A recent study found that 35 companies paid their top five executives more than they paid in Federal income tax across the five year span from 2018 to 2022. American automaker Tesla was by far the worst offender, as it actually netted $1 million in refunds from the government in that period, while doling out … Continue reading Tesla Received $1M In Federal Tax Refunds On $4.4B In Earnings: Report
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Elon Musk’s Charitable Foundation Is The 28th Richest In The World, Is ‘Haphazard And Largely Self-Serving’
Until recently, Elon Musk was listed as the wealthiest person in the world. As many wealthy folks do, Musk has set up a tax shelter “foundation” to oversee the Tesla and SpaceX CEO’s charitable giving. There’s just one problem, he’s not really doing any giving. The foundation, despite controlling over $7 billion in assets, has … Continue reading Elon Musk’s Charitable Foundation Is The 28th Richest In The World, Is ‘Haphazard And Largely Self-Serving’
The wealthy are cutting the line at the airport, Disney World and ski resorts
Across everything from ski lifts to dating apps, and fueled by relatively new technology, there’s been an explosion of options and services that let wealthier people pay to go first. [...] And, most troubling of all, during the pandemic, wealthy patients paid top dollar to jump to the front of the Covid-19 vaccine queue. [...] In the … Continue reading The wealthy are cutting the line at the airport, Disney World and ski resorts
Half of recent US inflation due to high corporate profits, report finds
The report, compiled by the progressive Groundwork Collaborative thinktank, found corporate profits accounted for about 53% of inflation during last year’s second and third quarters. Profits drove just 11% of price growth in the 40 years prior to the pandemic, according to the report. Prices for consumers rose by 3.4% over the past year, but input costs … Continue reading Half of recent US inflation due to high corporate profits, report finds
Gorsuch [R] urged to recuse himself from supreme court case over ties to oil baron
Two days before oral arguments in a US supreme court case set to have a major impact on federal health and environmental regulation, a leading government watchdog called on Neil Gorsuch to recuse himself over close links to a billionaire oil baron who has hosted the rightwing justice at a mountain resort called Eagles Nest for weekends … Continue reading Gorsuch [R] urged to recuse himself from supreme court case over ties to oil baron
National Study Shows Oregon’s Tax System More Progressive Than Most but Still Favors High Earners
A new study released today by the Oregon Center for Public Policy finds that Oregon’s tax system is less regressive than those in all but eight states—but it still allows the highest-earning Oregonians to pay a lower tax rate than the lowest earners. [...] The report shows that Oregon’s poorest families pay about 12% of … Continue reading National Study Shows Oregon’s Tax System More Progressive Than Most but Still Favors High Earners
Greedflation: corporate profiteering ‘significantly’ boosted global prices, study shows
Profiteering has played a significant role in boosting inflation during 2022, according to a report that calls for a global corporation tax to curb excess profits. Analysis of the financial accounts of many of the UK’s biggest businesses found that profits far outpaced increases in costs, helping to push up inflation last year to levels … Continue reading Greedflation: corporate profiteering ‘significantly’ boosted global prices, study shows
Next generation of billionaires collect more wealth from inheritance than work, says UBS
The bank said it was the first time in the nine-year history of its annual report on the fortunes of the richest 0.00004% of society that “the next generation of billionaires accumulated more wealth through inheritance than entrepreneurship”. Benjamin Cavalli, the head of strategic clients at UBS Global Wealth Management, said: “This is a theme we expect … Continue reading Next generation of billionaires collect more wealth from inheritance than work, says UBS
Billionaires are lining up to fund Donald Trump’s anti-democratic agenda
As more and more wealth concentrates at the top, the moneyed interests rationally fear that democratic majorities will take it away through higher taxes, stricter regulations (on everything from trade to climate change), enforcement of anti-monopoly laws, pro-union initiatives and price controls. So they’re sinking ever more of their wealth into anti-democracy candidates. Donald Trump … Continue reading Billionaires are lining up to fund Donald Trump’s anti-democratic agenda
Richest 1% account for more carbon emissions than poorest 66%, report says
The richest 1% of humanity is responsible for more carbon emissions than the poorest 66%, with dire consequences for vulnerable communities and global efforts to tackle the climate emergency, a report says. [...] Using a “mortality cost” formula – used by the US Environmental Protection Agency, among others – of 226 excess deaths worldwide for … Continue reading Richest 1% account for more carbon emissions than poorest 66%, report says
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