the drop, according to CNBC.
The Treasury and the IRS said they would issue advance payments of the child tax credit in mid-July. It's set to reach most American kids.
Paul Wieseneck says he was able to get full business write-offs for clients who'd recently bought a $90,000 Lexus SUV and a $110,000 Porsche SUV.
The Biden administration is pushing ahead with $4 trillion in spending to overhaul the economy. But tough headlines in May are challenging that.
The Big Four - Pelosi, McCarthy, Schumer, and McConnell - met with Biden to talk infrastructure in their first meeting together this year.
Uber claimed a $4.5 billion global operating loss in 2019 for tax purposes, despite bringing in $5.8 billion, an Australian research group found.
McConnell didn't budge on his opposition to consider unwinding the 2017 Trump tax cuts, saying that step would not get GOP support.
Democrats and Republicans drew opposite conclusions from April's jobs report and about the way forward in healing an economy battered by the pandemic.
Dimon suggested lawmakers create an itemized list of the specific ways extra dollars from a tax hike would fund the government's infrastructure plans.
A grand jury indicted Brian Kolfage and Steve Bannon in 2020 over accusations that they defrauded people who invested $25 million in "We Build the Wall."
Yellen urged that additional steps be taken to fetch the revenue, which could be used to finance President Joe Biden's $4 trillion spending plan.
Biden wants to tax the wealthiest Americans to pay for infrastructure, and some hikes are likely to pass. UBS Global Wealth Management has thoughts.
"Covid has now created a stormwave of support for government," Barney Frank says. Joe Biden argues "Trickle-down economics has never worked."
"The very rich and large corporations should start paying their fair share of taxes to help us rebuild America and create the jobs that we need," Sanders said.
The richest 100 Americans have gotten richer in Biden's first 100 days, Bloomberg found, but he says it's time for them "to pay their fair share."
President Biden delivered his first address before a joint session of Congress. He called out white supremacy as terrorism, urged Americans to get vaccinated and promised to raise taxes on the 1%.
President Joe Biden called for an ambitious pandemic economic recovery plan focused on jobs, infrastructure, and childcare.
As of April 9, the IRS had over 29 million tax returns awaiting manual review. At least 8 million are related to coronavirus tax relief.
Pelosi told MSNBC Biden's infrastructure plan is "transformative" and his proposed tax increases to fund the plan will put the US on a better path.
Biden's plan to reclaim $780 billion over 10 years would close about 8% of a collection gap that the IRS chief says could be as high as $1 trillion.
The president is sticking by a pledge to not raise taxes on anyone who makes less than $400,000 a year.
Stocks rose in 2013 and 1987 after the capital gains tax rate was raised, but there have been declines in other years.
"The goal has to be to try to justify the premium that individuals have paid to be in New York because the opportunities here are better," Yang said.
President Biden plans to pay for his "American Families Plan" by raising capital gains taxes to as high as 43.4% for wealthy Americans.
Sen. Elizabeth Warren is holding a hearing to discuss her wealth tax - something Abigail Disney supports to hold her income bracket accountable.
The so-called American Family Plan is part of President Joe Biden's $4 trillion overhaul of the US economy, The New York Times reported.
Biden proposed a corporate tax hike to 28% to fund his infrastructure plan, but GOP lawmakers see "compromise wiggle room" for a smaller increase.
New York City is still home to more millionaires than any other city. Real estate is rebounding and cash is flowing thanks to taxes and federal aid.
The current rate is 21% after Trump slashed it from 35% in 2017. Biden has proposed a 28% rate to pay for his $2 trillion infrastructure plan.
Pressing the GOP to roll back Trump's corporate tax cut is like asking Democrats to undo Obamacare, an expert said. They may raise gas taxes instead.
The complaint was filed Friday. The government accuses the couple of using their company Drake Ventures to avoid paying personal income tax.
The bank finds the US more reliant on tax revenue from personal income and property, while Biden is "sick and tired of ordinary people being fleeced."
"We're going to come out of the pandemic another degree of more unequal," Chuck Collins, director of the Program on Inequality at IPS, said.
Charles Rettig cited the $1 trillion figure in a Senate hearing, referencing a study finding unpaid taxes from the top 1% could bring in $175 billion.
Sen. Roger Wicker says Republicans oppose repealing parts of their 2017 tax law. Biden wants to fund his massive jobs plan with corporate tax hikes.
The path ahead for Democrats on upwards of $3 trillion of infrastructure spending looks different from the one that produced a $1.9 trillion stimulus.
Executives surveyed by the conservative Business Roundtable overwhelmingly opposed the proposed increase, even as others like Amazon support it.
Business Roundtable CEO Josh Bolten told Bloomberg he still favors a "substantial amount" of Biden's plan but certainly not corporate tax changes.
A Morning Consult poll found separate from infrastructure, 85% of Democratic and 59% of Republican voters agree corporations should pay higher taxes.
Cars in Tunisia are among the priciest in the world, with used cars costing almost twice the market value. One company is trying to change that.
Gov. Andrew Cuomo finalized a proposal Tuesday that puts a 13.5% to 14.8% local and state tax on New York City's highest earners.
On Monday, Treasury Secretary Janet Yellen said in a speech that she supports a global minimum tax rate. It could make companies worldwide pay up.
If we're going to sufficiently pay for infrastructure, we must find new ways to do so. A mileage tax could be a step in the right direction.
Biden needs to raise revenue, but other countries with lower corporate taxes could lure multinationals away. The Treasury Secretary is on the case.
"Holy s---, that's a lot of taxes," digital artist Beeple told CNBC after he found out how much he'd have to pay in taxes on his $69 million NFT sale.
Stock repurchases hit record highs in March, led by buybacks in tech shares, according to Bank of America research.
Chuck Collins was an heir to the Oscar Mayer fortune. He gave away his inheritance and researched how the rich hide theirs. Now it's a book.
The bill was previously reported to have a $3 trillion price tag, but as he did with his stimulus, Biden may be "going big." That goes for taxes, too.
Tax accountant Latunya Wright was arguing with a customer who said she's being audited by the IRS. Police say she struck the victim with a firearm.
Transportation Sec. Buttigieg said a tax on vehicle miles traveled, plus Obama-era municipal bonds, could be viable infrastructure funding options.
"I don't think our guys are going take the bait on that," one top Senate Republican said as Democrats assemble a massive jobs package.
Democrats may ditch Republicans on some of the infrastructure bill because they oppose paying for it with tax hikes on the wealthy and corporations.
Biden is looking at raising more revenue and has said Americans earning over $400,000 can expect hikes, but he isn't considering a new wealth tax.
Democrats may bypass the GOP to enact a follow-up infrastructure and jobs package through reconciliation, the procedure used for the Biden stimulus.
A new study finds the poorest neighborhoods in the United States are effectively taxed twice as much as homes in wealthier neighborhoods.
Biden has proposed a tax increase on households that make more than $400,000, but won't raise taxes on families making less than $400,000.
Recently, President Joe Biden said that Americans earning above $400,000 would experience a "small to significant" tax increase.
Biden conceded he may not get any GOP support after Mitch McConnell dismissed the idea. It sets the stage for a post-stimulus legislative effort.
Even in a "normal" year, the IRS is taxed, the CEO of H&R Block says, adding there's been a lot of "proactive education" about pandemic tax filing.
Current ideas involve raising the corporate tax rate and the income tax rate for individuals who earn more than $400,000 a year, per Bloomberg.
Lawmakers requested the IRS extend the tax filing deadline and remove the requirement to file amended tax returns to account for the stimulus changes.
The IRS requires an amended tax return for the stimulus' exemption on the first $10,200 of unemployment benefits. 21 Senators want that to change.
A stimulus provision would ensure forgiven student debt couldn't be taxed through 2025. Democrats say it paves the way for student-debt cancellation.
Under a new provision in the Senate's version of the stimulus, unemployed workers would no longer get taxed on the first $10,200 of benefits received.
The IRS extended tax filing season by 3 months last year, and Democrats and accountants are calling for the agency to do the same this year.
In this Insider webinar, three tax experts explain how small businesses can master their taxes, including how to claim PPP loans, expenses, and credits.
Last week, the US Supreme Court rejected former President Donald Trump's effort to keep his tax returns hidden from the Manhattan district attorney.
Neera Tanden, Biden's choice to lead the Office of Management and Budget, became known for social media attacks on the GOP- and those on the left.
Filing taxes might be different for small businesses this year. In panel with tax experts, we'll cover how the pandemic could impact your tax filings.
The biggest questions about small business taxes this year are around PPP and the employee retention credit.
The IRS announced on Monday that the tax deadline for Texans is postponed to June 15. Winter storms across the state began February 11 and knocked out power for millions of Texans. If your official residential or business address is in Texas, you automatically qualify for the extension. Visit Personal […]
Officials are investigating if Donald Trump manipulated the value of his assets for loan and tax benefits. The Manhattan DA’s office subpoenaed a property tax agency as part of the criminal investigation. It is just one of many legal challenges facing Trump since he left office last month. Visit the […]
New York officials have been investigating if Trump falsely reported the value of his assets for loan and tax benefits.
An Institute for Policy Studies paper looks at the rate of taxes on the richest Americans. From 1953 to 2018, the rate of taxation as a percentage of wealth on the top 0.01% has fallen 83%. The authors say that means the concentration of wealth has become “unavoidable.” Visit the […]
Want to know how to file your taxes as a small business owner? Sign up for our live event on March 2 at 1 PM EST/10 AM PST for a conversation with three tax experts. And submit questions to be asked here. Filing taxes might be a bit different for […]
"America hasn't stopped taxing its wealthiest citizens entirely," authors Bob Lord and Chuck Collins write, "But that's where we're headed."
Robinhood failed to meet a Tuesday deadline to send tax forms to its users, Bloomberg reported. A spokesperson told the outlet that most users should have received their 1099s by Wednesday. Some users said they were ready to quit the app over the delayed forms and shoddy customer support. Visit […]
Democratic Rep. Ro Khanna's bill requires a boost in IRS audits for individuals making more than $10 million, but does not yet include any tax hikes.
The trading app said it was granted a 30-day extension by the IRS and that most customers should have received forms by Wednesday.