taxes

The ultrawealthy poured money into a successful campaign to defeat a graduated state income tax. For the first time, we can reveal the scale of their return on this investment.

After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires.

Susquehanna founder and TikTok investor Jeff Yass has avoided $1 billion in taxes while largely escaping public scrutiny. He’s now pouring his money into campaigns to cut taxes and support election deniers.

IRS records reveal how Gov. Jim Justice, Gov. Jared Polis, former Education Secretary Betsy DeVos and other wealthy political figures slashed their taxes using strategies unavailable to most of their constituents.

This is your TPM evening briefing.
(A lot going on in that photo beyond what the caption says, on so many levels. It is from June 21, 1947, after Senate Democrats spent the previous night filibustering the eventual GOP override of President Truman’s veto of Taft-Hartley.)
Set aside for a moment the big issues like democracy reform that we know are stymied by the filibuster — it’s a given that its anti-majoritarianism holds up major generational reforms. Its impact goes far beyond that. The ways in which the filibuster infects not just legislating but the basic task of governance is so pervasive that it’s become part of the background noise of Washington. We don’t notice it anymore, but it’s hugely significant.
Read More