Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments.

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The Big Story
Thu. Feb 9, 2023

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How the Wealthy Save Billions in Taxes by Skirting a Century-Old Law <[link removed]> Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments. by Paul Kiel and Jeff Ernsthausen

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The Secret IRS Files

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax <[link removed]> ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing. by Jesse Eisinger, Jeff Ernsthausen and Paul Kiel <[link removed]>

Ten Ways Billionaires Avoid Taxes on an Epic Scale <[link removed]> After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires. by Paul Kiel <[link removed]>

The Great Inheritors: How Three Families Shielded Their Fortunes From Taxes for Generations <[link removed]> In the early 1900s some of the wealthiest Americans claimed their fortunes would never last through the generations. A century of tax avoidance later, the dynasties are going strong. by Patricia Callahan, James Bandler, Justin Elliott, Doris Burke and Jeff Ernsthausen <[link removed]>

America’s Highest Earners and Their Taxes Revealed <[link removed]> Secret IRS files reveal the top US income earners and how their tax rates vary more than their incomes. Tech titans, hedge fund managers and heirs dominate the list, while the likes of Taylor Swift and LeBron James didn’t even make the top 400. by Paul Kiel, Ash Ngu, Jesse Eisinger and Jeff Ernsthausen <[link removed]>

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank <[link removed]> Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes. by Justin Elliott, Patricia Callahan and James Bandler <[link removed]>

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