Category: billionaires

  • A controversial shipping magnate is once again throwing some of his vast fortune toward right-wing causes. For years he has backed controversial legislative candidates and groups, and 2024 is no different. Anti-abortion billionaire and 2020 election denier Richard “Dick” Uihlein has donated tens of millions of dollars to PACs supporting Donald Trump’s reelection campaign, The New York Times…

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    This post was originally published on Latest – Truthout.

  • If reelected U.S. president, Donald Trump, echoing other Republicans, has said he would shut down the Department of Education. All signs point toward a second Trump term expanding school privatization efforts and discriminatory policies carried out during the first Trump term under hard right billionaire Education Secretary Betsy DeVos. But even if Trump loses, the longtime wealthy backers of…

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  • Writers resign from The Washington Post and Los Angeles Times in protest over the blocking of their editorials by the billionaire owners. Video: Democracy Now!

    Democracy Now!

    This is Democracy Now!, “War, Peace and the Presidency.” I am Amy Goodman, with Juan González:

    The Los Angeles Times and The Washington Post newspapers are facing mounting backlash after the papers’ publishers announced no presidential endorsements would be made this year. The LA Times is owned by billionaire Patrick Soon-Shiong, and The Washington Post is owned by Amazon’s Jeff Bezos.

    National Public Radio (NPR) is reporting more than 200,000 people have cancelled their Washington Post subscriptions, and counting.

    A number of journalists have also resigned, including the editorials editor at the Los Angeles Times, Mariel Garza, who wrote, “How could we spend eight years railing against Trump and the danger his leadership poses to the country and then fail to endorse the perfectly decent Democrat challenger — who we previously endorsed for the U.S. Senate?”

    Veteran journalists Robert Greene and Karin Klein have also resigned from the L.A. Times editorial board.

    At The Washington Post, David Hoffman and Molly Roberts both resigned on Monday from the Post editorial board. Michele Norris also resigned as a Washington Post columnist, and Robert Kagan resigned as editor-at-large.

    David Hoffman, who just won a Pulitzer Prize for his series “Annals of Autocracy,” wrote, “I believe we face a very real threat of autocracy in the candidacy of Donald Trump. I find it untenable and unconscionable that we have lost our voice at this perilous moment.”

    David Hoffman joins us now, along with former Los Angeles Times editorials editor Mariel Garza.

    David Hoffman, let’s begin with you. Explain why you left The Washington Post editorial board. Oh, and at the same time, congratulations on your Pulitzer Prize.

    DAVID HOFFMAN: Thank you very much.

    I worked for 12 years writing editorials in which I said over and over again, “We cannot be silent in the face of dictatorship, not anywhere.” And I wrote about dissidents who were imprisoned for speaking out.

    And I felt that I couldn’t write another editorial decrying silence if we were going to be silent in the face of Trump’s autocracy. And I feel very, very strongly that the campaign has exposed his intention to be an autocrat.

    JUAN GONZÁLEZ: And, David Hoffman, is there any precedent for the publisher of The Washington Post overruling their own editorial board?

    DAVID HOFFMAN: Yeah, there’s lots of precedent. It’s entirely within the right of the publisher and the owner to do this. Previous owners have often told the editorial board what to say, because we are the voice of the institution and its owner. So, there’s nothing wrong with that.

    What’s wrong here is the timing. If they had made this decision early in the year and announced, as a principle, they don’t want to issue endorsements, nobody would have even blinked. A lot of papers don’t. People have rightly questioned whether they actually have any impact.

    What matters here was, we are right on the doorstep of the most consequential election in our lifetimes. To pull the plug on the endorsement, to go silent against Trump days before the election, that to me was just unconscionable.

    JUAN GONZÁLEZ: And, Mariel Garza, could you talk about the situation at the LA Times and your reaction when you heard of the owner’s decision?

    MARIEL GARZA: Certainly. It was a long conversation over the course of many weeks. We presented our proposal to endorse Kamala Harris. And, of course, there was — to us, there was no question that we would endorse her. We spent nine years talking about the dangers of Trump, called him unfit in 5 million ways, and Kamala Harris is somebody that we know. She’s a California elected official.

    We’ve had a lot of conversations with her. We’ve seen her career evolved. We were going to — we were going to endorse her. And there was no indication that we were going to suddenly shift to a neutral position, certainly not within a few weeks or months of the election.

    At first, we didn’t get a clear answer — sounds like it’s the same situation that happened at The Washington Post — until we pressed for one. We presented an outline with — these are the points we’re going to make — and an argument for why not only was it important for us, an editorial board whose mission is to speak truth to power, to stand up to tyranny — our readers expect it.

    We’re a very liberal paper. There is no — there is no question what the editorial board believes, that Donald Trump should not be president ever.

    AMY GOODMAN: Mariel, I wanted to —

    MARIEL GARZA: So, it was perplexing. It was mystifying. It was — go ahead.

    AMY GOODMAN: Mariel, I wanted to get your response to the daughter of the LA Times owner. On Saturday, Los Angeles Times owner Patrick Soon-Shiong’s daughter Nika Soon-Shiong posted a message online suggesting that her father’s decision was linked to Kamala Harris’s support for Israel’s war on Gaza.

    Nika wrote, “Our family made the joint decision not to endorse a presidential candidate. This was the first and only time I have been involved in the process.

    “As a citizen of a country openly financing genocide, and as a family that experienced South African Apartheid, the endorsement was an opportunity to repudiate justifications for the widespread targeting of journalists and ongoing war on children,” she wrote.

    Her father, Patrick Soon-Shiong, later disputed her claim, saying that she has no role at the Los Angeles Times. Mariel Garza, your response?

    MARIEL GARZA: Look, I really don’t know what to say, because I have — that was — if that was the case, it was never communicated to us. I do not know what goes on in the conversation in the Soon-Shiong household. I know that she is not — she does not participate in deliberations of the editorial board, as far as I know. I’ve never spoken to her.

    We all know how she feels about Gaza, because she’s a prolific tweeter. So, I really can’t say. And this is part of the bigger problem, is we were never given a reason for why we were being silent.

    If there was a reason — say it was Israel — we could have explained that to readers. Instead, we remain silent. And that’s — I mean, this is not a time in American history where anybody can remain silent or neutral.

    JUAN GONZÁLEZ: And, David Hoffman, this whole issue has been raised by some critics of Jeff Bezos that his company has a lot of business with the US government, and whether that had any impact on Bezos’s decision. I’m wondering your thoughts.

    DAVID HOFFMAN: I can’t be inside his mind. His company does have big business, and he’s acknowledged it’s a complicating factor in his ownership. But I can’t really understand why he made this decision, and I don’t think it’s been very well explained. His explanation published today was that he wants sort of more civic quiet, and he thought an endorsement would add to the sense of anxiety and the poisonous atmosphere.

    But I disagree with that. I think, like in the LA Times, I think readers have come to expect us to be a voice of reason, and they’ve looked to endorsements at least for some clarity. So, frankly, I also feel that we’re still lacking an explanation.

    AMY GOODMAN: You know, you have subtitle, the slogan of The Washington Post, of course, “Democracy Dies in Darkness.” It’s being mocked all over social media. One person wrote, “Hello Darkness My Old Friend.”

    David Hoffman, your response to that? But also, you won the Pulitzer Prize for your series “Annals of Autocracy,” and you talk about digital billionaires, as well, and what this means. How does this fit into your investigations?

    DAVID HOFFMAN: You know, I would hope everybody would understand and acknowledge that we’ve done a lot of good for democracy and human rights. You know, I’ve had governments react sharply to a single editorial. When we call them out for imprisoning dissidents, it matters that we are very widely read.

    And that’s another reason why I feel this was a big mistake, because we actually were on a path, for decades, of championing democracy and human rights as an institution.

    And, you know, I have to tell you, I wrote a book in Russia about oligarchs. I understand how difficult it is when you have a lively and independent group of journalists. And ownership really matters. And, you know, we’re not just another widget company.

    This is actually a group of very, very deep-thinking and oftentimes very aggressive people that have a desire to change the world. That’s the kind of journalism that The Washington Post has sponsored and engaged in.

    In 2023, we published a series of editorials that took a look deep inside how China, Russia, Burma, you know, other places — how these autocracies function. One of the findings was that many of these dictatorships are using technology to clamp down on dissent, even things as tiny as a single tweet.

    Young people, young college students are being thrown in prison in Cuba, in Belarus, in Vietnam. And I documented these to show how this technology actually isn’t becoming a force for freedom, but it’s being turned on its head by dictatorship.

    AMY GOODMAN: We have to leave it there, David Hoffman, Washington Post reporter, stepped down from the Post editorial board when they refused to endorse a presidential candidate; Mariel Garza, LA Times editorials editor who just resigned.

    I’m Amy Goodman, with Juan González.

    This programme is republished under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States Licence.

    This post was originally published on Asia Pacific Report.

  • The publisher of The Washington Post announced Friday that the paper wouldn’t make an endorsement in the U.S. presidential race, with its newsroom reporting that the decision was made by billionaire owner Jeff Bezos, who intervened to stop a drafted endorsement of Vice President Kamala Harris, the Democratic nominee. Publisher William Lewis wrote that the paper would return to its “roots” of…

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    This post was originally published on Latest – Truthout.

  • The Veepification of U.S. politics reached its climax this month, as Vice President Kamala Harris embarked on a swing state campaign tour alongside former Republican Rep. Liz Cheney. Their slogan? “Country Over Party” — an appeal to bipartisan unity that could also be construed as a celebration for the country’s demise. Social media users were quick to point out echoes of the HBO show. Harris’…

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  • The Democratic chair of the Senate Finance Committee said during a hearing Wednesday that instead of tossing Social Security’s sacred guarantee “in the trash” by cutting benefits, lawmakers should crack down on mega-rich tax dodgers as a way to keep the New Deal program fully solvent for decades to come. “The ultra-wealthy are avoiding nearly $2 trillion in taxes every 10 years,” Sen.

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  • Five rich men disappeared in a tourist submersible, and the rich world was obsessed with them. In the same week, 750 poor people were crammed onto a fishing boat called the Adriana that the rich world let sink. On the sub were two billionaires, two millionaires and a millionaire’s son. One of the millionaires and his son were from Pakistan, the same country from which many of the migrants on…

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  • Many users of X, formerly Twitter, seem deeply misguided. They imagine that Elon Musk is the saviour of free speech. He’s not. He is simply the latest pioneer in monetising speech. Which isn’t the same thing at all.

    All the blue ticks on X – mine included – are buying access to an audience. Which is why Musk has made it so easy to get a blue tick – and why there are now so many of them on the platform. If you don’t pay Musk, the algorithms make sure you get minimal reach. You are denied your five seconds of fame.

    That has particularly infuriated corporate journalists. On what used to be called Twitter, they got access to large audiences as a natural right, along with politicians and celebrities. They never paid a penny. They felt entitled to those big audiences because they already enjoyed similarly big audiences in the so-called “legacy media”. They did not see why they start competing with the rest of us to be heard.

    The new media system was rigged, as the old media system has been for centuries, to ensure that it was their voices that counted. Or rather it was the voices of the ultra-wealthy paying their salaries who counted.

    Independent journalists, including myself, have been some of the chief beneficiaries of Musk’s X. But I don’t for a minute make the mistake of thinking Musk is really in favour of my free speech – or anyone else’s – compared to his own.

    Being able to buy yourself an audience isn’t what most people understand as free speech.

    Musk’s X is simply the latest innovation on the traditional “free speech” model from the bad old days. Then, only a handful of very rich men could afford to buy themselves lots of hired hands, known as journalists; own a printing press; and be in a position to attract advertisers.

    Billionaires paid a small fortune to buy the privilege of “free speech”. As a result, they managed to secure for themselves a very big voice in a highly exclusive market. You and I can now pay a hundred bucks a year and buy ourselves a very, very small voice in a massively overcrowded, cacophonous marketplace of voices.

    The point is this: Speech on X is still a privilege – it’s just one that you can now pay for. And like all privileges, it is on licence from the owner. Musk can withdraw that privilege – and withdraw it selectively – whenever he thinks someone or something is harming his interests, whether directly or indirectly.

    Musk is already disappearing opinions, either ones he doesn’t like or ones he cannot afford to be seen supporting – most visibly, anything too critical of Israel.

    He has threatened users with suspension for repeating slogans such as “From the river to the sea, Palestine will be free” – in other words, for calling for an end to what the judges of the World Court recently decreed to be Israel’s apartheid rule over Palestinians. He is also against hosting on X the term “decolonisation” in reference to Israel, claiming perversely that “it implies a Jewish genocide” – itself an implicit admission that Israelis (not Jews) have long been colonising Palestine and ethnically cleansing Palestinians.

    The Israel lobby is also pushing hard for a ban on the words “Zionism” and “Zionist”. It won’t be long before X, like Meta, cracks down on these terms too.

    Note that banning these words makes it all but impossible to discuss the specific historical forces that led to Israel’s creation at the expense of the Palestinian people, or analyse the ideology that today underpins Israel’s efforts to disappear the Palestinian people, or explain how the West has been complicit in Israel’s illegal occupation of the Palestinian territories for decades and is currently aiding the genocide of Palestinians in Gaza.

    The loss of “Zionist” and “Zionism” from our lexicon would be a serious handicap for anyone trying to explain some of the major events unfolding in the Middle East at the moment. Which is precisely why the establishment, and Musk, are so keen to see such words discredited.

    The Egyptian comedian Bassem Yousef, one of the most acute and acid critics of Israel, has suddenly disappeared from X. Many assume he has been banned. The Jerusalem Post highlights that, shortly before he vanished from X, he had written: “Are you still scared to be called an antisemite by those Zionists?”

    Whatever the case, you will see Musk’s X getting a lot more censorious over the next months and years, especially against what he is terming the “faaaaaar left” – that is, disparate groups of people he has lumped together who hold opinions either he doesn’t like personally or that can damage his business interests.

    Billionaires aren’t there to protect free speech. They got to be billionaires by being very good at making money – by seizing markets, by inflating our appetite for consumption, and by buying politicians to rig the system to protect their empires from competitors.

    Musk understands that the only people against a world based on rapacious profit and material greed are the “faaaaaar left”. Which is why the “faaaaaar left” are in the crosshairs of anyone with power in our rigged system, from the centrists to the right wing, from “liberals” to conservatives, from Blue to Red, from Democrats to Republicans.

    The right and the centrists disagree only on how best to maintain that rapacious, consumption-driven, environmentally destructive status quo, and on how to normalise it to different segments of the public. They are competing wings of a system designed by a single ruling cabal.

    Musk used to see himself as a liberal and now leans towards the Trumpian right. Trump used to see himself as a Clintonian Democrat but now sees himself as… well, fill in the blank, according to taste.

    The point is that centrists and the right are, in essence, interchangeable – as should be only too clear from the rapid shift of free-speech liberals towards authoritarian censorship, and the rapid (pretend) reinvention of conservatives from moralising guardians of family values to the embattled defenders of free speech.

    Neither’s posturing should be taken at face value. Both are equally authoritarian, when their interests are threatened by “an excess of democracy”. Their apparent differences are simply the competition for dominance within a system that’s been gerrymandered to their mutual benefit. We are their dupes, buying into their games.

    The two tribes are there to offer the pretence of a battle of ideas, of competition, of choice at election time, of freedom. They look hostile to each other, but when push comes to shove they are united in their support for oligarchy, and opposition to genuine free speech, to real democracy, to meaningful pluralism, to an open society.

    The “faaaaaar left” are the true enemy of both the centrists and the right. Why? Because they are the only group struggling for a society in which money doesn’t buy privilege, where speech isn’t something someone can own.

    That’s why, when Musk intensifies his crackdown, it will be the “faaaaar left” that’s erased so completely you won’t notice it’s gone. You won’t remember it was ever there.

    The post First, Elon Musk made us pay for “free speech”; now he decides who’s allowed it first appeared on Dissident Voice.

    This post was originally published on Dissident Voice.

  • There’s less than three months to go until the U.S. presidential election on November 5, 2024. And like the sun rising, billionaires are increasingly making huge donations, or finding other ways to garner influence, to shape the election’s outcome and gain greater access and influence with its potential winner. We all have our own interests, causes, and commitments…

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  • Sen. Bernie Sanders (I-Vermont) has spoken out against the billionaire effort to oust Federal Trade Commission (FTC) Chair Lina Khan, a Biden administration appointee who has cracked down on large corporations throughout her tenure. In a post on social media on Thursday, Sanders said that the recent, brazen push by billionaires to influence Vice President Kamala Harris to dump Khan from her…

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  • Sen. Bernie Sanders (I-Vermont) has spoken out against the billionaire effort to oust Federal Trade Commission (FTC) Chair Lina Khan, a Biden administration appointee who has cracked down on large corporations throughout her tenure. In a post on social media on Thursday, Sanders said that the recent, brazen push by billionaires to influence Vice President Kamala Harris to dump Khan from her…

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  • Leading U.S. unions warned voters on Monday not to be fooled by the pro-worker facade constructed by Republican presidential nominee Donald Trump and his running mate, JD Vance, a Republican senator from Ohio who has opposed congressional efforts to strengthen organizing rights, allowed corporate lobbyists to influence his legislating, and raked in donations from the elites he claims to despise.

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  • Several prominent billionaires — including the richest man on Earth — took to social media over the weekend to endorse presumptive GOP presidential nominee Donald Trump shortly after a 20-year-old gunman attempted to assassinate the former president at a campaign rally in Pennsylvania on Saturday. One of the billionaires was Tesla CEO Elon Musk, who took to the social media platform that he…

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  • In less than a year, the Internal Revenue Service (IRS) has been able to capture over $1 billion in unpaid taxes, the agency announced on Thursday, due to its new campaign targeting wealthy tax cheats. As part of new funding provided by Democrats’ Inflation Reduction Act, the agency has targeted 1,600 people with incomes over $1 million who owed more than $250,000 in taxes, the agency said.

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  • Billionaire businessman Timothy Mellon, the grandson of Gilded Age plutocrat Andrew Mellon, made a $50 million donation to a pro-Donald Trump super PAC last month, a day after the former president was convicted by a New York jury on 34 felony counts. Mellon had previously donated $25 million to super PACs backing both Trump, the presumptive Republican nominee, and Robert F. Kennedy Jr.

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  • Billionaire businessman Timothy Mellon, the grandson of Gilded Age plutocrat Andrew Mellon, made a $50 million donation to a pro-Donald Trump super PAC last month, a day after the former president was convicted by a New York jury on 34 felony counts. Mellon had previously donated $25 million to super PACs backing both Trump, the presumptive Republican nominee, and Robert F. Kennedy Jr.

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  • The 2024 U.S. presidential election is heating up. As usual, ultrawealthy donors are vying for influence with the major candidates, hosting lavish fundraisers and throwing mountains of cash into super PACs supporting Joe Biden or Donald Trump. Biden has his staunch billionaire backers, especially from Hollywood and Silicon Valley, while Trump has the likes of far right oil tycoon Tim Dunn and…

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  • Supreme Court Justice Clarence Thomas’ decadeslong friendship with real estate tycoon Harlan Crow and Samuel Alito’s luxury travel with billionaire Paul Singer have raised questions about influence and ethics at the nation’s highest court. Billionaire political donor Harlan Crow provided at least three previously undisclosed private jet trips to Supreme Court Justice Clarence Thomas in recent…

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  • Treasury Secretary Janet Yellen is being taken to task by progressive critics after coming out Monday in opposition to a proposed global tax on billionaires at an upcoming Group of 7 nations meeting where the measure is on the agenda. Speaking to the Wall Street Journal, Yellen told the newspaper that while the Biden administration broadly supports more progressive taxation, in which those at…

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  • As state courts continue to hear cases related to abortion bans and protections across the country, following the overturn of Roe v. Wade, these institutions have come even more into the crosshairs of a few ultra-wealthy extremists who want to codify and impose their personal religious beliefs on all of us via binding law. In April and May of this year, Arizonans and Floridians saw their…

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  • 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. Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by…

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  • billionaires have seen their wealth nearly double since the Trump tax cuts took effect in 2017. In the meantime, the planet is getting hotter and the richest 1 percent of humanity accounts for more carbon emissions than the poorest 66 percent. Indeed, the interconnection between climate change and economic inequality has emerged as a central theme in serious economic analyses and a focal…

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  • Millionaires are currently being taxed at half of the effective tax rate they were paying in the mid-20th century, a new report finds, as the tax code has become increasingly regressive and wealth inequality has reached record highs in recent years. In an analysis released on Tax Day, Americans for Tax Fairness found that Americans with incomes of $1 million or more are effectively being taxed at…

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  • Over the past years in the U.S., everyday Americans have been increasingly crushed under greed-driven inflation and debt, with homelessness hitting record highs. But as this modern affordability crisis has rocked households across the country, billionaire wealth has skyrocketed — and has now hit an all-time high, a new analysis reveals. As of this month, the U.S.’s 806 billionaires are worth a…

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  • Less than a month after No Labels announced it would nominate a “unity ticket” for the 2024 presidential election, the group said Thursday that it is abandoning its longshot third-party White House bid. “No Labels has always said we would only offer our ballot line to a ticket if we could identify candidates with a credible path to winning the White House,” the group said in a statement.

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  • The Internal Revenue Service announced on Thursday that it was going after high-income earners who had dodged taxes by failing to file tax returns since 2017. The agency said it would begin mailing compliance letters this week in more than 125,000 cases in which people making over $400,000 a year had refused to file. The enforcement action was made possible by increased IRS funding in the…

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  • As the U.S. wealth gap continues to reach new heights, a group of progressives and Democrats has introduced a bill that would take aim at corporations that provide their executives exorbitant compensation while paying their workers less by orders of magnitude. The bill, dubbed the Tax Excessive CEO Pay Act, would raise the corporate tax rate for companies with a CEO-to-median worker pay ratio of…

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  • Survey results released Tuesday as corporate CEOs, top government officials, and other global elites gathered in Davos, Switzerland show that nearly three-quarters of millionaires in G20 countries support higher taxes on extreme wealth, which they view as an increasingly dire threat to democracy. The poll was conducted by the London-based firm Survation on behalf of the Patriotic Millionaires…

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  • An infusion of funding for the Internal Revenue Service (IRS) has allowed the agency to recover over half a billion dollars in unpaid taxes owed by wealthy individuals over the course of the last year alone, the agency announced last week. The agency said that, due to an effort started last fall to contact 1,600 millionaires about unpaid taxes, the agency has collected $360 million in addition to…

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  • The richest 1 percent are benefiting greatly from highly regressive state and local tax codes across the U.S., with tax laws strongly favoring concentrating more wealth in the hands of the rich in the vast majority of states, a new report reveals. According to a report on state and local tax codes by the Institute on Taxation and Economic Policy (ITEP), the vast majority of state tax and local…

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