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☆ Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

This is about the wealthy contributing more ... the extremely wealthy contributing more and being proud to do that. "This is about the wealthy contributing more to the society, the extremely wealthy contributing more and being proud to do that," Phil White, retired business owner and Patriotic Millionaires co-signatory, told CNBC. But experts are divided over the effectiveness of a wealth tax, and its how achievable it is in reality. Data suggests that wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied. Data suggests that a wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied.

Persons: Joe Biden, Biden, Phil White, Abigail Disney, Brian Cox, Arun Advani, Advani, Christine Cairns, PwC, Tord Kolstad, Kolstad, Kolstad Eiendom Organizations: Patriotic, Patriotic Millionaires, CNBC, Scottish, University of Warwick Locations: Brazil, Europe, Switzerland, Norway, Spain, Colombia

☆ What is a wealth tax and can it work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The so-called wealth tax is a politically divisive economic policy, but one that is regaining attention amid rising inequality and shifting demographics. It follows an earlier G20 meeting, in which finance leaders explored plans for a global minimum tax on the world's 3,000 billionaires. Colombia, Scotland and the U.S. have all proposed wealth taxes in recent years, joining the likes of Switzerland, Norway and Spain in imposing taxes specifically on the super-rich. And even some of the world's wealthy are backing such calls. But can such a policy work in reality, and is it likely to take hold?

Persons: Joe Biden, Phil White Organizations: U.S, Patriotic Millionaires, CNBC Locations: Colombia, Scotland, Switzerland, Norway, Spain

☆ Bill Gates thinks the super-wealthy should pay more tax – and plenty of rich people agree
▼ + stars: | 2024-01-20 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Bill Gates wants ultra-wealthy individuals to pay more tax — and now a growing chorus of billionaires agree. Gates doubled down on his calls to tax the rich in a panel at the World Economic Forum in Davos this week. It seems others agree, as more than 250 ultra-wealthy people signed an open letter calling for global leaders to impose a wealth tax. "Our request is simple: we ask you to tax us, the very richest in society," the letter says. The open letter's signatories includes Abigail Disney , whose grandfather Roy O. Disney cofounded The Walt Disney Company.

Persons: Bill Gates, Gates, Abigail Disney, Roy O, Disney, Brian Cox, Valerie Rockefeller, Rockefeller Organizations: Service, Business, Microsoft, Economic, Walt Disney Company, Patriotic Millionaires, Patriotic Millionaires UK, TaxMeNow, Humanity, Oxfam, Boeing, Disney Locations: Davos, California, New York

☆ Progressive Democrats are proposing a new tax they say will help 'close the exorbitant wealth gap'
▼ + stars: | 2023-08-03 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

The richest 0.1% of US households held 20% of the wealth, says the Patriotic Millionaires group. It's helped several Democrats Representatives devise legislation for a new wealth tax. The Bill aims to close the "exorbitant" US wealth gap but has little chance of passing the House. The legislation has four brackets:2% for all wealth between 1,000 and 10,000 times median household wealth4% for all wealth between 10,000 and 100,000 times median household wealth6% for all wealth between 100,000 and 1,000,000 times median household wealth8% for all wealth over 1,000,000 times median household wealthThe median American household wealth is just over $120,000, according to the Patriotic Millionaires. The Patriotic Millionaires have long campaigned for fairer income redistribution, and say the net worth of America's 735 billionaires is now $4.7 trillion.

Persons: It's, Bill, Barbara Lee of, Jamaal Bowman, Lee, Morris Pearl Organizations: Patriotic Millionaires, Service, New, BlackRock, Republican, Internal Revenue Service Locations: Wall, Silicon, Barbara Lee of California, New York, United States, America

☆ Sen. Ed Markey announces bill to raise taxes on private jets and their ultra-wealthy passengers
▼ + stars: | 2023-07-19 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Sen. Ed Markey on Wednesday announced legislation to raise taxes on jet fuel used by private planes. Private jet travel, which is the most polluting form of transport, has surged in recent years. The bill — called the Fueling Alternative Transportation with a Carbon Aviation Tax (FATCAT) Act — would raise federal taxes on private jet fuel from $0.22 to $1.95 per gallon. Private jet travel has surged in recent years. The surge in private jet travel raises serious environmental concerns.

Persons: Sen, Ed Markey, —, Markey, Chuck Collins Organizations: Wednesday, Massachusetts Democrat, Private, Service, Carbon Aviation, Institute for Policy Studies, Patriotic Millionaires, Federal Aviation, Senate Commerce, Science, Transportation, Communities Trust Fund, Treasury, NGO Transport, Environment Locations: Massachusetts

☆ This millionaire is selling his private jet -- out of concern for the environment
▼ + stars: | 2023-07-11 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +7 min

Amid these concerns, one private jet owner has decided to scale back. In line with Prince’s thoughts, the Institute for Policy Studies report advocates for higher taxes on both private jet sales and fuel. They also call for the federal jet fuel tax to be doubled from $0.219 per gallon to $0.438 per gallon for the most frequent private jet users. We should have very high taxes, [usage] taxes and fuel taxes that discourage private jet owners.”Collins adds that the construction of private aviation infrastructure should stop altogether, as this form of transportation should be phased out. In April, Schiphol airport in Amsterdam announced it is considering banning private jets from its grounds altogether.

Persons: What’s, Stephen Prince, “ I’ve, It’s, I’m, ”, Joan Valls, Shutterstock There’s, he’s, who’s, “, it’s, ” Prince, we’re, George Rose, Elon, ” Chuck Collins, ” Collins, That’s, Collins Organizations: CNN, US Institute for Policy Studies, Federal Aviation Administration, Patriotic, Cessna, Prince, TSA, Institute for Policy Studies, “ Locations: Nebraska, Boston, Europe, France, Ireland, Schiphol, Amsterdam

☆ The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners
▼ + stars: | 2023-05-14 | by ( Talmon Joseph Smith | Karl Russell | ) www.nytimes.com time to read: +1 min

Mr. Pearl has two young adult sons with trust funds in the “seven figures.” He is also the chair of the Patriotic Millionaires, a nonprofit group of well-heeled Americans pushing for the wealthy to pay much more in taxes. “I have right now in my stock portfolio, some stock that my wife’s father, who died a long time ago, bought in the 1970s — that investment has gone from a few thousand dollars to many hundreds of thousands of dollars,” Mr. Pearl noted. “You just loan yourself money,” he explained, and in many if not most cases, the portfolio’s rate of return exceeds the rate of interest on the loan. Mr. Pearl doesn’t think the U.S. government “needs more money from rich people” to fund itself. Rather, his support for reforming the tax system arises from his belief that the rich have begun to monopolize resources and opportunity in a way that jeopardizes social stability and economic growth.

☆ A millionaire who says flying private is as addictive as cocaine is selling his jet after learning how terrible it is for the environment
▼ + stars: | 2023-05-08 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Georgia businessman Stephen Prince loves flying his private jet to Nebraska and the Caribbean. But after realizing the environmental impact of flying private, he decided to sell his Cessna 650. The experience is so amazing, he said, that he often compares the addictive nature of private jet travel to that of cocaine. The multi-millionaire's private jet habit first started around six years ago, when he began chartering planes and soon bought a Mitsubishi MU-2 with a friend. The organization co-authored a report outlining the environmental and financial consequences of private jet travel.

☆ We’re All Paying For Private Jet Travel - The New York Times
▼ + stars: | 2023-05-05 | by ( Farhad Manjoo | ) www.nytimes.com time to read: +2 min

But Prince, who founded a business in the 1990s that has made a fortune printing gift cards, is a wealthy man. Prince says flying private is a magical experience: He can drive right up to the side of his plane and hop on board. If he’s flying in the afternoon, he’ll be greeted with a glass of scotch; in the morning, he’ll get coffee and a newspaper. A progressive activist — he’s the vice chair of Patriotic Millionaires, an organization of wealthy people who favor higher taxes on rich people like themselves — Prince argues that flying private is just too expensive and unfair. His group isn’t calling on other private fliers to ground their planes, but maintains that if rich people are going to continue to jet around in luxury, they should at least be taxed for the privilege.

☆ Elon Musk's private jet emitted 132 times as much carbon as the average American does in an entire year
▼ + stars: | 2023-05-02 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Elon Musk travels more by private jet than nearly anyone else in the US. His annual carbon footprint — just from flying private — is 132 times that of the average American. Musk's carbon footprint from his 171 private flights in 2022 was 132 times the size of the average US resident's total annual footprint from all activities, the report found. His private plane burned about 221,358 gallons of jet fuel and emitted about 2,112 metric tons of carbon emissions last year, the report found. It notes that Musk purchased an additional private plane last year — a $78 million Gulfstream G700, the world's largest purpose-built private jet — that's expected to replace his G50ER model.

☆ The ultra-wealthy who fly private are costing average flyers who won't ever use a private plane a lot of money
▼ + stars: | 2023-05-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Private jet travel has surged in the US over the last few years and accounts for one in every six flights. But private flyers pay just two percent of the taxes that fund the Federal Aviation Administration. Commercial flyers must pay a tax on every ticket equivalent to 7.5% of the fare price. But private flyers only pay a jet fuel tax. Private airplane travel is significantly worse for the environment than commercial flight travel, since private jets carry far fewer people.

☆ Meet the typical private jet owner: 'Overwhelmingly male,' over 50, with a net worth of $190 million
▼ + stars: | 2023-05-01 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

Private jet use has become more popular than ever. Members of the "jet-owning oligarchy" have a median net worth of $190 million, a new report says. The typical private jet owner is a North American male over 50 who works in finance or real estate. The report describes typical private jet owners as "overwhelmingly male," North American, and over the age of 50. Full private jet owners have a median net worth of $190 million while fractional jet owners have a median net worth of $140 million, the report says, citing data from Credit Suisse and Wealth-X.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

☆ Over 200 millionaires urge Davos elite to up taxes on the ultra-rich
▼ + stars: | 2023-01-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Over 200 millionaires are urging the elite echelons in attendance at this week's World Economic Forum in Davos to "tackle extreme wealth" and "tax the ultra-rich" to help relieve the cost-of-living strain off ordinary households. The letter questions the mission of the World Economic Forum in absence of concrete measures:"The current lack of action is gravely concerning. A meeting of the 'global elite' in Davos to discuss 'Cooperation in a Fragmented World' is pointless if you aren't challenging the root cause of division. CNBC has reached out to the Davos World Economic Forum for comment. Just one leader of the Group of Seven global economic — German Chancellor Olaf Scholz — was set to attend the Davos proceedings this week, as several of his counterparts battle the cost-of-living crisis.

☆ Trump tax returns show former president was subject to $10,000 SALT cap — but experts say he may have sidestepped the limit
▼ + stars: | 2022-12-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

A 2017 tax law capped SALT deductions at $10,000The House Ways and Means Committee's release of six years of Trump's tax returns follows a lengthy fight over making them public. New state rules provide a SALT workaroundHowever, the income tax returns don't provide the full picture, experts said. Here's why: Many states issued rules after 2017 that offer a workaround to certain business owners impacted by the $10,000 SALT cap. The workarounds would apply to business income Trump derived from partnerships, S corporations and some LLCs after 2017. While it's likely Trump leveraged these tax rules, it's impossible to know without additional information like business tax returns if he did and the extent to which he may have benefited, experts said.

☆ Kyrsten Sinema was doing the GOP a favor by blocking Democrats' taxes on the wealthy. Now a Republican-controlled House will have to fight that battle.
▼ + stars: | 2022-12-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Sen. Kyrsten Sinema repeatedly threw cold water on Democrats' plans to raise taxes on the wealthy. Now that Sinema is officially becoming an independent, Democrats still likely won't be able to pass anything. However, the House — which has to pass any legislation that would include hikes — will soon be controlled by Republicans. Raphael Warnock's reelection in the Georgia runoff also gave Democrats an opening to work around Sinema. Republicans are very tax averse, already mounting opposition to a 15% minimum tax on big multinational corporations like Amazon and Facebook.

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