"The Global Consciousness Project, also known as the EGG Project, is an international multidisciplinary collaboration of scientists, engineers, artists and others continuously collecting data from a global network of physical random number generators located in 65 host sites worldwide. The archive contains over 10 years of random data in parallel sequences of synchronized 200-bit trials every second."
Posted by Warm Southern Breeze on Wednesday, June 9, 2021
Moochers.
We are disclosing the tax details of the richest Americans because we believe the public interest in an informed debate outweighs privacy considerations.
Today, ProPublica is launching the first in a series of stories based on the private tax data of some of our nation’s richest citizens. We obtained the information from an anonymous source who provided us with large amounts of information on the ultrawealthy, everything from the taxes they paid to the income they reported to the profits from their stock trades.
In the coming months, we plan to use this material to explore how the nation’s wealthiest people — roughly the .001% — exploit the structure of our tax code to avoid the tax burdens borne by ordinary citizens.
Many will ask about the ethics of publishing such private data. We are doing so — quite selectively and carefully — because we believe it serves the public interest in fundamental ways, allowing readers to see patterns that were until now hidden.
Tax experts have long understood that the wealthiest Americans reap outsized benefits from the federal tax code’s emphasis on taxing income rather than assets like stock holdings and property. Yet, when The New York Times disclosed in 2020 that President Donald Trump had amassed so many deductions he paid no taxes in 11 of 18 years, it was assumed that his case was an anomaly, reflecting the unique breaks real estate developers receive under our tax system.
It is now clear that there isn’t just one such taxpayer — there are many, in multiple industries. We believe that disclosing the identities of billionaires who paid little to no taxes in years their fortunes grew by billions of dollars will help readers understand the magnitude of the tax advantages the ultrarich enjoy.
“America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.”
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.
Typical Americans his age paid more in taxes than they saw in wealth growth over that period.
For every $100 of wealth growth from 2006 to 2018,
typical Americans paid $160 in taxes.
Bezos paid only $1.09.
Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans of business, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.
Taken together, it demolishes
The Cornerstone myth of the American tax system:
That everyone pays their fair share and the richest Americans pay the most.
The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.
Many Americans live paycheck to paycheck, amassing little wealth and paying the federal government a percentage of their income that rises if they earn more. In recent years, the median American household earned about $70,000 annually and paid 14% in federal taxes. The highest income tax rate, 37%, kicked in this year, for couples, on earnings above $628,300.
The confidential tax records obtained by ProPublica show that the ultrarich effectively sidestep this system.
American multi-BILLIONAIRES LEFT to RIGHT, TOP to BOTTOM: Mark Zuckerberg (Facebook), Michael Bloomberg (Bloomberg), Rupert Murdoch (News Corp), Warren Buffett (Berkshire Hathaway), Carl Icahn (Icahn Enterprises), George Soros (Soros Fund)
America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.
To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.
We’re going to call that their true tax rate.
The results are stark. According to Forbes, those 25 people saw their net worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.
It’s a completely different picture for middle-class Americans, for example, wage earners in their early 40s who have amassed a typical amount of wealth for people their age. From 2014 to 2018, such households saw their net worth expand by about $65,000 after taxes on average, mostly due to the rise in value of their homes. But because the vast bulk of their earnings were salaries, their tax bills were almost as much, nearly $62,000, over that five-year period.
No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.
That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.
In the coming months, ProPublica will use the IRS data we have obtained to explore in detail how the ultrawealthy avoid taxes, exploit loopholes and escape scrutiny from federal auditors.
Experts have long understood the broad outlines of how little the wealthy are taxed in the United States, and many lay people have long suspected the same thing.
But few specifics about individuals ever emerge in public. Tax information is among the most zealously guarded secrets in the federal government. ProPublica has decided to reveal individual tax information of some of the wealthiest Americans because it is only by seeing specifics that the public can understand the realities of the country’s tax system.
Consider Bezos’ 2007, one of the years he paid zero in federal income taxes. Amazon’s stock more than doubled. Bezos’ fortune leapt $3.8 billion, according to Forbes, whose wealth estimates are widely cited. How did a person enjoying that sort of wealth explosion end up paying no income tax?
In that year, Bezos, who filed his taxes jointly with his then-wife, MacKenzie Scott, reported Read the rest of this entry »
Kelly Loeffler was appointed by narrow-margin-of-victory Georgia Republican Governor Brian Kemp to fill the unexpired term of three-term Georgia Republican US Senator Johnny Isakson who resigned from office at the end of 2019 due to Parkinson’s disease.
The gubernatorially-appointed temporary fill-in “Republican Sen. Kelly Loeffler told Politico she is not dropping out of the Georgia Senate special election despite facing scrutiny over $20 million in stock sales she made following a closed-door Senate briefing in January about the coronavirus.
““Not only am I not dropping out, but I’m gonna win,” Loeffler told the news outlet Thursday.
“Loeffler, who is married to New York Stock Exchange CEO Jeff Sprecher, has said she does not control her own stock portfolio and that she was unaware of the exchanges. She has submitted documents to the Justice Department and the Securities and Exchange Commission, both of which are investigating trading action among senators around the coronavirus pandemic.”
Loeffloer’s net worth is reportedly well over $500,000,000, and is being investigted by the FBI and the Senate for suspicious stock sales timing in response to insider knowledge of the coronavirus obtained in the Senate.
Posted by Warm Southern Breeze on Saturday, December 7, 2019
“You all just got a lot richer.”
– POTUS Donald Trump, to friends Friday night, December 22, 2017 at his Mar-a-Lago club in Palm Beach, FL, after signing his tax cut bill, the Tax Cuts and Jobs Act of 2017 (P.L. 115-97)
In response, Vermont Senator Bernie Sanders Tweeted that “At least Trump is finally telling the truth about his tax bill.”
The Congressional Research Service, a non-partisan, objective investigative branch of Congress, reported that the Trump tax cuts did not benefit the average American worker. Only $28 Read the rest of this entry »
Posted by Warm Southern Breeze on Thursday, August 20, 2015
In 9 Sins the Church Is Okay With, Frank Powell asks “Are we changing the Bible to fit our culture or are we changing our culture to fit the Bible?”
“What if the big sins, you know the ones you try hardest to avoid, aren’t the greatest threat to your joy and the church’s mission?
“Maybe it’s the sins lying underneath, the ones considered normal or acceptable, the ones going undetected, that are affecting the church the most.”
His questions are, of course, spot on.
In fact, one could hardly argue with the evidence which consists of vast, tax-free empires built upon the backs of the faithful by the likes of:
Joel Osteen (USA) Net Worth $40 Million;
Robert Tilton (USA) Net Worth $830 Million;
Benny Hinn (USA) Net Worth $42 Million;
Joyce Meyer (USA) Net Worth $8 Million;
Kenneth Copeland (USA) Net Worth UNKNOWN (has claimed he’s a billionaire, no such public records exist documenting his claim);
Creflo Dollar (USA) Net Worth $27 Million;
Eddie Long (USA) Net Worth $5 Million;
Randy & Paula White (USA) Net Worth $2 Million;
Joseph Prince (Singapore) Net Worth $5 Million;
Chris Okotie (Nigeria) Net Worth $10 Million;
Matthew Ashimolowo of Nigeria Net Worth $10 Million;
T.B. Joshua (Nigeria) Net Worth $15 Million;
T. D. Jakes (USA) Net Worth $18 Million;
Paul (late) & Jan Crouch (USA) Net Worth (estimated TBN $1 Billion+);
Chris Oyakhilome (Nigeria) Net Worth $50 Million;
David Oyedepo (Nigeria) Net worth: $150 Million.
Obviously, their “prosperity gospel” message is working quite well for them.
For others, no so much.
And that’d probably cover Avarice, Hubris, and Boasting – or, if you prefer, Greed, Extravagance, and Pride.
But there again, our nation’s laws actually encourage greed through religion by not taxing churches. In fact, John Oliver recently pointed out that “U.S. tax law allows television preachers to get away with Read the rest of this entry »
Posted by Warm Southern Breeze on Thursday, April 30, 2015
UPDATE: Sunday, 14 June 2015 – Found following main body
—
Today (Thursday, 30 April 2015) the Alabama State Senate knocked off at 11:30, and reconvened 1PM. It’s also the final day of the Legislative Session for the week – they only work three days each week – Tuesday, Wednesday, and Thursday.
An hour and a half – that’s a nice, long lunch break for a wealthy man, a powerful man – not a working man. It’s pretty cushy for someone who works three days a week, only 30 days a year. Reckon how your boss would respond if you asked for a three-day work week and a 30-day work year?
How long do you get for lunch?
Most folks get 30 minutes.
The Alabama Senate gets THREE times longer than most working folks.
But then, excesses in Alabama state politics is nothing new.
Recall that – by law– the Alabama Legislature is limited to work <30 days/year (in a 105 day period) & for that privilege, citizens & taxpayers fork over $50K+/yr in pay & compensation to them – 35 in the Senate, and 105 in the House.
TOTAL=140 men (mostly) & women.
In stark contrast, New Mexico’s State Legislators are a Volunteer Legislature (they’re elected, yes, but unpaid), and during Session, by State Law receive a Daily Federal Per Diem, and Two-Way Mileage once during a session EXCLUSIVELY.
Legislative pay in Alabama has been a hot-button issue, particularly in recent years – and, it’s unnecessarily complicated. By State Constitutional Law, their “official” pay is Read the rest of this entry »
Posted by Warm Southern Breeze on Thursday, March 6, 2014
It certainly seems that there’s no shortage of opinion on FaceBook.
Recently, I had seen this posted on a friend’s page, and remarked upon it. Whether or not Eminem said it, I am uncertain. However, the sentiment expressed was what caught my attention.
But Alabama’s State Legislature just OK’d & Governor Bentley signed the Alabama Accountability Act of 2013 (HB 84), aka the School Flexibility Bill, aka the Private School Voucher Act.
Mitt Romney paid $1.9 million in taxes on $13.69 million in income in 2011, most of it from his investments, for an effective rate of 14.1 percent, according to hundreds of pages he released Friday in a move to quiet political controversy over his personal finances.
Wall Street Crap Shoot – h (Photo credit: SouthernBreeze)
The Republican presidential nominee could have paid less in taxes, but he engineered his 2011 returns to Read the rest of this entry »
The WSJ editorial page weighs in on Mitt Romney‘s Obamacare response on Meet the Press, and the subsequent clean-up:
When Mitt Romney ventures into health care, political trouble usually follows. So it went this weekend, as the GOP standard-bearer made his own policy sound worse than it is.
On NBC’s “Meet the Press,” the Republican was asked what he would do about people with pre-existing medical conditions who would supposedly “no longer be guaranteed health care” if he repeals the Affordable Care Act. “I say we’re going to replace ObamaCare,” Mr. Romney replied. “And I’m replacing it with my own plan,” without defining the substance of his own agenda.
When pressed, Mr. Romney said that “I’m not getting rid of all of health-care reform. (That would be the liberal euphemism for ObamaCare.) Of course, there are a number of things that I like in health-care reform Read the rest of this entry »
Posted by Warm Southern Breeze on Sunday, December 4, 2011
Here’s your “welfare queen,” America.
Feds: Seattle welfare recipient lives in million dollar home
by CHRIS INGALLS / KING 5 News
NWCN.com
Posted on December 2, 2011 at 7:04 PM
SEATTLE — She lives in a beautiful waterfront home on Seattle’s Lake Washington. Yet, she’s on welfare assistance.
This week federal agents moved in to put a stop to it. They raided her south Lake Washington home armed with a search warrant.
KING 5 News is not naming the woman or her husband because they have not been criminally charged.
Search warrant documents unsealed Friday in federal court reveal that she received more than $1,200 a month in public housing vouchers, plus monthly cash from the federal and state government for a disability, as well as food stamps.
Posted by Warm Southern Breeze on Thursday, December 1, 2011
Congress, it has been recently noted, has the lowest approval rating since record-keeping of that type has begun. In fact, it was noted with significantly ironic disdain, that more Americans favor the United States becoming a Communist nation than approve of Congress. Disapproval of congressional action – or inaction – has been duly noted by all members of congress, house and senate.
Regular readers of this blog will recognize that I have excoriated Republicans and their presidential nominee wannabes for numerous reasons, not the least of which is their blind obedience to their corporate masters – which in essence, makes them high-powered prostitutes – whores, if you prefer – and for the greatest part towed the line refusal to modify or raise – even slightly – of the rich, which has been the proposal of “some random person,” otherwise known as Grover Norquist. The reader may be interested to know that Mr. Norquist was “promoter of the “Taxpayer Protection Pledge” which was signed by 95% of all Republican Congressmen and all but one of the 2012 Republican presidential candidates – in which the signer promises to never, under any circumstances, support an increase in taxes.” That pdf document may be downloaded here.
Human nature what it is, many will be loyal to those whom sign their paychecks, particularly when powerful strings are attached to those checks.
And yet, while we respect loyalty, we also honor those whom stand upon principle, and whom are motivated and guided by selflessness and a genuine desire to help others – with liberty and justice for all – not just an elite cadre.
In that sense – especially in this Op-Ed – Senator Tom Coburn, R-OK, seems to be the voice of reason in the GOP. The reader may also be interested to note that Sen. Coburn was a signatory to that random lobbyist promulgated document. The lobbyist being none other than the Born-with-a-silver spoon-in-his-mouth-Harvard-educated Grover, whom federally-convicted felon-lobbyist Jack Abramoff also fingered in his recent tell-all. It is interesting to note that Sen. Coburn has chosen the high road.
End welfare for the wealthy
By Tom Coburn, Special to CNN
updated 2:10 PM EST, Thu December 1, 2011
(CNN) — The debate in Congress this week about whether to pay for extending the payroll tax cut by imposing a new tax on millionaires will have nothing to do with solving our nation’s economic challenges and everything to do with election-year politics. Senate Democratic leaders have already signaled they will use the debate as a purely partisan exercise designed to embarrass Republicans into opposing tax cuts for the poor while defending tax cuts for the rich.
I intend to offer an alternative. Instead of punishing the rich with higher taxes, I will give Congress the option of helping pay for extending the payroll tax cut by ending welfare to the wealthy. Read the rest of this entry »
If you’re tired of the lies, the deception, the failed mortgages, bail-outs, TARP, jobs shipped overseas, inferior imported goods, Read the rest of this entry »
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
Posted by Warm Southern Breeze on Friday, April 1, 2011
Those “poor, poor” rich men. We shouldn’t tax those poor, poor souls because they, in their mercy, give jobs to us, the genuinely wealthy slobs who do not need them. No, Congress should cut their taxes, and should not tax multi-national corporations such as General Electric which makes billions in profits and does not pay any income tax. In fact, Congress should eliminate all taxes upon the über-wealthy and should tax the poor! (sarcasm ends here)
•••
CEO pay soars while workers’ pay stalls
By Matt Krantz and Barbara Hansen, USA TODAY
Updated: 04/01/2011 9:20am
CEOs didn’t have to cry poor for long.
The heads of the nation’s top companies got the biggest raises in recent memory last year after taking a hiatus during the recession.
At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found. Workers in private industry, meanwhile, Read the rest of this entry »
Posted by Warm Southern Breeze on Monday, July 26, 2010
“This bill helps somebody – and it’s not consumers in this state… particularly rural residents.”
What FURTHER PROOF do Alabamians need? I’m surprised they continue to elect those INCOMPETENT BOOBS year-after-year. Note to the pols: Just kiss ’em… ’cause you’ve already screwed ’em.
To whom will you turn if you have a disagreement with your bill, or if they fail to provide service, but still charge you?
Another word for “regulation” is “rules.” Ever play ANY game without them?
Posted by Warm Southern Breeze on Friday, February 19, 2010
The wife of high-profile televangelist Binny Hinn filed for divorce February 1, 2010 in the Superior Court of Orange County, CA citing “irreconcilable differences.”
Suzanne Hinn, whom has been married since 1979, has retained Sorrell Trope to represent her interests, and stated in the filing that …Continue…
Posted by Warm Southern Breeze on Friday, December 18, 2009
I have an atheist friend, for whom I have warm affection. We share several common interests, among them, Amateur Radio and some political ideals. Having visited with him and his wife on occasion, I can attest that they are genuinely nice folk.
He is my friend. And friends do things together. On occasion, we have dined, shared entertainment, and attended club meetings together.
Quite recently, I sent an email message to him that expressed my utter dismay at recent news of Wall Street’s record profits in the midst of our nation’s most severe economic crisis since the Great Depression.
In my original comment I did not mention God, though I did cite one scripture – 1 Timothy 6:10 “For the love of money is the root of all kinds of evil. Some people, in their eagerness to get rich, have wandered away from the faith and caused themselves a lot of pain.”
I thought his reply most interesting.
“God is not just.”
As I understand it, atheism is the denial of the existence of God. It does not mean that God does NOT exist, it simply means that their faith is in the negative, rather than the affirmative.
Philosophically and logically, however, one cannot prove the negative. Thus, it is impossible to prove that God does not exist.
And yet, it is equally impossible to describe something that does not exist. It is impossible to speak about something of which one knows nothing, or indeed, claims cannot be known.
Therefore, to make such a statement as “God is not just,” presupposes the existence of God.
As well, it points – at least in my estimation – to a more fundamental question which I perceive to be at the heart of his fundamental objection to God’s existence, and therefore denial – which is ‘why is there injustice in the world?’
Posted by Warm Southern Breeze on Monday, October 19, 2009
American manufacturing has taken flight to overseas locales thus contributing to our nation’s overall, (and in my opinion) abysmal decline.
The problem is systemic.
A very wrong-headed and misguided political theory has emerged in our nation, which has been, and continues to be promulgated by and through various outlets, including but not limited to governance, private enterprise and most especially by Protestant religious adherents, predominately of the non-traditional inter/trans/non denominational variety.
It is the promotion of the so-called “Prosperity Gospel” – the message of which in essence says “you too can be rich,” but only if you do what I say, and give a generous donation, then you will be “blessed” with good fortune.
It is – contrary to what its adherents may claim – an extraordinarily self-centered ideology, one which is philosophically based upon the idea of increased materialism, or consumption. Essentially, it is heresy, for it contrary to the Christ’s teachings. The “me and what I want” value structure of society has not served humanity well, and in fact, never has.
The pressure to choose their own interests and concerns above and over, and to the exclusion of the just rights, expectations and legitimate needs of others in the community, state and nation is what makes such a philosophy evil. It is essentially contrary to our nation’s constitution and the principles upon which it was founded and established.
When those more powerful than you or I (meaning the über-wealthy, and increasingly their denizen corporations and armies of corporate lawyers) have the ability to wage war against the common man (the average citizen) and the so-called “level playing field” upon which they make the rules, there is no “game,” no competition, no sense of inherent justice or fairness, and certainly no equality.
They are, as the George Orwell novel “Animal Farm” intoned, “more equal than others.”
