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.

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.

In the early 1900s some of the wealthiest Americans claimed their fortunes would never last through the generations. A century of tax avoidance later, the dynasties are going strong.

Trump is likely to appeal the ruling.