Tag: High Net Worth Individuals

Biden Proposes Smaller Tax Increases Than Rivals Do

WASHINGTON — The Democratic presidential candidate Joseph R. Biden Jr. would raise taxes on high earners and corporations by at least $3.4 trillion over the course of a decade if elected, his campaign said Wednesday, releasing a set of plans that are far less aggressive than his more liberal rivals’. Mr. Biden would raise a […]

Read More

Climate Change Adds Wrinkle to Art Collectors’ Concerns

Marc Atlan, a creative director in the fashion and perfume industries, moved to Los Angeles 20 years ago, with a substantial art collection he amassed in France and has continued to add to it, often to his wife’s chagrin. But, he admits somewhat sheepishly, he has no idea how many pieces he has. “It’s a […]

Read More

Warren Wealth Tax Has Wide Support, Except Among One Group

Senator Elizabeth Warren’s plan to tax the assets of America’s wealthiest individuals continues to draw broad support from voters, across party, gender and educational lines. Only one slice of the electorate opposes it staunchly: Republican men with college degrees. Not surprisingly, that is also the profile of many who’d be hit by Ms. Warren’s so-called […]

Read More

Jeffrey Epstein’s Charity: An Image Boost Built on Deception

Jeffrey Epstein’s foundation looked for all the world like a charitable powerhouse: On its websites and in its press releases, the foundation was described as a patron of hospitals, universities and film festivals, run by a global philanthropist. The organization — known by various names, but usually called the J. Epstein Virgin Islands Foundation — […]

Read More

Opportunity Zones — for Billionaires

Of all the ways President Trump’s 2017 tax cut has enriched the wealthy at the expense of the public interest, perhaps the most outrageous is the black comedy of “opportunity zones.” The law lets the wealthy avoid capital gains taxation by investing in projects or companies in designated geographical areas. The stated purpose is to […]

Read More

Warren Wealth Tax Could Slow Economy, Early Analysis Finds

WASHINGTON — Senator Elizabeth Warren’s proposed wealth tax would slow the United States economy, reducing growth by nearly 0.2 percentage points a year over the course of a decade, an outside analysis of the plan estimates. The preliminary projection from the Penn Wharton Budget Model, which will be unveiled on Thursday in Philadelphia, is the […]

Read More

Bursting the Billionaire Bubble

Immense wealth isn’t good for your reality sense. Billionaires aren’t necessarily bad people, and most of them probably aren’t. However, some are, and my unscientific sense is that billionaires are more likely than the rest of us to exhibit bad judgment warped by runaway egos, especially in the political sphere. It’s not hard to see […]

Read More

Warren Would Take Billionaires Down a Few Billion Pegs

“Yes, billionaires will have to pay a little more,” Senator Elizabeth Warren said of the revised tax package she introduced recently, “six cents on each dollar.” This modest-sounding proposal, though, would have a far-reaching impact on the wealthiest Americans when combined with her other tax plans — shrinking colossal fortunes over time and making it […]

Read More

How Should a Billionaire Behave in Public? A Run for President Is One Option.

There is probably never a bad time to be a billionaire. But this, at least, is an especially complicated one. Yes, one billionaire is president — if President Trump’s financial self-assessments are to be believed, in lieu of his tax returns — and at least one more, Tom Steyer, is running to succeed him. Yet […]

Read More

The Billionaires Are Getting Nervous

When Bill Gates founded Microsoft in 1975, the top marginal tax rate on personal income was 70 percent, tax rates on capital gains and corporate income were significantly higher than at present, and the estate tax was a much more formidable levy. None of that dissuaded Mr. Gates from pouring himself into his business, nor […]

Read More

Dede Wilsey Asks the New Rich, ‘Why Don’t You Give Back?’

Sitting in the elegant sunroom of her Pacific Heights mansion with a view of the Golden Gate Bridge, the San Francisco socialite and philanthropist Dede Wilsey might seem an unlikely person to criticize the world of extraordinary wealth. “No civilization has survived where there is only rich and poor,” Ms. Wilsey said. She is being […]

Read More

Billionaire’s Letter to Elizabeth Warren Accuses Her of ‘Warping the Facts’ on the Wealthy

Escalating the war of words between Wall Street and Senator Elizabeth Warren, Leon Cooperman, a billionaire money manager, denounced her recent tweet encouraging him to “pitch in a bit more” because of his success in life, saying she sounded like “a parent chiding an ungrateful child.” “However much it resonates with your base, your vilification […]

Read More

Kenneth Fisher Ruled Investing. Then He Made a Sexist Joke.

Kenneth Fisher, a billionaire money manager, is known for aggressively marketing his firm and attaching his name to books, columns and TV ads. His marketing acumen has helped build his investment firm into a significant player in the world of money management, managing more than $112 billion of investors’ money, up from $33 billion a […]

Read More

Why Is a Secretive Billionaire Buying Up the Cayman Islands?

One humid Tuesday in July, I summited the highest point on Grand Cayman, an eight-story dump known affectionately by the locals as Mount Trashmore. From the top of the foul mound — a collection of almost every piece of garbage discarded on the island since it went all-in on financial services in the 1960s — […]

Read More

Why Don’t Rich People Just Stop Working?

“Billionaires should not exist,” Senator Bernie Sanders said last month. And, at the Democratic presidential debate this week, he said that the wealth disparity in America is “a moral and economic outrage.” “Senator Sanders is right,” said Tom Steyer, a businessman from California who happened to be the only billionaire onstage that night (as far […]

Read More

Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy

WASHINGTON — Progressive Democrats are advocating the most dramatic shift in tax policy in over a century as they look to redistribute wealth and chip away at the economic power of the super rich with new taxes that could fundamentally reshape the United States economy. As they compete for the Democratic presidential nomination, Senators Elizabeth […]

Read More

Warren Versus the Petty Plutocrats

Remember when pundits used to argue that Elizabeth Warren wasn’t likable enough to be president? It was always a lazy take, with a strong element of sexism. And it looks ridiculous now, watching Warren on the campaign trail. Never mind whether she’s someone you’d like to have a beer with, she’s definitely someone thousands of […]

Read More

Bernie Sanders Proposes a Wealth Tax, Taking Aim at Billionaires

WASHINGTON — Senator Bernie Sanders on Tuesday is set to unveil a proposal to create a new tax on the wealth of the richest Americans, including a steep tax on billionaires that could greatly diminish their fortunes. With the proposal, Mr. Sanders is embracing an idea that has been a centerpiece of the campaign of […]

Read More

American Universities Are Addicted to Billionaires

What gets me is the unctuous, oozing chumminess — the unembarrassed, hat-in-hand genuflection toward the pedophile rainmaker. There was Joichi Ito, director of Massachusetts Institute of Technology’s prestigious Media Lab, with a problem well known to anyone who’s ever labored in academia: He was low on funds. But unlike, say, the thousands of adjunct professors […]

Read More

Andrew Luck Walked Away From $58 Million, but That’s Not Necessarily Bad

Andrew Luck’s announcement that he was retiring from the Indianapolis Colts shocked football fans for two big reasons: He was at the top of his game, despite being repeatedly injured, and he was walking away from some $58 million in the final two years of his contract. In fact, the owner of the team said […]

Read More

On Epstein’s ‘Little St. Jeff’s’ Island, a Hideaway Where Money Bought Influence

ST. THOMAS, Virgin Islands — Jeffrey Epstein once described the United States Virgin Islands as “my favorite place to be.” When he was there, Mr. Epstein had a knack for getting his way, according to public records and interviews with residents and local officials. Mr. Epstein, the accused sex trafficker who committed suicide in a […]

Read More