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Paul Kiel is a former TPM reporter who covers covers business and consumer finance for ProPublica.
Private Planes and Luxury Yachts Aren’t Just Toys for the Ultrawealthy. They’re Also Huge Tax Breaks.
What’s the only thing better than having your own Gulfstream jet? Why, getting to claim millions in tax deductions for it. All you have to do is make a case you’re using it for business, which turns out to be surprisingly easy.
How The Wealthy Save Billions In Taxes By Skirting A Century-Old Law
Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments.
Inflation Reduction Act Will Require The IRS To Study Free Tax Filing Options
TurboTax maker Intuit has long blocked efforts to create free online tax filing for all, but this sweeping domestic policy bill provides $15 million to investigate how the IRS could implement such a program.
Ken Griffin Spent $54 Million Fighting A Tax Increase For The Rich. Secret IRS Data Shows It Paid Off For Him.
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.
Ten Ways Billionaires Avoid Taxes On An Epic Scale
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.
Meet The Billionaire And Rising GOP Mega-Donor Who’s Gaming The Tax System
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.
‘If You’re Getting a W-2, You’re a Sucker’
There are many differences between the rich and the rest of us, but one of the most consequential for your taxes is whether most of your income comes from wages.
A Massive Oil Spill Helped One Billionaire Avoid Paying Income Tax for 14 Years
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.
When You’re A Billionaire, Your Hobbies Can Slash Your Tax Bill
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.
These Real Estate And Oil Tycoons Avoided Paying Taxes for Years
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.