A massive trove of tax information obtained by ProPublica, covering thousands of America’s wealthiest individuals, reveals what’s inside the billionaires’ bag of tricks for minimizing their personal tax bills — sometimes to nothing.
A retirement account designed for the middle class is being exploited as a giant tax shelter — legally — by some of the wealthiest Americans. Billionaire tech mogul Peter Thiel, a Paypal co-founder, has grown his Roth IRA to more than $5 billion.
Unless you have access to nonpublic stock of a future tech giant, it’s pretty hard to turn a humble retirement account into a tax-free piggy bank.
Sen. Ron Wyden, chair of the Senate Finance Committee, said he planned to rein in tax breaks for gargantuan Roth retirement accounts after ProPublica exposed how the superrich used them to shield their fortunes from taxes
Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank
Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
Tali Farhadian Weinstein, who donated $8 million to her own campaign, and her hedge fund manager husband paid nothing (or almost nothing) to the IRS four times in six years.
The Secret IRS Files series has already sparked a conversation about the fairness of the U.S. tax code and raised privacy concerns.
Some of the wealthiest Americans use a strategy called Buy, Borrow, Die to dramatically reduce their tax bills while their fortunes continue to grow. This video is part of ProPublica’s series, “The Secret IRS Files” which reveals, using a trove of never-before-seen records, how the wealthiest avoid income tax.
10 important takeaways from ProPublica’s first report on a vast collection of tax records for America’s wealthiest.
We are disclosing the tax details of the richest Americans because we believe the public interest in an informed debate outweighs privacy considerations.
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.