Thread by @eisingerj

1/ NEW from the #SecretIRSFiles: It’s the Mystery of Jeff Yass.

He’s a huge Wall Street player.

He’s a billionaire many times over.

He’s a major GOP donor.

That’s not the mystery.

2/ The mystery is his tax rate.

It’s been extremely low in recent years: 19%

It's much lower than his Wall Street peers like Ken Griffin.

That’s saved Yass a cool $1 billion.

And it gets odder.

3/ Yass runs a Philly firm called Susquehanna that mainly trades in the very short term.

Gains from those trades normally are taxed at around 40%.

So how does Yass get his tax rate to half of that?

Well, he & his partners declined to speak w/ us or answer any questions.

4/ So we spent months combing through his taxes, SEC filings, court records & talking to people who know him.

One said Yass & his partners “hate fucking taxes.”

We found a story of one of the most aggressive billionaires in America, who has pushed legal tax boundaries.

5/ Here’s the piece from @justinelliott, @paulkiel, @jeffernsthausen, Doris Burke and me.

Enjoy it with the Philly cheesesteak of your choice and pass it along...

propublica.org/article/jeff-y…

We've been exploring the tax avoidance of the ultrarich for over a year now, but you already knew that.

If you haven't read every word of the series, drop everything:

propublica.org/series/the-sec…

To get more great stories from ProPublica, subscribe to this newsletter.

It costs...

nothing.

propublica.org/newsletters/th…

To get my mercifully infrequent newsletter, sign up here:

tinyletter.com/JesseEisinger