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Feb 27, 2019 · Gates, the founder of Microsoft and for many years the richest man in the world, has along with his wife given away more than $35 billion through the Bill and Melinda Gates Foundation. They plan ...
- Kelsey Piper
Oct 1, 2024 · Bill Gates' ideal tax system would leave him worth 62% less, but still a billionaire. He warned that excessive taxes would deter people from starting businesses and curb economic growth. The ...
- Henry Blodget
Mar 13, 2024 · Our mission could not be more clear and more necessary: We have a duty to explain what just happened, and why, and what it means for you. ... which this year erases $14,600 from your tax bill. For ...
- Whizy Kim
Jan 2, 2024 · A recent investigative report by The Nation magazine estimated that Bill Gates may have received more money back in the form of tax breaks than he has given in philanthropic grants through the ...
- The Ultra Wealth Effect
- The $5 Billion Ira
- The Magic of Sports Ownership: Make Money While (Legally) Reporting Losses
- Build, Drill and Save: The Real Estate and Oil Businesses Can Both Be Tax Havens
- Even A Billionaire’s Hobbies Can Pay Off at Tax Time
- Think Your Taxes Are Too High? Change The Tax Laws
- Why Tech Billionaires Pay Less Than Hedge-Fund Managers
- Brother, Can You Spare A Stimulus Check?
- Trust This: How Wealthy Families Pass Billions to Heirs While Avoiding Taxes
Our first story unraveled how billionaires like Elon Musk, Warren Buffett and Jeff Bezos were able to amass some of the largest fortunes in history while paying remarkably little tax relative to their immense wealth. They did it in part by avoiding selling off their vast holdings of stock. The U.S. system taxes income. Selling stock generates incom...
Other billionaires used less conventional ways to avoid income, we found. Tech mogul Peter Thiel amassed a $5 billion Roth IRA, a type of account that shields income from taxes and is intended to help low- and middle-class savers prepare for retirement. Back in 1999, Thiel stuffed low-valued shares of the company that would become PayPal into the a...
The tax code offers business owners a slew of methods to erase income through deductions, none more awesome than buying a sports team, as former Microsoft CEO Steve Ballmer did with the Los Angeles Clippers. It doesn’t matter whether the team is actually profitable and growing in value. It can still be a write-off. (In some cases, we found, owners ...
In certain industries, like real estate or oil and gas, the tax breaks are so plentiful that billionairescan erase their income entirely even as they grow richer. That’s how real estate developer Stephen Ross (who also happens to own the Miami Dolphins) went 10 years without paying any income tax. Ross said that he followed the law. Another mogul, ...
Deductions from hobbies and side projects, which the ultrawealthy can structure as businesses, are another fun option. For some billionaires, it’s race horses: We found that six owners of thoroughbreds at the 2021 Kentucky Derby had taken a combined $600 million in tax write-offs on their horse racing operations. For others, like Beanie Babies foun...
Sometimes, it pays to fight for a new tax break. For the billionaires who contributed millions to Republican politicians, the payoff came in the form of Trump’s “big, beautiful tax cut” for passthrough businesses. We found the change sent $1 billion in tax savings in a single year to just 82 ultrawealthy households. Some business owners also booste...
With so many options to reduce taxes, the richest Americans often manage low income tax rates. We analyzed the incomes and taxes of the country’s top 400 earners, those averaging over $110 million in income per year. Overall, the group paid relatively low rates, but certain segments (tech billionaires, heirs, private equity executives) stood out ev...
But the real standouts were the billionaires who reported such low incomes that they qualified for government assistance. At least 18 billionaires received stimulus checksin 2020, because their tax returns placed them below the income cutoff ($150,000 for a married couple).
The holes in the estate tax, we found, are even more remarkable. There are well-worn ways to make sure Uncle Sam doesn’t get his cut of a fortune being passed on to heirs, and the most common is through a trust. How common no one can say, but we found evidence that at least half of the nation’s 100 richest individuals had used estate-tax-dodging tr...
Sep 6, 2024 · Bill Gates, one of the world's richest people, said he would be much poorer and would have paid way more in taxes if he were in charge of the US tax system. In an interview with the Independent ...
Sep 21, 2024 · In a 2019 blog post, Gates suggested increasing taxes on large investments by the wealthy and urged the U.S. government to raise the capital gains tax to equal taxes on labor. While those relying ...
