Phyllis Taylor’s company is responsible for the longest-running oil spill in U.S. history. That’s been a disaster for the Gulf of Mexico — but a tax bonanza for Taylor.
Thoroughbred horses, auto racing, massive ranches, luxury hotels. The hobbies and side businesses of the ultrawealthy create huge write-offs that can let them get away with paying little or no income tax for as much as a decade at a time.
Donald Trump and other ultrarich Americans have earned billions, but they’ve also managed to repeatedly avoid paying any federal income tax by claiming huge losses on their businesses.
IRS records reveal that 18 billionaires and some 250 other ultrawealthy people received aid intended to help middle-class Americans.
The company’s decision throws the future of the Free File program, which was created as an alternative to an IRS free tax filing system, into doubt.
Calling ProPublica’s Secret IRS Files series a “bombshell,” Sens. Elizabeth Warren and Sheldon Whitehouse demanded an investigation into how the rich use “legal tax loopholes to avoid paying their fair share of income taxes.”
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
A new ProPublica analysis of a trove of IRS documents revealed that the richest 25 Americans pay a tiny fraction of their wealth in taxes. But even if you use the most conventional yardstick — income — the wealthiest still pay low rates.
ProPublica started with a trove of private tax data — then analyzed those records, along with sources ranging from Forbes’ list of billionaires to publicly available information from the IRS, the Federal Reserve and more.
After a pause for the pandemic, debt buyers are back in the courts, suing debtors by the thousands.
Girish Patel doubts his small, 20-year-old shop will survive the pandemic economy. Thirty stories above, aerospace company TransDigm has sustained eye-popping profits thanks to steep layoffs and raised over a billion with help from the U.S. government.
The antitrust probe comes after ProPublica detailed how the takeover could reduce competition in the tax prep business.
ProPublica found at least 15 large companies that received over half a billion dollars in PPP loans using the same technique: Getting multiple loans sent to smaller entities they own.
After resisting its release, the administration revealed information on companies that received more than $150,000 in PPP funds.
Every year, the IRS annual report is an opportunity to measure how effectively the U.S. government has sabotaged its own ability to enforce its tax laws. This year’s report signals historic lows for U.S. tax enforcement.
Wage garnishments ordered before the pandemic started have continued for many workers during the recession. Senators Elizabeth Warren and Sherrod Brown have demanded an end to the practice.
As the COVID-19 pandemic hit, Americans got protection from evictions, foreclosures and student debt. But debt collectors have continued to siphon off their share of paychecks from those who still have jobs.
Experts from across the political spectrum fear that the Federal Reserve’s new Main Street Lending program won’t reach enough businesses or save enough jobs.
The Small Business Administration, which is administering the lending program, has said it will disclose the names of companies that got loans — just not yet. News organizations are suing to stop the delay.
How has your company treated its workers during the crisis? As bailout money in the form of huge loan programs reaches to your company, what are you watching for or worried about?