Should we have trillionaires? Should we even have billionaires? According to at least one recent analysis, the economy is on track to mint its first trillionaire — that is one thousand billion — within a decade. Such staggering accumulations of wealth are made possible in large part by the fact that America’s federal tax burden […]
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Vermont Becomes Latest State to Propose Wealth Taxes
Lawmakers in Vermont are introducing legislation this week that would impose new taxes on the state’s wealthiest residents, joining a growing national campaign being pushed by Democrats who believe that the measures will gain traction as states reckon with post-pandemic budget squeezes. One proposal in Vermont would tax people with more than $10 million in […]
Read MoreTreasury Report Shows $1.7 Trillion Deficit
America’s federal budget deficit effectively doubled in the 2023 fiscal year as slumping tax receipts, rising interest rates and persistent demand for expiring pandemic relief benefits strained the nation’s finances. The latest Treasury Department figures showed a budget deficit of $1.7 trillion in 2023, up from $1.37 trillion in 2022. Those numbers make the deficit […]
Read MoreThe Federal Deficit Is Growing. This Is Why.
America’s federal budget deficit appears to have roughly doubled over the year to $2 trillion, a surprising jump given the strength of the economy. The deficit is the gap between how much the government spends and how much it receives in taxes. It tends to balloon during tough economic times and narrow when growth resumes, […]
Read MoreA Giacometti for a Cezanne: Jeffrey Epstein’s Role in a Pricey Art Deal
In late 2016, when the private equity mogul Leon Black was trying to sell one expensive piece of art to buy another without incurring a hefty tax bill, he turned to the one man he knew who could help pull it off: his friend Jeffrey Epstein. On Nov. 23 that year, Mr. Black sold an […]
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