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NEW: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Dollar Tax-Free Piggy Bank https://www.propublica.org/article/lord-of-the-roths-how-tech-mogul-peter-thiel-turned-a-retirement-account-for-the-middle-class-into-a-5-billion-dollar-tax-free-piggy-bank … (thread)
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Justin Elliott Retweetet
An explosive and devastating story in WSJ's Facebook series based on internal documents: FB knows Instagram makes teen girls unhappy "'We make body image issues worse for one in three teen girls,' said one slide from 2019"https://www.wsj.com/articles/facebook-knows-instagram-is-toxic-for-teen-girls-company-documents-show-11631620739 …
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Justin Elliott Retweetet
I’ve been on a Facebook project for months, and it’s nowhere near done. But this is the first story: https://www.wsj.com/articles/facebook-files-xcheck-zuckerberg-elite-rules-11631541353?mod=searchresults_pos1&page=1 … TL:DR: Facebook, which talks a lot about democratizing voice, secretly exempted “VIP” users from its rules in “not publicly defensible” ways.
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NEW: How to avoid taxes with this One Weird Trick: The latest from the Secret IRS Files on the effects of Trump’s tax law from
@RobertFaturechi and me.https://www.propublica.org/article/how-the-trump-tax-law-created-a-loophole-that-lets-top-executives-net-millions-by-slashing-their-own-salaries …Takk. Twitter bruker denne informasjonen til å forbedre tidslinjen din. AngreAngre -
Justin Elliott Retweetet
Are you a college junior or senior considering investigative journalism as a career? @ProPublica's Emerging Reporter's program will give you a $9K stipend, training and mentorship, as a part of our goal to
industry diversity. Apply by Tues. Sept. 7https://propublica.forms.fm/emerging-reporters-2021-2022 …Takk. Twitter bruker denne informasjonen til å forbedre tidslinjen din. AngreAngre -
Also a remarkable chart driving home how much the existence of tax-favored retirement accounts favors the wealthypic.twitter.com/vG6dZewgWp
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@DanielJHemel and@stevertax weigh in on mega IRAs, expertly illustrating the non-Thielian ways to get one, enabled by 25 years of drip-drip legislative changes https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3903624 …pic.twitter.com/angs6wP2jP
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Justin Elliott Retweetet
Johnson was on the defensive after ProPublica reported on his efforts to get a provision included in 2017 tax legislation that benefited billionaires.https://www.jsonline.com/story/news/politics/2021/08/11/ron-johnson-defends-pass-through-tax-provisions-benefited-donors-wisconsin-senator/5566474001/ …
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Justin Elliott Retweetet
The latest
@propublica scoop for The Secret IRS Files includes this evidence-driven scrolly, showing how Bechtel "executed a full-court press in Washington" ahead of the 2017 tax bill. Read the full story: https://www.propublica.org/article/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut …pic.twitter.com/nxgL3uVxfFTakk. Twitter bruker denne informasjonen til å forbedre tidslinjen din. AngreAngre -
15/ If you know anything we should about pass-throughs and taxes, including 199A, we want to hear from you.https://projects.propublica.org/tips/help-us-report-on-taxes-and-ultrawealthy/ …
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14/ And thanks to our general counsel, Jeremy Kutner, who handled the FOIA lawsuit against Treasury to get records that speak to how this major law was shaped. You can read some of those here: https://www.documentcloud.org/projects/treasury-tcja-records-obtained-via-foia-204249/ …
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13/ Here’s the full story: https://www.propublica.org/article/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut … Thanks to
@lhwaldron@CarsonKessler@JeffErnsthausen@paulkiel@emsimani Doris Burke@tracyweber@lrsnwlkrVis denne trådenTakk. Twitter bruker denne informasjonen til å forbedre tidslinjen din. AngreAngre -
12/ A spokesperson for Bechtel Corporation didn’t respond to questions about the company’s lobbying. A representative of the family’s investment office didn’t respond to requests to accept questions about the family’s taxes. Gerson didn’t respond to requests for comment.
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11/ Brendan Bechtel has since emerged as a critic of Biden proposals to pay for infrastructure with tax hikespic.twitter.com/gQSOYdjQFs
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10/ And, thanks to the IRS records, we know the vast sums at stake. In 2018, company CEO Brendan Bechtel and his two siblings netted deductions of $111 million from the pass-through provision. Brendan alone got a deduction of more than $64 million.pic.twitter.com/7oiSzExJWY
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9/ We found that Marc Gerson, a lobbyist for both Bechtel and an engineering trade group of which Bechtel is a member, has since taken credit for this changepic.twitter.com/NXbo3ozWsG
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8/ In the final rush to finish the Trump tax bill, someone inserted eight words that had not been in either the House or Senate versions. The language extended the new deduction to engineering firms, guaranteeing the Bechtels a massive tax cut.pic.twitter.com/elQ5Mn6CSD
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7/ Companies like the engineering giant
@Bechtel spent heavily on lobbying to shape Trump’s tax bill to its benefit. Records we obtained through a FOIA lawsuit show the company meeting with Justin Muzinich, Treasury’s point man for the bill.pic.twitter.com/GU1CZKxjF3
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6/ It’s long been understood that the deduction was the result of a flurry of midnight deals and last-minute language changes. But the IRS records allow us to see the dark side of the moon: precisely how much money specific billionaires reaped from the final text of the law.
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5/ A recent study by Treasury economists confirms the benefits of the new deduction for “small businesses” mostly went to the top 1% of Americans (by income) in 2018:pic.twitter.com/CHbYh59EoQ
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4/ The Trump administration had consistently pitched the pass-through deduction as directed at “small businesses.” Here’s Trump himself:pic.twitter.com/XKzYKgbSCv
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