As the rich and powerful have gathered this week in Davos for the World Economic Forum’s (WEF) Annual Meeting, there has been a lot of talk about how to make the world a better place. Davos attendees, from world leaders to billionaires, have made a massive show of how they will build “Cooperation in a Fragmented World,” as the title of this year’s gathering is … Continue reading Demanding Change at Davos
Are America’s billionaires oligarchs? It’s a strange question for many who see oligarchs as a uniquely foreign problem. But the answer is, without a doubt, yes. We’ve heard a lot about oligarchs in the news over the last year, as Russia’s unprovoked invasion of Ukraine has sparked a fierce international backlash against the aggressors and brought attention to the inner workings of the Russian state. Along with a … Continue reading Are America’s billionaires oligarchs?
If you hadn’t heard, Elon Musk – Tesla and SpaceX CEO and the single richest man in the world – is just days away from closing his deal to buy Twitter for $44 billion. After a tumultuous, months-long legal drama, a judge finally gave Twitter and Musk an ultimatum: reach a settlement on your own by this Friday, October 28, or face trial in November. With the deadline … Continue reading Elon Musk and the Oligarch Takeover of America
Last week, we introduced you to our take on “The Tale of Two Billionaires.” For this week’s Closer Look, we want to take this story wider, and look at the billionaire class as a whole. There are only about 735 billionaires in the United States, but despite the fact that they could all fit on a single Airbus 380 jet, this group holds an immense amount of … Continue reading Don’t Trust the “Good Billionaires”
America is writing a new chapter in its history books that could be entitled: “A Tale of Two Billionaires.” On one side of the story is Yvon Chouinard, the founder of the popular outdoor apparel company Patagonia. Chouinard made headlines this week when he did what most billionaires would consider unthinkable: he gave his entire fortune away. Chouinard transferred ownership of Patagonia, valued at $3 billion, to … Continue reading A Tale of Two Billionaires
Below is a letter sent to Bill Gates, founder of Microsoft and the Bill & Melinda Gates Foundation, on July 28, 2022 by Jeffrey R. Huggett, a member of the Patriotic Millionaires. Dear Bill, Like so many others recently, I read your blog announcing substantial personal contributions to the Bill and Melinda Gates Foundation. Whereas I am thrilled about the important work you fund … Continue reading A Letter to Bill Gates
Last week, Senator Manchin blindsided his Democratic colleagues when he reversed course on his previous demands that their agenda be focused on tax reform and declared that he would not vote to raise taxes on the rich or massive corporations. In doing so, he dashed Democrats’ hopes to pass any sort of meaningful tax legislation before November. He also ironically proved, by showing the country … Continue reading Joe Manchin Just Showed Why We Need the OLIGARCH Act
If you didn’t already know the federal tax law is a loophole-ridden mess that lets the ultra-rich pay a fraction of what they should, you could figure it out from this recent ProPublica headline: The Great Inheritors: How Three Families Shielded Their Fortunes From Taxes for Generations. Or, better yet, this one: How Susquehanna’s Jeff Yass Avoided $1 Billion in Taxes. Of course, if you’re … Continue reading Time To End the Capital Gains Rate Giveaway
It’s no secret that the world we live in is unequal. We all experience it on one level or another in our lives, and recently the disparity between the billionaire and the working class has reached levels that are impossible to ignore. This didn’t just happen – it’s a result of the constant struggle for power in the economy between working people and the wealthy, … Continue reading Workers vs. Billionaires
Yesterday, Twitter accepted a $44 billion buyout offer from Elon Musk, the CEO of Tesla and SpaceX and richest man in the world. The buyout will take one of the world’s largest and most popular social media platforms private. The news has dominated headlines around the world since it broke. While politicians and media pundits have largely been discussing how the move will impact the future of Twitter itself … Continue reading Musk’s Twitter buyout is all about billionaire power
This past Monday was Tax Day, which is undoubtedly no American’s favorite holiday. But the pain of Tax Day is not shared by all. While the typical American pays a good amount of every paycheck in taxes and hopes to get a refund after submitting their return, the ultra-wealthy have a variety of tools at their disposal that allows them to keep Tax Day virtually … Continue reading Why Billionaires Don’t Stress About Tax Day
In case you missed it (and we hope you didn’t), yesterday was Tax Day in America. It was the last day for millions of Americans to file their federal, state, and local tax returns for the 2021 fiscal year. Most Americans dutifully pay their fair share in taxes by the tax filing deadline every year but, unfortunately, there is one group of people that notoriously … Continue reading This Tax Day, It’s All About Billionaires
In case you missed it, Forbes released their 2022 World’s Billionaire List last week. According to their research, there are now 2,668 billionaires around the world who boast a collective wealth of $12.7 trillion. The United States is home to 735 of them, with a combined worth of $4.7 trillion. It’s obvious that America’s billionaires are really wealthy, but it can sometimes be difficult to appreciate just … Continue reading So who are the wealthy in America, anyway?
Yesterday, President Biden and the White House unveiled their $5.8 trillion budget request for the 2023 fiscal year. There are many parts of the budget that are garnering headlines, but the most exciting is clearly Biden’s “Billionaire Minimum Income Tax” proposal. The Billionaire Minimum Income Tax would institute a 20% minimum tax rate on incomes for households worth $100 million or more. It would only affect the top 1% … Continue reading Manchin needs to get behind the Billionaire Minimum Income Tax
Some of you might remember that, prior to the Trump tax cuts for the rich in 2017, you were able to claim a personal exemption on your taxes that eliminated income tax on the first $4,050 in income ($8,100 for couples). It was a big help to many of us, but Trump did away with the personal exemption for working Americans as part of his … Continue reading Billionaire Income Tax Could Eliminate Tax on First $17,500 of Income for All Americans ($35,000 for Married Couples)
Billionaires just can’t seem to stay out of the headlines. This time, however, it’s not their space trips or superyacht squabbles that are making the news: it’s their tax avoidance strategies. We recently learned that Elon Musk, CEO of Tesla and the world’s richest man, donated billions in Tesla shares to charity this past November and is set to pay roughly $11 billion in income tax. While this might seem like good news, … Continue reading We must end billionaire tax avoidance
Over the last two years of the pandemic, billionaires had a financial field day. As we previously reported, the world’s ten richest men doubled their collective fortunes – from $700 billion to $1.5 trillion – at the same time that incomes for 99% of humanity fell. America’s 740 billionaires also increased their combined wealth by no less than $2 trillion over the same period. This week, the ultra-rich are … Continue reading We Have A Billionaire Problem