Share this page!

Jesse Eisinger Profile picture
Twitter logo
7 Dec, 9 tweets, 3 min read
NEW: Some billionaires tell the IRS they lose money every year.

In real life they make tons of money.

The next big installment of the #SecretIRSFiles, from @JeffErnsthausen, @paulkiel, & me: propublica.org/article/these-…
They offset that tons of $$ w/ big deductions & go years w/out paying taxes. Today's story is on real estate & fossil fuel tycoons:
-Stephen Ross, (Hudson Yards)
-Kelcy Warren, (Dakota Access Pipeline)
-Charles Kushner (Jared’s dad)
&
-Trump (yeah we got his taxes)
How do these titans manage this feat?

If you’re rich, the tax code lets you do it.
Their industries get special treatment that has been around for decades. The tax alchemy makes skyrocketing skyscrapers look like sinkholes. It makes profit-spinning oil & gas operations spew tax write-offs.
Oh: we asked all these moguls for their responses. Got zip. None would talk about their taxes. Trump’s lawyer told the NYT that he’d paid lots in personal federal taxes (which is not the same thing as income taxes).
Says NYU’s @DanielShaviro:
In the coming days, Paul, Jeff and I are going to have more stories on this special class of tax avoiders.

Read this, share it, & come back for more on hobbies, on side-businesses, the Kentucky Derby--and even the astonishing tale of the Gentle Dove of New Orleans.
Do you have tips on a wealthy person’s tax affairs? Can you help us? Get in touch here:

projects.propublica.org/tips/help-us-r…
And I have a very occasional newsletter for my stories. It's free, which makes the Substackers laugh.

Sign up here, if you'd like: tinyletter.com/JesseEisinger

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Jesse Eisinger

Jesse Eisinger Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @eisingerj

Jesse Eisinger Profile picture
31 Aug
What's going on with @HeidiHeitkamp & taxes now is an incredible story of how Washington works.

At once, shocking but also entirely normal.

It's about a seemingly complicated tax gift for the ultrawealthy that isn't complicated at all. Here's how it works:
Say you buy shares of Amazon at $100 and they go up to $200 after a year. You sell. You have to pay capital gains tax on that $100.

But let's say you are so rich that you don't need to sell...
If you wait until you die, then that cap gains tax obligation just... disappears! For passing onto your heirs, you get to pretend you bought it at $200. The value of your purchase is called your "basis" and it "steps up" at death: $100 magically becomes $200.
Read 15 tweets
Jesse Eisinger Profile picture
8 Jun
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…
Read 4 tweets
Jesse Eisinger Profile picture
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
Jesse Eisinger Profile picture
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
Jesse Eisinger Profile picture
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
Jesse Eisinger Profile picture
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

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @eisingerj has new unrolls!

Check out other threads from @eisingerj!

Read all threads by @eisingerj

:(