SpaceX’s Inspiration4 Civilian Crew Completes 3-Day Mission

The mission hinted at what space travel could look like in a more accessible future, while remaining in reach now to only the richest of the rich.

#arceneaux-hayley, #high-net-worth-individuals, #isaacman-jared-1983, #private-spaceflight, #proctor-sian, #rocket-science-and-propulsion, #sembroski-christopher-1979, #space-and-astronomy, #space-exploration-technologies-corp, #travel-and-vacations

Why A.O.C.’s Met Gala Dress Made People Mad

While some championed the provocation, the congresswoman’s “Tax the Rich” gown drew sharp statements from across the political spectrum.

#brother-vellies-fashion-label, #fashion-and-apparel, #high-net-worth-individuals, #manhattan-nyc, #met-gala, #ocasio-cortez-alexandria, #slogans-and-mottoes, #united-states-politics-and-government, #vogue, #wintour-anna

House Democrats’ Plan to Tax the Rich Leaves Vast Fortunes Unscathed

The House Ways and Means Committee’s proposal to pay for trillions in social spending leaves wealth gains and inheritances largely alone. It focuses instead on a more traditional target: income.

#biden-joseph-r-jr, #capital-gains-tax, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #house-committee-on-ways-and-means, #income-tax, #inheritance-and-estate-taxes, #law-and-legislation, #neal-richard-e, #senate-committee-on-finance, #taxation, #united-states-politics-and-government

Democrats Eye Taxing Stock Buybacks and Partnerships

Senate Democrats say a 2 percent tax on the money companies use to buy back stocks and tightened rules around taxing partnerships would raise $270 billion for their $3.5 trillion social policy bill.

#brown-sherrod, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #stock-buybacks, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Democrats and Lobbyists Gird for Battle Over Far-Reaching Tax Increases

Congressional committees this week begin drafting tax increases on the wealthy and corporations to pay for a $3.5 trillion social policy bill, but the targets are putting up a fight.

#biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-budget-us, #federal-taxes-us, #heitkamp-heidi, #high-net-worth-individuals, #house-committee-on-ways-and-means, #income-inequality, #income-tax, #inheritance-and-estate-taxes, #law-and-legislation, #lobbying-and-lobbyists, #senate-committee-on-finance, #tax-shelters, #taxation, #united-states-chamber-of-commerce, #united-states-politics-and-government, #wyden-ron

China’s Xi Pressures Tycoons With ‘Common Prosperity’ Talk

As the country’s leader prepares for a likely third term, he is promising “common prosperity” to lift farmers and working families into the middle class.

#china, #communist-party-of-china, #economic-conditions-and-trends, #high-net-worth-individuals, #income, #income-inequality, #labor-and-jobs, #ma-jack, #philanthropy, #property-taxes, #socialism-theory-and-philosophy, #xi-jinping, #zhejiang-province-china

Sacklers Threaten to Pull Out of Purdue Pharma Opioids Settlement

In a rare court appearance, David Sackler said he and his family would withdraw their pledge to pay $4.5 billion, unless they are granted broad legal immunity.

#bankruptcies, #drain-robert-d, #drug-abuse-and-traffic, #drugs-pharmaceuticals, #high-net-worth-individuals, #opioids-and-opiates, #oxycontin-drug, #pain-relieving-drugs, #purdue-pharma, #sackler-family, #sackler-david, #suits-and-litigation-civil

Richard Branson’s Virgin Galactic Space Plane Flight: How to Watch

The V.S.S. Unity will lift off from New Mexico on Sunday morning as billionaire entrepreneurs race to make spaceflight unexceptional.

#airlines-and-airplanes, #bezos-jeffrey-p, #blue-origin, #branson-richard, #federal-aviation-administration, #high-net-worth-individuals, #private-spaceflight, #rocket-science-and-propulsion, #space-and-astronomy, #travel-and-vacations, #virgin-galactic, #virgin-group

Buffett Weighs In on Tax-Free Philanthropy

The Berkshire Hathaway chief, who has given away billions, asks whether donations should keep their special status.

#bdt-capital-partners-llc, #blackrock-inc, #buffett-warren-e, #federal-home-loan-mortgage-corp-freddie-mac, #federal-housing-finance-agency, #federal-national-mortgage-assn-fannie-mae, #fink-laurence-d, #high-net-worth-individuals, #philanthropy, #trott-byron-d, #wolin-neal-s

Why Boaz Weinstein Paid Little in Income Tax

The multimillionaire Boaz Weinstein disclosed why he paid no or little taxes for several years.

#corporate-social-responsibility, #farhadian-weinstein-tali, #federal-taxes-us, #high-net-worth-individuals, #labor-and-jobs, #shareholder-rights-and-activism, #weinstein-boaz-r

Whom Do the Billionaires Want for Mayor? Follow Their Money.

Ultrawealthy donors have given $16 million to super PACs dedicated to the New York City mayor’s race. Half of that money has gone to three moderate candidates.

#adams-eric-l, #campaign-finance, #donovan-shaun-l-s-1966, #elections-district-attorneys, #elections-mayors, #farhadian-weinstein-tali, #garcia-kathryn, #high-net-worth-individuals, #mcguire-raymond-j, #new-york-city, #political-action-committees, #political-advertising, #stringer-scott-m, #wiley-maya, #yang-andrew-1975

Infrastructure Bill Talks Collide With Democrats’ Goal to Tax the Rich

Many Democrats see the push for an infrastructure package as an opportunity to raise taxes on rich individuals and corporations. But resistance is coming from multiple directions.

#american-families-plan-2021, #american-jobs-plan-2021, #capital-gains-tax, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #sanders-bernard, #senate, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

Elon Musk and His Fellow Billionaires Are Not Superheroes

The American idealization of wealthy mavericks isn’t confined to the pages of comic books. 

#bezos-jeffrey-p, #comic-books-and-strips, #gates-bill, #high-net-worth-individuals, #income-inequality, #marvel-entertainment, #musk-elon, #philanthropy, #scott-mackenzie, #zuckerberg-mark-e

A Millennial Economist Helps Power a Tax Evasion ‘Brain Trust’

Natasha Sarin, a protégé of Larry Summers, is taking a leading role developing tax policy at the Treasury Department — to some progressive Democrats’ chagrin.

#american-jobs-plan-2021, #biden-joseph-r-jr, #content-type-personal-profile, #federal-taxes-us, #high-net-worth-individuals, #sarin-natasha, #stimulus-economic, #summers-lawrence-h, #tax-evasion, #treasury-department, #united-states, #united-states-economy, #united-states-politics-and-government

MacKenzie Scott Announces $2.74 Billion in New Grants

Ms. Scott’s wealth has continued to grow thanks to Amazon’s soaring stock price. Forbes estimates her net worth at roughly $60 billion.

#amazon-com-inc, #bezos-jeffrey-p, #finances, #high-net-worth-individuals, #nonprofit-organizations, #philanthropy, #scott-mackenzie

Why Billionaires Pay So Little Tax

Leaked documents have reignited a long-simmering debate: Why are the ultrawealthy taxed so differently from those who earn far less?

#audio-neutral-informative, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #musk-elon, #propublica, #soros-george, #taxation, #united-states, #weisman-jonathan

Inside the I.R.S. Files of the Ultra-Wealthy

The journalist Jesse Eisinger breaks down the ProPublica investigation into how little the uber-rich pay in taxes, and what that means for the rest of us.

#audio-neutral-informative, #bloomberg-michael-r, #federal-taxes-us, #high-net-worth-individuals, #icahn-carl-c, #income-tax, #internal-revenue-service, #musk-elon, #propublica

Warren Buffett and the Myth of the ‘Good Billionaire’

There is no way to be a billionaire in America without taking advantage of a system predicated on cruelty.

#buffett-warren-e, #gates-bill, #high-net-worth-individuals, #income-inequality, #income-tax, #philanthropy, #propublica

How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

ProPublica Report Has Congress Rethinking How to Tax Superrich

A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxes has refocused attention on the tax code.

#alternative-minimum-tax, #biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #pro-publica, #propublica, #republican-party, #senate-committee-on-finance, #stocks-and-bonds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

How Long Should It Take to Give Away Millions?

The promise of philanthropy was that the wealthy could enjoy tax breaks for their charitable contributions. The pandemic laid bare how accumulation can trump getting money to those in need. A Senate bill aims to change that.

#arnold-john-douglas-1974, #bezos-earth-fund, #fidelity-charitable-gift-fund, #grassley-charles-e, #high-net-worth-individuals, #king-angus-jr, #law-and-legislation, #philanthropy, #tax-credits-deductions-and-exemptions

The Real Tax Scandal Is What’s Legal

The wealthiest Americans live by a different set of rules, lavishly spending money that isn’t taxed as income.

#bloomberg-michael-r, #buffett-warren-e, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #musk-elon, #propublica, #united-states-politics-and-government

Rich Americans Like Bezos, Musk, Buffett Avoided Income Tax

An analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code.

#corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation

Investors Fret as Biden Takes Aim at a 100-Year-Old Tax Loophole

The administration wants to rein in a tax deferral on gains from the sale of real estate. Opponents worry that the move would stifle investment.

#biden-joseph-r-jr, #capital-gains-tax, #federal-taxes-us, #high-net-worth-individuals, #real-estate-commercial, #real-estate-and-housing-residential

Thousands Descend on Miami to Glorify Bitcoin

It was the largest Bitcoin event in the world and the first major in-person crypto conference since the pandemic started. The jargon, the liquor and the millionaire talk flowed.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #coronavirus-2019-ncov, #dorsey-jack, #high-net-worth-individuals, #mobile-commerce-and-payments, #nonfungible-tokens-nfts, #quarantine-life-and-culture, #social-media, #suarez-francis-x-1977, #twitter, #virtual-currency, #winklevoss-cameron, #wynwood-miami-fla, #zed-run-digital-platform

Can the Rich Pay for a Better America?

Biden has it mostly right. But will Congress water down his plans?

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #united-states-politics-and-government

Foster Friess, Big Donor to Republicans, Dies at 81

A conservative Christian and wealthy businessman, he gave millions to Rick Santorum and Donald Trump in their presidential bids.

#brandywine-fund, #campaign-finance, #deaths-obituaries, #elections-governors, #friess-foster-s, #high-net-worth-individuals, #philanthropy, #republican-party, #santorum-rick, #trump-donald-j, #united-states-politics-and-government, #wyoming

Why Did We Think Bill and Melinda Gates Could Fix the World?

The Gates divorce is prompting people to ask hard questions about the foundation. Good.

#gates-bill, #gates-bill-and-melinda-foundation, #gates-melinda, #high-net-worth-individuals, #philanthropy, #vaccination-and-immunization

How the Pandemic Has Changed Attitudes Toward Wealth

Americans found that money cannot buy everything, and they used their wealth to build relationships and help others, according to two recent surveys.

#coronavirus-2019-ncov, #high-net-worth-individuals, #personal-finances, #polls-and-public-opinion, #quarantine-life-and-culture, #united-states

The Mogul in Search of a Kinder, Gentler Capitalism

Lynn Forester de Rothschild, founder of the Coalition for Inclusive Capitalism, believes change will come when hedge fund billionaires and Pope Francis work together.

#business-roundtable, #capitalism-theory-and-philosophy, #coalition-for-inclusive-capitalism, #content-type-personal-profile, #corporate-social-responsibility, #de-rothschild-lynn-forester, #executive-compensation, #executives-and-management-theory, #high-net-worth-individuals, #income-inequality, #ubben-jeffrey-w

The Gateses’ Public Split Spotlights a Secretive Fortune

Their marital estate is enormous and complex, containing assets as varied as stocks and farmland. Divvying it up could have implications for philanthropy.

#amazon-com-inc, #asset-allocation-personal-finances, #bezos-jeffrey-p, #buffett-warren-e, #cascade-investment-llc, #computers-and-the-internet, #endowments, #four-seasons-hotels-ltd, #gates-bill, #gates-bill-and-melinda-foundation, #gates-melinda, #high-net-worth-individuals, #hotels-and-travel-lodgings, #philanthropy, #scott-mackenzie, #stocks-and-bonds, #suits-and-litigation-civil

Why Did I Think We Could Get Rid of Billionaires?

Billionaires have grown more wealthy and powerful during the pandemic.

#bezos-jeffrey-p, #gates-melinda, #high-net-worth-individuals, #taxation

Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds

The fight over SALT is a case study in the age-old conflict between constituent politics and national policy.

#american-jobs-plan-2021, #biden-joseph-r-jr, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #institute-on-taxation-and-economic-policy, #ocasio-cortez-alexandria, #property-taxes, #stimulus-economic, #suozzi-thomas-r, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

How the Wealthy Are Planning for Biden’s Tax Increases

Financial advisers say they have been flooded with calls from clients who are trying to predict which of President Biden’s tax proposals will become law.

#american-families-plan-2021, #biden-joseph-r-jr, #capital-gains-tax, #content-type-service, #federal-taxes-us, #high-net-worth-individuals, #inheritance-and-estate-taxes, #tax-credits-deductions-and-exemptions, #wills-and-estates

‘Jackpot’ Looks at How Inequality Is Experienced by the Very, Very Rich

Michael Mechanic argues we should empathize with the topmost sliver of the 1 percent and enlist them in changing the system that allowed them their wealth.

#books-and-literature, #high-net-worth-individuals, #income-inequality, #jackpot-book, #mechanic-michael

Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners

The president’s “American Families Plan,” which he will detail this week, will be offset in part by a tax enforcement effort that administration officials believe will raise $700 billion over a decade.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #tax-evasion, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Biden Will Seek Tax Increase on Rich to Fund Child Care and Education

The president’s American Family Plan, which remains in flux, does not currently include an effort to expand health coverage, as administration officials had previously planned.

#american-jobs-plan-2021, #biden-joseph-r-jr, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #tax-credits-deductions-and-exemptions, #united-states-economy, #united-states-politics-and-government

Biden Set to Raise Taxes on Rich to Fund Child Care and Education

The president’s American Family Plan, which remains in flux, does not currently include an effort to expand health coverage, as administration officials had previously planned.

#biden-joseph-r-jr, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #united-states-economy, #united-states-politics-and-government

The European Super League: Ruining Football, American-Style

Billionaire owners. Disloyalty. Hunger for profit. The plan for the European Super League was, in fact, made in America.

#athletics-and-sports, #europe, #high-net-worth-individuals, #kroenke-stan, #soccer, #uefa-champions-league-soccer

Dozen Megadonors Gave $3.4 Billion, One in Every 13 Dollars, Since 2009

A new study shows the role of the super rich in politics since the Supreme Court loosened restrictions on political spending more than a decade ago.

#adelson-sheldon-g, #bloomberg-michael-r, #campaign-finance, #high-net-worth-individuals, #united-states-politics-and-government

Why Did Rich People Leave New York City During the Pandemic?

Sure, the tax revenue is nice. But ….

#coronavirus-2019-ncov, #gentrification, #high-net-worth-individuals, #new-york-city, #quarantine-life-and-culture, #shutdowns-institutional

For New York City Rich Who Fled, a Bronx Cheer

Sure, the tax revenue is nice. But ….

#coronavirus-2019-ncov, #gentrification, #high-net-worth-individuals, #new-york-city, #quarantine-life-and-culture, #shutdowns-institutional

Top Bidder for Tribune Newspapers Is an Influential Liberal Donor

The Swiss billionaire Hansjörg Wyss helped build a sophisticated behind-the-scenes operation that attacked Republicans and promoted Democratic causes.

#acronym-nonprofit, #alden-global-capital, #bainum-stewart-jr, #campaign-finance, #high-net-worth-individuals, #news-and-news-media, #newspapers, #nonprofit-organizations, #philanthropy, #tribune-publishing-company, #united-states-politics-and-government, #wyss-hansjorg

New York, Finally, Taxes the Rich

A budget that spends on education, homelessness and undocumented immigrants is the product of years of progressive politics, not a governor looking for a diversion.

#budgets-and-budgeting, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-city, #new-york-state, #politics-and-government, #state-legislatures

Why Buy a Yacht When You Can Buy a Newspaper?

Billionaires aren’t usually cast as saviors of democracy. But one way they are winning plaudits for civic-minded endeavors is by funding the Fourth Estate.

#alden-global-capital, #bainum-stewart-jr, #boston-globe, #high-net-worth-individuals, #los-angeles-times, #minneapolis-star-tribune, #news-and-news-media, #newspapers, #nonprofit-organizations, #philanthropy, #salt-lake-tribune, #soon-shiong-patrick, #tribune-publishing-company, #washington-post, #wyss-hansjorg

Curtains Up for the One Percent

While many Americans were stockpiling toilet paper and Clorox, the rich bought houses, sparking a gold rush in the decorating trades.

#beverly-hills-calif, #design, #high-net-worth-individuals, #home-appliances, #home-repairs-and-improvements, #interior-design-and-furnishings, #luxury-goods-and-services, #palm-beach-fla, #quarantine-life-and-culture, #real-estate-and-housing-residential, #real-estate-brokers, #san-antonio-tex, #sea-island-ga

With a Big Tax Break, Hong Kong Tries to Soothe the Rich

Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.

#bank-of-america-corporation, #banking-and-financial-institutions, #cambridge-associates-llc, #china, #communist-party-of-china, #credit-suisse-group-ag, #goldman-sachs-group-inc, #hedge-funds, #high-net-worth-individuals, #hong-kong, #hsbc-holdings-plc, #morgan-stanley, #regulation-and-deregulation-of-industry, #taxation

NY Reaches Deal on $212 Billion Budget to Jump-Start Economic Recovery

Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-state, #politics-and-government, #state-legislatures, #taxation, #unemployment-insurance

New York Reaches Deal on $212 Billion Budget to Jump-Start Recovery

Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-state, #politics-and-government, #state-legislatures, #taxation, #unemployment-insurance

How Many Is a Trillion?

We hear about trillions all the time now, but the number is beyond human comprehension.

#amazon-com-inc, #american-rescue-plan-2021, #bezos-jeffrey-p, #high-net-worth-individuals, #stimulus-economic, #two-thousand-tens-decade