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☆ Warren Buffett's death plan dodges taxes and will make his kids 'philanthropic titans,' says wealth inequality guru
▼ + stars: | 2024-09-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. On the positive side, he's not creating private wealth dynasties. But his children will become philanthropic titans by wielding taxpayer-subsidized private power through enormous charitable foundations upon his death. A progressive annual wealth tax, with rates becoming steeper as wealth goes above $1 billion. A cap on the charitable deduction so that wealthy people, like Buffett, don't get to opt out entirely of paying taxes.

Persons: —, Warren Buffett, Berkshire Hathaway, he's, Chuck Collins, Buffett, Collins, Bill Gates, don't Organizations: Service, Business, Institute for Policy Studies, Berkshire Locations: Berkshire

☆ Welcome to the age of geriatric millionaires
▼ + stars: | 2024-06-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

While it makes sense that time is often a crucial ingredient to accruing savings and assets, the average age of millionaires in the US has been rising faster than the average age of the overall population over the last three decades. How millionaires are changingSince 1992, the average age of the country's millionaires has been going up. That means that younger millionaires aren't joining their ranks fast enough to keep the average age steady. Millionaires are overrepresented beginning around age 50, but track pretty cleanly with the cohort in their 40's. What does it mean to have so many older millionaires?

Persons: —, Chuck Collins, inequality.org, Collins, America's, aren't, Garrett Watson, that's, Watson, Xers, Gen Xers, they've, haven't, That's, It's, Ed Yardeni, They're, Redfin, King Charles, King Charles III of, it's, You've Organizations: Service, Business, Policy Studies, Forbes, Consumer, Millionaires, Tax, Security, Labor, Institute for Policy Studies Locations: United Kingdom

☆ Taylor Swift and the Kardashians have been ripped for their jet emissions, but celebs and CEOs aren't the only ones flying private
▼ + stars: | 2024-03-19 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Celebrities like Taylor Swift are frequently called out for their private jet usage. The average private jet owner is a 50-year-old man working in finance or real estate. Last month, social-media users called out Taylor Swift for her frequent private jet trips (even if some of the flights may not be what they seemed). Stars like Kim Kardashian and Kyle Jenner have also been roasted for years over their private jet usage. Still, despite all the attention and outrage directed at popular female celebrities and their jets, they are not the majority of private jet travelers.

Persons: Taylor Swift, —, it's, Kim Kardashian, Kyle Jenner, Fernando Gonzalez, Chuck Collins, BI's Eliza Relman Organizations: Service, First, Travel Weekly, Business, FAA, Institute for Policy Studies Locations: New York

NEW YORK (AP) — Tim Sanders started his company, Silent Donor, based on his own experience giving money to charities. Christie Herrera, president and CEO of the conservative advocacy nonprofit Philanthropy Roundtable, has said the fight for donor privacy is the biggest challenge her organization currently faces, “I think it’s time for philanthropy to step up and start talking about these donor privacy issues,” she said. Silent Donor also sets a deadline of 30 days to move a donation through its system and into a charity. Sanders said nonprofits should listen more to donors who seek more privacy for their gifts. He said that recent decline in philanthropic donations may be related to donors not wanting others to know about their financial decisions.

Persons: — Tim Sanders, ”, ” Sanders, –, Malala Yousafzai, Christie Herrera, “, ” Chuck Collins, Collins, —, Donor's Sanders, Sanders, ” Collins Organizations: Internal Revenue Service, Peace, IRS, Republican, Institute for Policy Studies, DAF, U.S . House, U.S . Senate, Lilly Endowment Inc, AP Locations: Ukrainian, United States

☆ 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

☆ 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.

☆ 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.

☆ America is a new tax haven for the ultra-wealthy — and 13 states are holding billions in hidden assets
▼ + stars: | 2022-09-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Right now, billions of dollars of assets are held in secretive trusts across the country. In those states, billions of dollars remain untouched and untaxed. "Wealthy people from around the world are bringing their assets and wealth to the United States to park it and avoid responsibility." "We can safely say we're talking hundreds of billions of dollars a year, trillions probably, that are not being subject to tax," Collins said. "It's costing the rest of us taxpayers billions and hundreds of billions of dollars in lost revenue," Collins said.

☆ Patagonia founder's big donation potentially saves him over $1 billion in taxes — and experts say it shows how the wealthy are able to 'entirely opt out of taxes'
▼ + stars: | 2022-09-16 | by ( Juliana Kaplan | Grace Kay | ) www.businessinsider.com time to read: +9 min

The donations could save the Patagonia founder's family over $1 billion in taxes, experts calculated. "Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the source of all wealth." It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider. A Patagonia spokesperson told Insider the Chouinard family did not ask to create a company structure to avoid taxes. Russell James, director of graduate studies in personal financial planning at Texas Tech University, said that the ultra-wealthy generally "can't even use charitable income tax deductions."

☆ Criza îi îmbogăţeşte pe cei bogaţi şi îi sărăceşte pe cei săraci
▼ + stars: | 2020-09-18 | by ( On | In | ) omniapres.md time to read: +2 min

În timp ce milioane de cetăţeni ai Statelor Unite câştigă mai puţin faţă de perioada de dinainte de pandemie, averea celor mai bogaţi americani a crescut enorm în ultimele şase luni, potrivit unui studiu citat de zf.ro. În doar şase luni, averea celor mai bogaţi americani a crescut de la 2,95 trilioane de dolari la 3,8 trilioane. Între timp, pandemia a generat cea mai gravă criză a pieţei forţei de muncă de la Marea Depresiune a anilor 1930 încoace. Drept rezultat, CEO-ul Jeff Bezos – cel mai bogat om din lume – a raportat o creştere a averii nete de 55,2 miliarde de dolari în doar câteva luni. Familia Walton, care controlează gigantul Walmart – cel mai mare retailer la nivel mondial, a înregistrat o creştere similară, 60 de miliarde de dolari de la începutul anului până în prezent.

Persons: Tesla, Oracle Larry Ellison, Michael Bloomberg, Page, Jeff, Familia Walton, Larry Page, Elon, Chuck Collins Organizations: Washington DC, Oracle, Google, americană Locations: Statelor Unite, New York, SUA

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