(WASHINGTON) JUST IN: Details claiming to reveal how little income tax US billionaires pay have been leaked to news website Pro-Publica who claim to have a trove of documents #AceNewsDesk report

#AceNewsReport – June.10: The website alleges Amazon’s Mr Bezos paid no tax in 2007 and 2011, while Tesla’s Mr Musk paid nothing in 2018:

ProPublica Report: Says it has seen the tax returns of some of the world’s richest people, including Jeff Bezos, Elon Musk and Warren Buffett: Rich nations ‘millimetre away’ from tech tax deal

Jeff Bezos, Warren Buffet and Elon Musk
The website says it has seen the tax returns of Jeff Bezos, Warren Buffet and Elon Musk

ProPublica said it was analysing what it called a “vast trove of Internal Revenue Service data” on the taxes of the billionaires, and would release further details over coming weeks.

A White House spokeswoman called the leak “illegal”, and the FBI and tax authorities are investigating. 

While the BBC has not been able to confirm the claims, the alleged leak comes at a time of growing debate about the amount of tax paid by the wealthy and widening inequality.G7 global tax ‘levels the playing field’

ProPublica said the richest 25 Americans pay less in tax – an average of 15.8% of adjusted gross income – than most mainstream US workers.

Jesse Eisinger, senior reporter and editor at ProPublica, told the Today Programme: “We were pretty astonished that you could get [tax] down to zero if you were a multi-billionaire. Actually paying zero in tax really floored us. Ultra-wealthy people can sidestep the system in an entirely legal way.” 

“They have enormous ability to find deductions, find credits and exploit loopholes in the system,” he said. 

So while the value of their wealth grows enormously through their ownership of shares in their company, that’s not recorded as income. 

But there’s more than that, he said: “They also take aggressive tax deductions, often because they have borrowed to fund their lifestyle.” 

He said US billionaires buy an asset, build one or inherit a fortune, and then borrow against their wealth. 

Because they don’t realise any gains or sell any stock, they’re not taking any income, which could be taxed. 

“They then borrow from a bank at a relatively low interest rate, live off that and can use the interest expenses as deductions on their income,” he explained. 

Joe Biden to ‘propose hiking tax on rich’

The website said that “using perfectly legal tax strategies, many of the uber-rich are able to shrink their federal tax bills to nothing or close to it” even as their wealth soared over the past few years.

The wealthy, as with many ordinary citizens, are able to reduce their income tax bills via such things as charitable donations and drawing money from investment income rather than wage income.

ProPublica, using data collected by Forbes magazine, said the wealth of the 25 richest Americans collectively jumped by $401bn from 2014 to 2018 – but they paid $13.6bn in income tax over those years. 

President Joe Biden has vowed to increase tax on the richest Americans as part of a mission to improve equality and raise money for his massive infrastructure investment programme.

He wants to raise the top rate of tax, double the tax on what high earners make from investments, and change inheritance tax.

However, ProPublica’s analysis concluded: “While some wealthy Americans, such as hedge fund managers, would pay more taxes under the current Biden administration proposals, the vast majority of the top 25 would see little change.”

One of the billionaires mentioned, the philanthropist George Soros, is also alleged to have paid minimal tax. His office had not replied to a BBC request for comment, but said in a statement to ProPublica that Mr Soros did not owe tax some years because of losses on investments.

The statement also pointed out that he had long supported higher taxes on America’s wealthiest people.

Getty ImagesPresident Joe Biden has vowed to increase tax on the richest Americans

‘Illegal’

According to reports in the US, Michael Bloomberg, a former mayor of New York whose tax details were among the documents, said the disclosure raised privacy concerns and he would use “legal means” to uncover the source of the leak.

ProPublica, an investigative website, has written several articles about how budget cuts at the US Internal Revenue Service have hampered its ability to enforce tax rules on the wealthy and large corporations. The news organisation said it received the leaked documents in response to these articles. 

White House Press Secretary Jen Psaki said that “any unauthorised disclosure of confidential government information” is illegal.

Treasury Department spokeswoman Lily Adams said in an emailed statement to Reuters that the matter has been referred to the FBI, federal prosecutors and two internal Treasury Department watchdogs, “all of whom have independent authority to investigate”.

US Internal Revenue Service Commissioner Charles Rettig said: “I can’t speak to anything with respect to specific taxpayers. I can confirm that there is an investigation, with respect to the allegations that the source of the information in that article came from the Internal Revenue Service.”

#AceNewsDesk report ………Published: Jun.10: 2021:

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#income-tax, #rich, #tax, #washington

USA: ‘ BILL GATES PROMOTING CASHLESS FOR THE POOR & ENABLE THE RICH TO CONTROL YOUR WEALTH VIA CREDIT ‘

#AceNewsServices – Editors Post: Jan.27:I recently wrote a post on Ace News Room called ‘ One Day We All Become a Commodity of Sorts ‘ which i drafted way back in 2012. This was at a time i saw the day coming when people would only be useful if they spent more in consumerism than they cost any government to keep in the welfare state.
This post from and with contributions from a number of people including Paul Watson takes this one step further.
Well we all know that back in 2008 the Wall Street Bankers helped to crash our world, and the bible calls these seven year periods Shemitah when people are relieved of their debts, well the next one is September 2015.

This post starts the procedure of designing not just a product as with Wall Street bankers my post on Ace Finance News in 2013, but a new society, some have referred to as ‘ Illuminati ‘ or this post of mine again in 2013 ‘ Bildeberg Group ‘ or other such names.

These two posts l wrote showed just how by design of contracts the rich could design anything, so it is only with this type of design of a virtual world of billionaires controlling their finances through products that take from the poor and give to the rich, everyone eventually becomes a commodity of sorts.

This type of self design will not aid a failing economy, as this will be allowed to fall, and in its place the rich will have first pickings at the bones of failed businesses. Some able to pick up assets for as little as ‘ One Penny ‘ another example of this present society see my post City Link Delivery company bought for a penny and UK taxpayers pick up bill for redundancy payments. Of course the intention all the time as with many equity company cases, they get it for a song and then let it fail selling off the assets by piece meal and making a quick profit.

So the next step to keeping a failing economy going is to build a new economy of people as a commodity and ultimate consumer of sorts, this is what Bill Gates is now promoting using “digital currency” commencing in third-world countries. With the intention of just making the poor even more dependent on central banks while also turning them into guinea pigs for the development of a “cashless society” in the U.S. and Europe.

Gates outlined his plan for a cashless society in a letter published Thursday in which he proposed the poor have better access to mobile phones so they can store their financial assets digitally instead of keeping hard currency at home.

“The key to this will be mobile phones,” he wrote. “Already, in the developing countries with the right regulatory framework, people are storing money digitally on their phones and using their phones to make purchases, as if they were debit cards.”

“By 2030, two billion people who don’t have a bank account today will be storing money and making payment with their phones.”

But this will only enslave the poor into an electronic monetary system they don’t control, allowing central banks and the government unparallelled ability to confiscate money at will through taxes and “bail-ins.”

For example, after Cyprus’s largest bank was sunk from exposure to debt-crippled Greece, the Cypriot government looted people’s bank accounts in 2013 as part of a “bail-in” program with the International Monetary Fund and the European Central Bank.

“If you can do this once, you can do it again,” financial analyst Lars Seier Christensen wrote, who called the “bail-in” full-blown socialism. “If you can confiscate 10% of a bank customer’s money, you can confiscate 25, 50 or even 100%.”

A third-world government wouldn’t even need to wait for an economic crisis to loot digital bank accounts, however, with the cashless scheme Gates proposes, officials could simply impose a tax and confiscate money automatically.

And there’s no reason to believe this scheme will only be limited to the third-world; the United Kingdom has already tested digital-only payments earlier this year.

“While the whole idea is being marketed as an inevitable consequence of the decline in cash payments and the rise of credit cards and contact-less payment technology, many in the privacy community see the elimination of cash as another means of abolishing anonymity,” Paul Joseph Watson wrote. “Alternatives to cash that could still provide anonymity, such as crypto-currencies like Bitcoin, are slowly being adopted by more stores and chains, but at nowhere near the rate required to provide a viable competitor to the likes of Google Wallet and Paypal.”

My next post will outline this still further on Ace News Room soon, where a cashless society can lead to ultimate control of our lives.

#ANS2015

#comodity-of-sorts, #cashless, #poor, #rich, #society