Rich Wealthy Feed

The 115th Congress has been in session less than a week, but the Representatives and Senators are wasting no time in introducing legislation. The 115th Congress convened on Jan. 3. During their first short week of work, Representatives and Senators have introduced eight tax measures. (Photo by Ottojula via Wikimedia Commons) Since the Jan. 3 swearing in (and my Congess.gov search this afternoon), 490 bills have been introduced, 428 in the House and 62 in the Senate. And even though there's greater hope that we'll finally get some sort of comprehensive tax reform, that's not stopping individual lawmakers from putting... Read more →


Do you live in Lafayette, Tennessee? Or maybe you know someone who lives in this town of about 5,000 just 60 miles or so northeast of Nashville. Or perhaps you know someone who just happened to pass through there and purchased a Powerball lottery ticket. Don't get too excited if you had 32 and 16 on your Powerball ticket. This Giphy image is from an earlier drawing, not the almost $421 million jackpot won by a Tennessee ticket buyer this weekend. That lucky person bought THE Powerball lottery ticket, which last night (Saturday, Nov. 26) matched all six of the... Read more →


Every presidential year, some of the folks whose candidate didn't make it to the White House swear they're moving to another country. Maybe some of them got a head start this year. U.S. passports have blue covers. Thousands of Americans, however, have become expatriates this year, giving up their U.S. documents, perhaps for a United Kingdom passport like the one shown above. The Internal Revenue Service reported 1,380 expatriations in the third quarter of 2016. That just missed the record of 1,426 Americans who decided to renounce their U.S. citizenship during the same period last year. That's a huge increase... Read more →


Voters in California, Massachusetts, Nevada and Maine approved recreational marijuana use, and taxing those personal pot amounts, on Nov. 8. The votes are in, for the most part, not only for the U.S. president, but also for myriad ballot initiatives. Only Arizona voters on Tuesday rejected personal marijuana legalization. The lone consolation for many disappointed Grand Canyon State supporters is that travel is easy to the neighboring, and pot-approving, states of Nevada, California and Colorado. While the weed votes -- medical marijuana also was on ballots, and approved, in North Dakota, Arkansas, Florida and Montana -- got most mass media... Read more →


Americans vote tomorrow for our 45th president. Finally! Do you know where your polling place tomorrow is? If not, HeadCount can help. While that's the biggest decision, millions of folks across the country also will have a voice Nov. 8 on a variety of consequential issues via ballot initiatives. Ballotpedia reports that this Election Day, there are 162 statewide ballot measures in 35 states. Eight measures were decided in pre-November elections, leaving 154 measures to be decided tomorrow. Politicking for pot, other smoking taxes: Marijuana always gets a lot of attention at election time. (I still blame "Reefer Madness" for... Read more →


I spent almost two decades working in Washington, D.C. I also have covered taxes for most of my writing career. So I love acronyms. That's why I'm jazzed that the current presidential campaign has highlighted a tax-related nickname for some rich taxpayers. Here's a HINT. Got it yet? For normal folks who speak regular English, it's High Income, No Tax, aka HINT. GOP HINT: David Cay Johnston, Pulitzer Prize winning journalist and current thorn in Donald J. Trump's side, notes in a recent column for The Daily Beast that the Republican nominee is an extreme example of a HINT. Before... Read more →


Donald Trump acknowledged during Sunday's second presidential debate that he had avoided paying federal income taxes for years thanks to a claim in 1995 of nearly $1 billion in business losses. Click image to watch Newsy video report on Warren Buffett's response to Donald Trump's tax charges. The Republican presidential nominee then pivoted from his 1040s, which we still haven't seen, to wealthy supporters of his Democratic opponent Hillary Clinton. Trump specifically accused his fellow billionaires of also using tax laws to their advantage. Duh! That's not unusual. Nor is it illegal. It's just a bit infuriating in many cases.... Read more →


Donald Trump's revised tax plan, which many economists and tax experts have decried as the latest version of Republican supply-side economics, is still getting a lot of attention. The biggest criticism is that the tweaked tax proposal, despite Trump's populist spin, still gives ways too much to the wealthy. Just who would win and exactly how much in the Trump vs. Hillary Clinton tax battle will continue to be debated (though perhaps not formally…) until Nov. 8. Delaware, considered by many to be America's top domestic tax haven, welcomes drivers and taxpayers looking to keep money out of tax collector... Read more →


If you need further evidence of how the 2016 presidential election has become a political Bizarro World, check out the list of billionaires who have disavowed one of their ostensible peers, self-proclaimed -- we're still waiting for the tax return proof -- billionaire Donald J. Trump, and opted instead to support Hillary Clinton. Bizarro World DC Comic panel courtesy DC-Wikia Meg Whitman, former Hewlett Packard executive and one-time California gubernatorial GOP candidate, says she's with her, meaning Clinton. Beaucoup billionaires: She joins fellow billionaires Michael Bloomberg (former New York City mayor and news/investment media mogul), Mark Cuban (owner of the... Read more →


Warren Buffett is the third richest man in the world. He's also like a lot of us who are a whole lot poorer. Buffett wants to know what's on Donald J. Trump's tax returns. Warren Buffett challenges Donald Trump to a tax return face-off during a rally for Democratic presidential nominee Hillary Clinton in Omaha, Nebraska, on Aug. 1, Click image to watch the full CNN Money video. He's the third billionaire within a week to call on Trump to release his returns. Former New York City mayor and media mogul Michael Bloomberg and Mark Cuban, owner of the NBA's... Read more →


The winning Powerball ticket last night, July 30, was sold in New Hampshire. If the person who bought it is indeed a resident of the Granite State and not just a visitor passing through, he or she also is very tax lucky. A single New Hampshire lottery ticket had the winning numbers of 11, 17, 21, 23, and 32, with the Powerball of 5. New Hampshire only taxes dividend and interest income, so the state won't get any immediate cut of the winner's jackpot of $330.6 million as a lump sum or, if the winner chooses 30 annual annuity payments,... Read more →


One lucky Powerball winner tonight could pocket $478 million if the jackpot is paid out over 39 years. Some of my old Powerball tickets. And yes, I do have one for tonight's big drawing. It's more likely, however, that any winner will take the immediate lump sum option. That's a cash prize of "just" $330.6 million. That taxable lump sum amount also earns this week's By the Numbers honor. A handful of folks have won relatively smaller amounts in the three months that the main Powerball jackpot has been growing. Just this last week, a Florida ticket matched enough numbers... Read more →


Seth Meyers, host of NBC's Late Night show, has joined the chorus that is challenging Donald J. Trump to make public his personal tax returns. He did so last night (or, depending on your time zone, early this morning) by connecting Trump's tax secrecy to something that is dear to The Donald's heart: Money. "Trump, I think you're not releasing your taxes because you don't have any money," said Meyers, looking into the camera and speaking directly to the Republican presidential nominee, because we all know (wink, nudge) that he was up late watching. Click image to hear Seth Meyers'... Read more →


We're still waiting for Donald J. Trump's federal tax returns, but we have received some clarification on his New York condo's property tax bill. This isn't The Donald's Big Apple home, but another apartment for sale with similar views in New York City's Trump Tower. Trump's attorney asked the New York City tax collector to remove a tax break the presumptive Republican presidential nominee had received that typically is awarded only to taxpayers making less than $500,000. The city complied, thereby increasing Trump's tax bill on his Trump Tower condo by $1,046.41, according to The Wall Street Journal. The removed... Read more →


Donald J. Trump has had issues during his presidential campaign with charities. There was his fundraising event back in January for veterans' groups. That was followed up by questions about just how much money was made and to what military-focused nonprofit groups it eventually was distributed. The matter of The Donald's own personal charitable donations also has been discussed, particularly in light of his refusal so far to release any of his tax returns. Now a member of a conservative Washington, D.C., think tank says that he's advised the presumptive Republican nominee to consider taxing rich people more for their... Read more →


When Crain's New York Business reported in March that self-proclaimed brilliant businessman Donald J. Trump got a tax break available only to folks making $500,000 or less, the ostensible billionaire's people said it was a mistake. If that's true, it's an error that's being repeated. Crain's June 6 online article says that Trump once again received a middle-class tax break on the property tax bill for his luxurious apartment in Trump Tower (pictured at left) on Fifth Avenue. The initial report that Trump, the presumptive Republican presidential nominee, was poor enough to get a special Big Apple property tax break... Read more →


Work-related moving expenses are tax deductible. You don't even have to itemize. The claim is made as one of the adjustments to income, generally referred to as an above-the-line deduction, right on the long Form 1040. Vintage moving van | Alden Jewell via Flickr But don't think just because this is a relative easy tax write-off that the Internal Revenue Service will just give the claim a cursory glance. IRS examiners will be looking. Just as Giliard Schwartz. A really big move: The San Antonio, Texas, woman claimed $330,000 in moving expenses on her 2012 tax return. Instead of that... Read more →


Go big or go home. That's a common mantra down here in Texas. A variation applied this week in a federal bankruptcy courtroom in Big D. The judge there ruled that a former Lone Star billionaire's big attempt to shelter money offshore means he owes the Internal Revenue Service a big bill. Sam Wyly, a once legendary Dallas businessman, philanthropist and one of the wealthiest men in the country (shown at right on the October 2015 cover of D CEO magazine), was found on May 10 to have defrauded the IRS by shuffling assets among a network of offshore trusts... Read more →


A little more than a month ago, inquiring tax eyes were focused on Panama. Specifically, folks were curious about a law firm in that Central American nation that allegedly helps the wealthy stash cash in global accounts that are out of reach of their nations' tax collectors. ICIJ has produced a video, The Panama Papers: Victims of Offshore, that shows what the organization says are the unseen victims behind the email chains, invoices and documents that make up the Panama Papers and the shadowy offshore industry. A couple of U.S. states, Nevada and Wyoming, were named as international tax haven... Read more →


The estate planning world is stunned by the news that Prince passed away without a will. Prince performing at Coachella in 2008. Photo by Scott Penner CC BY-SA 3.0 via Flickr and Wikimedia Commons While lots of folks delay officially putting their final wishes on paper, the wealthiest among us, which definitely included The Purple One, tend to have a phalanx of advisers to take care of their money, including how it will be dealt with once they're gone. Such professional financial and tax advice is critical, especially if you have a lot of money and/or live in a state... Read more →