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dicktofel's profile
Richard Tofel
Richard Tofel
Richard Tofel
Verified account
@dicktofel

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Richard TofelVerified account

@dicktofel

now consulting at Gallatin Advisory, distinguished visiting fellow @HarvardChanSPH, author of Second Rough Draft on Substack; former president of ProPublica

New York City
gallatinadvisory.com
Joined January 2012

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    Richard Tofel‏Verified account @dicktofel 8 Jun 2021

    BREAKING: This morning @propublica has what I consider the most important story we have ever published. It concerns a trove of secret IRS files we were given on the tax returns of the nation’s richest people. The findings are extraordinary.https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax?utm_medium=social&utm_source=twitter …

    2:06 AM - 8 Jun 2021
    • 9,797 Retweets
    • 17,004 Likes
    • Flops Steven Binks TED CLUBBER LANG Josh BVN LeaFranco Evgenij Norma Barclay RiRiRu
    941 replies 9,797 retweets 17,004 likes
      1. New conversation
      2. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        Turns out that many of the ultra wealthy pay NO income taxes for entire years— Soros three times, Bezos and Icahn twice, Musk and Bloomberg once. Bezos one year even claimed a $4000 child credit.

        72 replies 1,240 retweets 3,693 likes
        Show this thread
      3. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        As a percentage of their gains in wealth, Buffett has paid 0.1% (10 cents on every $100), Bezos 1.1%, Bloomberg 1.3%, the 25 richest as a group just 3.4%. Even on just their income, the richest pay less than 16%, far below the 37% top rate:https://www.propublica.org/article/you-may-be-paying-a-higher-tax-rate-than-a-billionaire …

        90 replies 1,598 retweets 3,465 likes
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      4. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        The 25 richest Americans are collectively worth $1.1 trillion. It takes 14.3 million average wage earners to tally the same wealth. The average earner group paid literally 70 times as much in income taxes in 2018 as the 25.

        46 replies 1,446 retweets 3,347 likes
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      5. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        Here’s a note from @steveengelberg and I about why we’re publishing, and what we’re saying about sourcing, privacy and the law:https://www.propublica.org/article/why-we-are-publishing-the-tax-secrets-of-the-001 …

        17 replies 467 retweets 1,825 likes
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      6. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        Here’s @propublica's methodology on calculating true tax rates as a percentage of gains in wealth by the richest, as well as relative tax burdens on average wage earners:https://www.propublica.org/article/how-we-calculated-the-true-tax-rates-of-the-wealthiest …

        14 replies 302 retweets 1,290 likes
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      7. Richard Tofel‏Verified account @dicktofel 8 Jun 2021

        Today’s articles are the first in a series. Here’s how to help @propublica do more reporting:https://projects.propublica.org/tips/help-us-report-on-taxes-and-ultrawealthy/ …

        34 replies 297 retweets 1,283 likes
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      8. End of conversation
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      1. Becky Sweeney  🇺🇸‏ @pedroiafan 8 Jun 2021
        Replying to @dicktofel @propublica

        Surprise!!

        1 reply 0 retweets 3 likes
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      2. JDR‏ @JDRSlapshot 8 Jun 2021
        Replying to @dicktofel @propublica

        This isn't exactly groundbreaking stuff, guys. Nearly all of this isn't tax avoidance or tricky loopholes. It's following the most basic rules of the U.S. tax system....so hopefully that's who you're upset with, not Buffett and Bezos.pic.twitter.com/llEYtg272u

        119 replies 68 retweets 624 likes
      3. JDR‏ @JDRSlapshot 8 Jun 2021
        Replying to @JDRSlapshot @dicktofel @propublica

        So did you expect Buffett to just 'give' the IRS tax dollars he doesn't owe? If he tried that, they'd refund it! Buffett would pay more tax if the law required him to - I'm pretty confident of that.pic.twitter.com/yS1OxG9QZl

        7 replies 2 retweets 35 likes
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