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The journalist discussed Jeff Bezos, Elon Musk, Warren Buffett, Carl Icahn, and Michael Bloomberg. ProPublica recently published a bombshell report on how billionaires including Jeff Bezos, Elon Musk, and Warren Buffett pay minimal federal income tax relative to their vast fortunes. Everybody has said, 'Checkmate, ProPublica, you idiots, we don't tax unrealized gains in this country,' to which we say, 'Yes, that is the point of our article.'" "If you had asked tax experts and wealth experts last week, 'Does Jeff Bezos pay zero in federal income tax? "There are whole swaths of the tax system that just simply do not function anymore.
Persons: Jesse Eisinger, Jeff Bezos, Elon Musk, Warren Buffett, Carl Icahn, Michael Bloomberg, ProPublica, Eisinger, isn't, Mike Bloomberg, Carl, Buffett, It's, Bloomberg, it's, , Michael Bloomberg's, they're Organizations: The New York Times, Elon, Berkshire Hathaway, Amazon, Security, Medicare, IRS Locations: America, Berkshire, United States
MacKenzie Scott Reveals Another $2.74 Billion in Giving
  + stars: | 2021-06-15 | by ( Nicholas Kulish | David Gelles | ) sentiment -0.94   time to read: +1 min
Ms. Scott was married to Jeff Bezos, the founder of Amazon, for 25 years. When they divorced in 2019, her share of the settlement, 4 percent of Amazon’s stock, was valued at around $36 billion. Though Ms. Scott did not list the amount she gave each organization, her blog post included a list of those receiving funds. When Ms. Scott promised in 2019 to give “until the safe was empty,” people had little reason to take her at her word. Mark Zuckerberg, Bill Gates, Warren Buffett — many of the world’s wealthiest — have made lofty promises of giving and each is richer now than ever before.
Persons: MacKenzie Scott, Dan Jewett, Scott, Jeff Bezos, Mark Zuckerberg, Bill Gates, Warren Buffett Organizations: Amazon, Apollo Theater, Ballet, University of California, University of Texas, Borealis
MacKenzie Scott gives away another $2.7 billion to charity
  + stars: | 2021-06-15 | by ( Annie Palmer | ) sentiment -0.53   time to read: +2 min
MacKenzie Scott, the billionaire philanthropist and ex-wife of Amazon CEO Jeff Bezos, announced Tuesday she has given away more than $2.7 billion to hundreds of groups this year. Scott has taken an unusual approach to philanthropy, previously saying she consulted her team on how to give away her fortune faster. Scott became one of the world's wealthiest women following her divorce from Bezos in 2019, which left her with a 4% stake in Amazon. Last December, Scott announced she gave away another $4.2 billion to hundreds of organizations. In 2019, Scott signed onto the Giving Pledge, committing to give away at least half of her fortune to charity.
Persons: MacKenzie Scott, SEAN PENN J, Jeff Bezos, Scott, Dan Jewett, Dan, , Warren Buffett, Melinda Gates Organizations: Haitian Relief Organization, Coalition of Disaster, Milk Studios, Bloomberg Locations: Los Angeles , California, Seattle, Bezos, Amazon
The amount of taxes Mr. Buffett paid over this period? Imagine if Mr. Buffett had to pay the same fraction of the growth of his net worth that regular people do. The important point here is that Mr. Buffett’s tax payments as detailed by ProPublica are fully legal. I asked Mr. Buffett last week, via his longtime secretary, Debbie Bosanek, if he could think of even one tax or accounting practice that he has come to regret. And this points to another way in which the Good Billionaire is hard to deal with.
Persons: Buffett, Debbie Bosanek, Bosanek, , Goldman Sachs
NEW YORK (Reuters) - When Brian Moynihan took the reins at Bank of America Corp in 2010, the U.S. bank was reeling. Since then, Moynihan, 61, has not just righted the ship, but transformed Bank of America, leaving analysts, industry people and some investors wondering what - and who - comes next. That leaves Moynihan with a new challenge over the next few years: determining who would best replace him, and marketing that person to the world without alienating other senior executives. Yet it leaves Moynihan as the longest-tenured CEO on Wall Street who has not offered a crisp idea of who is next, analysts said. “Now that he has four or five years of runway left, investors should be rightfully saying, ‘Hmmm,’” said one former bank employee.
Persons: Brian Moynihan, Shannon Stapleton, Moynihan, , , Sydney Finkelstein, Ken Lewis, Finkelstein, “ You’re, ” Moynihan, Piper Sandler, Jeffery Harte, , ’ ”, Raul Anaya, Dean Athanasia, Cathy Bessant, Steve Boland, Alastair Borthwick, Jim DeMare, Andy Seig, PNC’s Mike Lyons, Mark Chancy, Moynihan’s, Tom Montag, Montag, Warren Buffett, ” Buffett Organizations: YORK, Bank of America Corp, Bloomberg Global Business, REUTERS, of America, Bank of America’s, Dartmouth’s Tuck School of Business, Bank of America, Wall, Bank of, Justice Department Locations: U.S, New York City , New York, Bank
ProPublica said it does not know the identity of the source who passed them a trove of IRS files. ProPublica said it is confident of the material even if the source had hostile motives. ProPublica says it does not know the identity — or motivations — of the source who passed it private tax documents for its recent bombshell investigation of the ultra-rich. In an accompanying article, ProPublica's CEOs Stephen Engelberg and Richard Tofel revealed that they don't know who sent the documents. "We have considered the possibility that information we have received could have come from a state actor hostile to American interests."
Persons: ProPublica, Jeff Bezos, Elon Musk, Michael Bloomberg, Warren Buffett, Stephen Engelberg, Richard Tofel, Tofel, Bezos Locations: Engelberg
A ProPublica report showed how some of richest Americans had legally slashed their income tax bills. A GOP senator who oversaw a 2017 corporation tax cut criticized the reported tax avoidance. The 2017 Tax Cuts and Jobs Act also reduced the tax rate for the top income bracket from 39.6% to 37%. "Raising multibillionaires' income taxes isn't enough when these guys don't grow their fortunes from income," Warren tweeted Wednesday. "We need a Wealth Tax in American to help fix a tax system that's rigged for the rich and powerful."
Persons: ProPublica, Jeff Bezos, Elon Musk, Warren Buffett, Bill Gates, Mark Zuckerberg —, Trump, Republican Sen, Patrick J, Toomey, Bezos, Buffett, Donald Trump, Democratic Sen, Ron Wyden, Elizabeth Warren, Warren, Pramila, Brendan Boyle of Pennsylvania Organizations: GOP, The New York Times, Republican, New York Times, Berkshire Hathaway, Democratic Locations: Pennsylvania, Washington
Many wealthy Americans escape big income tax bills. Here's how they do it
  + stars: | 2021-06-10 | by ( Kate Dore | ) sentiment -0.99   time to read: +1 min
A lot of them pay very little in income taxes. Most Americans earn income through their labor, such as wages, salaries or other employer-provided benefits. However, the top 1% often receive income from interest, dividends, capital gains or rent, from their investments, known as capital income. More from Personal Finance:Advisors look to lessen toll of Biden's retroactive capital gains tax hikeBiden, Harris release 2020 returns. While most people contribute taxes through their paycheck, the top 1% may not see income on their tax returns.
Persons: Warren Buffett, Jeff Bezos, Michael Bloomberg, Elon Musk, Eric Pierre, Harris, Biden's Organizations: Elon, Pierre Accounting, Finance, Advisors, Biden Locations: Austin , Texas
Live Live Updates: After Report on Tax Payments of Richest Americans, Congress Rethinks the Code Democrats, and some Republicans, were shocked by the news this week showing how the treatment of stocks, bonds, real estate and huge loans taken off those assets has sent the tax bills of the richest Americans plummeting. “Look, the job of the Justice Department in making decisions of law is not to back any administration, previous or present. Should the Justice Department prevail, Ms. Carroll’s lawsuit could be dismissed. Mr. Garland said that he was aware of the criticisms, but defended his actions. “The job of the Justice Department in making decisions of law is not to back any administration, previous or present,” he said.
Persons: , Patrick J, Toomey, Anna Moneymaker, Jeff Bezos, Warren Buffett, , Republicans —, Donald J, Bezos, Buffett, Elon Musk, Michael Bloomberg, Ron Wyden, Jonathan Weisman, Garland, D.O.J, Merrick B, Department’s, Trump, General Merrick B, Stefani Reynolds, ” Mr, Jean Carroll, Carroll, Trump’s Organizations: Richest Americans, Congress, The New York, Senate, Republicans, Forbes, Trump, Justice Department, Democrats, Justice, Credit, New York Times, Department, Garland’s Locations: Pennsylvania, Oregon, America, New York, Russia
Software company MicroStrategy has raised $500 million in bonds that it will use to buy bitcoin. MicroStrategy raised the first-ever junk bond that will be used to buy bitcoin this week, as it looks to build a war chest of cryptocurrency. The software company's $500 million bond follows two convertible bond sales the company did in February this year and December 2020, which were both used to fund bitcoin purchases. Bond managers' tough rideIndeed, issuance in the high-yield bond market has surged since the Fed backstopped the market last March as the coronavirus gripped the economy. This person said the last-minute rush to get in the deal — which pushed from $400 million to $500 million — was "high-yield FOMO."
Persons: MicroStrategy, Peter Duffy, Hertz, bitcoin Cryptocurrency, it's, Jefferies, Warren Buffett Organizations: Penn Capital, Companies, Reuters Breakingviews, Moody's, Service, Jefferies Locations: bitcoin, El Salvador
Morningstar's "Ultimate Stock Pickers" list is based on an assessment of the holdings of the best investment managers. Morningstar believes four of the 10 firms on the list —Alphabet, Microsoft, Facebook, and Amazon— are undervalued right now. The companies in question all have what Morningstar believes are sustainable competitive advantages. Morningstar's "Ultimate Stock-Pickers" are sticking with the big bets they've held throughout the pandemic, even as investors more broadly are ditching some of those high-growth stocks that delivered such handsome returns. The research firm has consulted with 22 of America's top billion dollar-plus mutual fund managers and 4 stock-pickers at large insurance firms to create its "Ultimate Stock-Pickers" list.
Persons: Morningstar, Warren Buffett's Berkshire Hathaway, Warren Buffett Organizations: Microsoft, Facebook, Warren, Fidelity Growth Company, Amazon Locations: Chicago
FBI phone hack is a VC dream come true
  + stars: | 2021-06-09 | by ( ) sentiment -0.98   time to read: +1 min
People wear protective masks due to the coronavirus disease (COVID-19) outbreak in Pattaya, Thailand March 27, 2020. Picture taken March 27, 2020. REUTERS/Soe Zeya Tun - RC2LTF9SPJIZThe Federal Bureau of Investigation has been running a startup that would put Silicon Valley to shame. ANOM is a three-year-old joint venture read more with Australia’s Federal Police, 9,000 law-enforcement officers from 17 countries and a drug-trafficking smartphone-developer turned informant. It’s the type of hardware-meets-software business model that low-margin handset makers like China’s Xiaomi aspire to .
Persons: Soe Zeya, Robyn Mak, Warren Buffett Organizations: REUTERS, Federal Bureau of Investigation, Australia’s Federal Police, Apple, FBI Locations: Pattaya, Thailand, Silicon
Chinese jeweller peddles gems of diversification
  + stars: | 2021-06-09 | by ( ) sentiment -0.94   time to read: +1 min
A salesperson arranges 24K gold bracelets for Chinese weddings at Chow Tai Fook Jewellery store in Hong Kong, China December 14, 2017. REUTERS/Tyrone SiuHong Kong-listed Chow Tai Fook Jewellery (1929.HK) is regaining some sparkle. Whether tourists return to Hong Kong and Macau in droves won’t matter much either way. Mainland China accounted for 85% of revenue in the year to the end of March. Chow Tai Fook now trades at some 25 times forward earnings, more than double rivals Luk Fook (0590.HK) and Chow Sang Sang (0116.HK).
Persons: Chow, Tyrone Siu, Chow Tai Fook, Luk Fook, Chow Sang Sang, Sharon Lam, Warren Buffett Organizations: REUTERS, HK Locations: Hong Kong, China, Tyrone Siu Hong Kong, HK, Macau, Tsui, Mainland China
Chinese producer price pop pains policymakers
  + stars: | 2021-06-09 | by ( ) sentiment -1.00   time to read: +1 min
Employees work on a production line manufacturing metal parts for furniture at a factory in Hangzhou, Zhejiang province, China April 30, 2020. China Daily via REUTERSThe People’s Republic has an unusual inflation problem. A commodities rally exacerbated by domestic speculators pumped up the producer price index by a whopping 9% in May read more , the fastest gain since 2008. Higher interest rates might help, but hiking them would be extremely risky given factory output and retail sales both slowed in April. For now, PPI will keep deducting from China Inc’s bottom line.
Persons: Pete Sweeney, Warren Buffett Organizations: REUTERS, Companies, PPI Locations: Hangzhou, Zhejiang province, China, Republic, deducting
Ferrari picks new driver for tech era
  + stars: | 2021-06-09 | by ( ) + 0.92   time to read: +1 min
A Ferrari logo is seen on media day at the Paris auto show, in Paris, France, September 30, 2016. Ferrari (RACE.MI) has chosen a driver to steer it through its technological challenges. A long-term executive at chipmaker STMicroelectronics (STM.BN), Vigna has no direct experience of luxury goods or the automotive industry. But his semiconductor expertise and innovation credentials make him well-placed to help Ferrari move away from combustion engines. Ferrari already produces hybrid models, including the 430,000-euro SF90, but it has yet to unveil a fully electric car.
Persons: Benedetto Vigna, Louis Camilleri’s, chipmaker, Vigna, Ferrari, Lisa Jucca, Warren Buffett Organizations: Ferrari Locations: Paris, France
BBVA layoffs are just the start for Europe’s banks
  + stars: | 2021-06-09 | by ( ) sentiment -0.99   time to read: +1 min
People protest against plans by BBVA, Spain's country's second-biggest bank, to cut its banking staff in its home market in Madrid, Spain, June 2, 2021. The sign on t-shirt reads "No to the ERE (labour force adjustment plan) in BBVA". BBVA (BBVA.MC) has started what is likely to be a spate of post-pandemic redundancies at European banks. Though the layoffs will cost BBVA a hefty 245,000 euros per employee on average, other lenders will surely follow. (By Christopher Thompson)On Twitter Calls - More concise insights on global finance:Ferrari picks new driver for tech era read moreChinese producer price pop pains policymakers read moreChinese jeweller peddles gems of diversification read moreFBI phone hack is a VC dream come true read moreWarren Buffett is exhibit A to hike taxes on rich read more
Persons: Carlos Torres, Christopher Thompson, Ferrari, Warren Buffett Organizations: BBVA, Spain's, Bankia, HSBC, European Union Locations: Madrid, Spain, BBVA
Where Did Billionaires’ Billions Go?
  + stars: | 2021-06-09 | by ( Andrew Ross Sorkin | Jason Karaian | Sarah Kessler | ) + 0.00   time to read: +5 min
Tax and the .001 percentThe fallout from ProPublica’s bombshell report about billionaires’ tax bills is just beginning. What’s revelatory about the scoop is that it provides never-before-seen details of specific billionaires’ tax bills, or lack thereof. Icahn deducted interest payments on his companies’ debt, helping him pay no federal income tax in 2016 and 2017. Musk regularly borrows tens of billions against his stock holdings: those loans aren’t taxed, and the interest paid can often be deducted. What others have to say: For billionaires, the federal income tax “has become a voluntary tax,” the economist Gabriel Zucman told David Leonhardt of our sister newsletter, The Morning.
Persons: Jeff Bezos, Warren Buffett, Mike Bloomberg, Carl Icahn, Elon Musk, George Soros, Elizabeth Warren, Bernie Sanders, Biden, DealBook, Ron Wyden, ProPublica, Gabriel Zucman, David Leonhardt, , Megan McArdle, Organizations: Elon, Democrat, The Washington, Republicans Locations: U.S, Oregon
The US government is investigating how tax information on the richest Americans went public. ProPublica reported on the income and tax payments of Jeff Bezos, Elon Musk, and other billionaires. The White House described the leaking of tax information as "illegal." The US government is investigating how some of the wealthiest Americans, including Amazon CEO Jeff Bezos and Tesla CEO Elon Musk, had their tax information published online. White House press secretary Jen Psaki told reporters during Tuesday's briefing that the Biden administration is taking the "illegal" leak of tax information "very seriously."
Persons: ProPublica, Jeff Bezos, Elon Musk, Berkshire Hathaway, Warren Buffett, Bill Gates, Mark Zuckerberg —, Charles Rettig, Rettig, Lily Adams, Adams, Bezos, Buffett, Jen Psaki, Biden, Psaki, Joe Biden's Organizations: Amazon, Tesla, Nonprofit, Berkshire, Microsoft, Internal Revenue, Tax Administration, Federal Bureau of Investigation, US, Office, District of Columbia, Berkshire Hathaway, IRS, White Locations: Musk
ProPublica's Jesse Eisinger on his reporting about ultra-wealthy tax avoidance
  + stars: | 2021-06-09 | by ( ) sentiment -0.96   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProPublica's Jesse Eisinger on his reporting about ultra-wealthy tax avoidanceProPublica published a story Tuesday based on what they are calling never before seen data obtained from the IRS that sheds light on the taxes paid by American business titans like Warren Buffett, Bill Gates and Mark Zuckerberg. Jesse Eisinger, senior reporter ProPublica who wrote the story, joined "Squawk Box" on Wednesday to discuss his reporting.
Persons: Jesse Eisinger, Warren Buffett, Bill Gates, Mark Zuckerberg, ProPublica Organizations: American, titans
A ProPublica report based on secret IRS files showed billionaires pay relatively little tax. On Tuesday morning, ProPublica published a bombshell report showing how little America's wealthiest pay in taxes, based on leaked documents from the Internal Revenue Service (IRS). "I think it really underscores, again, that very wealthy people do not pay tax on much of their income. Those wages would be income, and you'd be taxed under the income tax. Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty ImagesThe report could add flame to the fire for tax reformEven before the ProPublica report, tax debate had been brewing.
Persons: ProPublica, Jeff Bezos, Warren Buffett, It's, Chuck Collins, Collins, they're, Chuck Marr, we've, Joe Biden, Marr, Alex Wong, Samantha Jacoby, Kathleen Bryant, Goldman Sachs, Jacoby, Bryant, Nicholas Kamm, NICHOLAS KAMM, Biden, Jen Psaki, Brian Deese, Reagan, There's, Sen, Bernie Sanders, Ron Wyden, Wyden Organizations: Internal Revenue Service, Policy Studies, Budget, Democratic, Tax Foundation, AFP, Getty, House Press, Washington, National Economic Council, Capitol, Senate Finance Locations: isn't
IRS says it's investigating release of wealthy Americans' tax info
  + stars: | 2021-06-09 | by ( ) sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS says it's investigating release of wealthy Americans' tax infoThe IRS says it is investigating the release of wealthy Americans' tax information. This comes after ProPublica published a report saying it obtained IRS information showing how billionaires such as Jeff Bezos, Elon Musk and Warren Buffett pay little income tax and, in some cases, paid no taxes at all. CNBC's Jim Cramer, Carl Quintanilla and David Faber discuss.
Persons: ProPublica, Jeff Bezos, Elon Musk, Warren Buffett, CNBC's Jim Cramer, Carl Quintanilla, David Faber Organizations: IRS
An Exposé Has Congress Rethinking How to Tax the Superrich
  + stars: | 2021-06-09 | by ( Jonathan Weisman | Alan Rappeport | ) sentiment -0.86   time to read: +1 min
WASHINGTON — A jaw-dropping report by ProPublica detailing how America’s richest men avoided paying taxes has intensified interest in Congress, even among some Republicans, in changing the tax code to ensure that people like Jeff Bezos and Warren Buffett pay their fair share. For Republicans, the idea that the tax code should give preferential treatment to investment has been sacrosanct, ostensibly to promote economic growth and innovation that could benefit everyone. But the news this week showed how the treatment of stocks, bonds, real estate and huge loans taken off those assets has sent the tax bills of the richest Americans plummeting. “My intention as the author of the 2017 tax reform was not that multibillionaires ought to pay no taxes,” said Senator Patrick J. Toomey, Republican of Pennsylvania, who helped write the law that slashed taxes by more than $1 trillion. Much of that work — vehemently opposed by Republicans — has been focused on clawing back tax cuts lavished on corporations by the 2017 tax law, President Donald J. Trump’s signature legislative achievement, and to prevent multinational corporations from shifting taxable profits offshore.
Persons: WASHINGTON, Jeff Bezos, Warren Buffett, , Patrick J, Toomey, , Republicans —, Donald J Organizations: Senate, Republicans Locations: Pennsylvania
Berkshire Hathaway invests $500 million in Brazil's Nubank
  + stars: | 2021-06-08 | by ( Reuters Staff | ) + 1.00   time to read: +1 min
(Reuters) - Brazil’s Nubank has raised $500 million in funds from Warren Buffett’s Berkshire Hathaway, giving a high profile boost to the fast-growing online bank. Nubank, which has 40 million clients, said in a statement it plans to use the proceeds to fund its international expansion to Mexico and Colombia, launch new products and services and hire more employees. The new investments give Nubank a $30 billion valuation, up from $25 billion at the time of its previous fundraising round, according to a source familiar with the situation. The $750 million new funding round is part of its series G, which totaled $1.15 billion. An initial part of the series G round was announced in January.
Persons: Nubank, Warren Buffett’s Berkshire Hathaway Organizations: Reuters, Sands Capital, Plan Investment Board, MSA, Advent’s, Capital, Verde Asset Management, Absoluto Partners Locations: Warren Buffett’s, Mexico, Colombia
FILE PHOTO: The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank's headquarters in Sao Paulo, Brazil June 19, 2018. REUTERS/Paulo WhitakerNubank, best known as a credit card issuer, also said it raised an additional $250 million from a series of other investors. The new investments give Nubank a $30 billion valuation, up from $25 billion at the time of its previous fundraising round, according to a source familiar with the situation. Nubank’s $750 million new funding round is part of its series G fundraising round, which totaled $1.15 billion. An initial part of the series G round was announced in January.
Persons: Warren Buffett’s, Paulo Whitaker Nubank, Nubank, Berkshire Hathaway Organizations: Reuters, Warren Buffett’s Berkshire Hathaway Inc, REUTERS, Banco Santander Brasil SA, Ant, Berkshire, StoneCo, Sands Capital, Plan Investment Board, MSA, Advent’s, Capital, Verde Asset Management, Absoluto Partners Locations: America, Brazilian, Sao Paulo, Brazil, Mexico, Colombia, U.S, BERKSHIRE, BRAZIL
Return of the IRS Scandal
  + stars: | 2021-06-08 | by ( The Editorial Board | ) sentiment -0.99   time to read: +1 min
Less than half a year into the Biden Presidency, the Internal Revenue Service is already at the center of an abuse-of-power scandal. Leaking such information is a crime, since under federal law tax returns are confidential. The story arrives amid the Biden Administration’s effort to pass the largest tax increase as a share of the economy since 1968. The main Democratic argument for a tax hike is that the rich should pay their “fair share.” The ProPublica story is a long argument that somehow the rich don’t pay enough. “What this data reveals is that the country’s wealthiest—who profited immensely during the pandemic—have not been paying their fair share,” Mr. Wyden said.
Persons: ProPublica, Jeff Bezos, Warren Buffett, doesn’t, Biden, Ron Wyden, Mr, Wyden, Organizations: Biden, Internal Revenue Service
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