New report says taxing extreme wealth has positive results

Wealth of 10 richest doubles during pandemic: Should they pay?

 More than 99 percent of the world's population are worse off now than they were at the start of the pandemic according to UK charity Oxfam. But the wealth of the world's ten richest men has doubled. Now OxFam is calling for a one-time tax on the billionaires to fund a number of causes including vaccine production.

How billionaires pay less tax than you

 Elon Musk, Jeff Bezos and other billionaires employ special strategies to avoid paying income tax, say experts.

The 'Buy Borrow Die' mantra is a common practice among many of the ultra-wealthy.

How the rich avoid paying taxes

 

US super-rich 'pay almost no income tax'

 

Details claiming to reveal how little income tax US billionaires pay have been leaked to a news website. ProPublica says it has seen the tax returns of some of the world's richest people, including Jeff Bezos, Elon Musk and Warren Buffett.

The president’s taxes: A story to ‘Trump’ all the others?

 

Days before the first presidential debate, The New York Times drops a bombshell of a story. Plus, the Republicans taking on Trump with viral advertisements.

President Donald Trump has survived one bombshell news report after another. Last week, The New York Times dropped a story that may prove to be the last straw.

New York Times publishes Donald Trump's tax returns in election bombshell

 

• Paper details $750 federal income tax payments in 2016, 2017
• Information ‘does not reveal unreported Russia connections’

Martin Pengelly in New York

@MartinPengelly

Sun 27 Sep 2020 22.40 BST

The New York Times reported on Sunday that it had obtained Donald Trump’s tax information, long the holy grail of US political reporting.

The president “paid $750 in federal income taxes the year he won the presidency”, the paper reported, adding that “in his first year in the White House, he paid another $750.

“He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made.”

Donald Trump the fake billionaire pays less in tax than the average worker. How is that even possible?  Is it because he's committed tax fraud? You know he's a criminal that just hasn't paid the price yet. 

Supreme Court Hears Cases on Trump Financial Records

In US news and current events today, on May 12 the Supreme Court heard arguments on Donald Trump’s taxes. The two cases had to do with the limits of the House committees’ subpoena powers. In 2019, three House committees issued subpoenas for Trump’s financial documents. Trump has repeatedly moved to block the subpoenas in the courts. The subpoenas were served to an accounting firm and banks that lent Trump organizations money.

Judge orders Trump accounting firm to hand over records to Congress

By Katelyn Polantz, CNN

Updated 2105 GMT (0505 HKT) May 20, 2019

A federal district judge has told the accounting firm Mazars it will need to turn over Donald Trump's accounting records from before he was President to the Democratic-control House Oversight Committee.

Trump had attempted to challenge the subpoena in federal court.

From NBC News

U.S. District Judge Amit Mehta also denied a Trump's request to stay his decision pending an appeal.

Trump’s lawyers filed a lawsuit last month seeking to block the accounting firm, Mazars USA, from delivering the records to the committee, which had subpoenaed them. It is expected that Trump will appeal the judge’s ruling.

The 70% Top Tax Rate, Explained With Potatoes

Congresswoman Alexandria Ocasio-Cortez called for a 70 percent top tax rate on the super rich.

How can we make all citizens as well-off as possible? That's the simple question behind something call "optimal tax theory." It starts from this idea that, to a rich person, one dollar is worth almost nothing. Take away the dollar and he'll be just as well off as he was before. But that dollar is worth a lot to poor people. So, if the government wants to optmize the well-being of its citizens, it should tax that money from the rich and give it to the poor.

The new US tax law, explained with cereal

There’s a new tax law in town. It passed without a single vote from Democrats in the House or the Senate, and it’s a huge windfall for the richest Americans, including President Donald Trump. But Republicans didn’t just want any new tax law, they wanted to reform the tax code. To give the richest Americans a big tax cut while still funding the government’s essential functions, like building roads and flying fighter jets, the GOP needed to find tax revenue somewhere else. To do that, they had to start taxing income that used to be tax-free, by closing loopholes and eliminating deductions.