Ok, let's talk traditional tax rates--taxes over income.

We got the tax returns & measured the effective tax rate for the top 25 richest Americans.

Remember, here's how our tax system is supposed to work: the more income you have, the higher percentage you pay.

Does it?
People making btn $2-$5 million pay the highest, at 27.5%.

Then: Effective rates start falling!

The top slice measured by the IRS, abt 1400 people, pays about 23%.

& the top 25 billionaires? They pay just 15.8%.

That's actually more than a single person making just $45K/year.
Here's are the details: propublica.org/article/you-ma…
Our main story is about what we consider more important: Taxes over Wealth growth.

propublica.org/article/the-se…

But for the wonks and the folks who are telling us that unrealized gains don't count for taxes (actually, we know that), this is for you.

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More from @eisingerj

8 Jun
NEW: Today @ProPublica presents The Secret IRS Files. We have obtained a vast trove of never-before-seen tax data on thousands of the richest Americans covering more than 15 years. (THREAD)

propublica.org/article/the-se…
2/ The data provide an unprecedented look into the financial lives of America’s titans, from Jeff Bezos, to Elon Musk, Bill Gates, Rupert Murdoch, Mike Bloomberg & many more.
3/ Sometimes these guys even paid $0 in federal income taxes. Bezos did it in ‘11 and ‘07. Musk did it in ‘18. Icahn, Bloomberg & Soros did it too in recent years.
Read 9 tweets
8 Apr
I'm writing. Which means procrastinating.

So I've been thinking about some Rules for Reporting:

1. Pick up the damn phone. You know less than you think but someone out there knows something. This is scary and won’t get easier over time. (credit: @Colarusso42)
2. Ask dumb questions. Your job is to look at closed priesthoods and ask why they do the things they do. You will be told you are dumb. That’s ok. One of those questions will turn out to be newsworthy.
3. Destroy your ego. The process of becoming a good reporter is figuring out it's not about you looking smart. (Harder for some than others.)
Read 20 tweets
25 Mar 20
NEW===> A Republican US Attorney in Texas wanted to indict Walmart over opioid dispensing.

Trump appointees at the DOJ quashed it.

From me and @jamesbandler:

propublica.org/article/walmar…
I know that Covid-19 (legitimately) is almost all anyone can think about, but this is a rare window into how the corporate justice system really works in America.
Prosecutors uncovered evidence that Walmart pharmacists were trying to not fill opioid prescriptions they thought illegitimate. They pleaded for help from national compliance.
Read 14 tweets
6 Sep 19
Wow, this is a total weaponization of the DOJ against Trump antagonists happening right before our eyes:

wsj.com/articles/justi…
In keeping with the possible charging of McCabe, the hounding of Bruce Ohr, the IG report on Comey, etc.

Two and a half years in, Trump and his acolytes are figuring out how to use the apparatus of the state to reward friends & punish enemies. A direct attack on the rule of law.
Always seemed to me the Antitrust division was a great vehicle for weaponization of the state. The investigations strike at corporations & whole sectors (controlled by the wealthy & influential); they are incredibly time consuming & expensive; they are by their nature opaque.
Read 4 tweets
19 Jun 19
Comes the news that Bernard Arnault joins the exclusive $100 billion worth club! Congrats to him! Here's a story about suspicious securities transactions and journalism. bloomberg.com/news/articles/…
Back in 2001, LVMH, which was controlled by Arnault, mysteriously acquired a significant stake in Bouygues, a French telecom company. Bouygues stock had been collapsing in the wake of the global stock market bubble bust.
Analysts and investors were upset because you may have noticed that LVMH is (and was then) a luxury goods company, not a telecom company.

Oh, also, Arnault controlled some opaque personal companies that were selling Bouygues stock -- at around the same time!
Read 14 tweets
2 Jun 19
Yet another failed Trump Org project, this time in Uruguay. @JesseDrucker has details. Man oh man those Trumpees must just be lousy at business. Or are they? Here’s a theory of failure. nytimes.com/2019/06/02/bus…
Drucker found that like other Trump projects, it has dubious partners and the condos are being snapped up by some real sweeties.
Add this name to other failures. Or “failures”: Panama (detailed by @hvogell, @AndreaWNYC, @Meg_Cramer here: features.propublica.org/trump-inc-podc…), Baku, Trump Soho, Vancouver, Baja, Toronto, etc. etc.
Read 10 tweets

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