Uncategorised3 min(s) read
Uncategorised3 min(s) read
us3 min(s) read
An investigation has been launched after the IRS seemingly found that Jeff Bezos and Elon Musk paid no income tax.
ProPublica reported on exclusively obtained IRS documents that revealed that many of the US's super-wealthy were legally not paying income tax including Bezos, Musk, Bill Gates, George Soros, Mark Zuckerberg, and Michael Bloomberg.
According to the Tax Policy Center, starting in 2020, those who had an income of over $518,400 were to pay 37% in income tax.
This report by ProPublica, a non-profit organization, showed that the super-wealthy were paying just 3.4% in federal income tax.
They did so completely legally, Sky News reports, as there are various strategies in existence such as charitable donations and the taking of no wages, which can enable very wealthy people to evade income tax.
Reacting to the leak, Elizabeth Warren wrote on Twitter: "Our tax system is rigged for billionaires who don’t make their fortunes through income, like working families do. The evidence is abundantly clear: it is time for a #WealthTax in America to make the ultra-rich finally pay their fair share."
However, because this information about the super-rich's taxes was disclosed illegally, it is now under investigation by the Biden administration.
"The unauthorized disclosure of confidential government information is illegal," Treasury spokeswoman Lily Adams said.
"The matter is being referred to the Office of the Inspector General, Treasury Inspector General for Tax Administration, Federal Bureau of Investigation, and the US Attorney's Office for the District of Columbia, all of whom have independent authority to investigate."
"Any unauthorized disclosure of confidential government information by a person of access is illegal and we take this very seriously," White House press secretary Jen Psaki told reporters during a briefing.
She went on to stress the Biden administration's stance that the wealthy should pay more taxes in order to bring the president's plans to life.
Psaki added: "I'm not going to comment on specific unauthorized disclosures of confidential government information. I can tell you that, broadly speaking, we know that there is more to be done to ensure that corporations, individuals who are at the highest income are paying more of their fair share. Hence, it's in the President's proposals, his budget, and part of how he's proposing to pay for his ideas."
world2 min(s) read
It's pretty hard to imagine the richest one per cent ever worrying about money. When you think about the lives of the seriously rich (multi-millionaire or billionaires that is) the idea that they could ever struggle financially, or even lose money at all, seems preposterous. When you have that many assets, that much property or those many investments, trust funds and savings, it's like you're the winning player in a global game of Monopoly. You're unbeatable. You can't be touched.
But the reality of life for the ultra-wealthy is a lot different. After all, you're now that much more of a target for the taxman and swindlers, and there are plenty of people out there who are only too happy to take that money off your hands. All it takes is a few poor decisions or an untrustworthy advisor, and suddenly it's like you've flushed your millions down the toilet. If you don't believe me, then prepare for some shocking news. Apparently this week has been financially catastrophic for the richest people in the world, particularly for Facebook founder and CEO Mark Zuckerberg, who has officially lost more money than any other human being on the planet. Ouch; that's gotta bruise his ego a little bit, not to mention lighten his wallet.
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Financial reports indicate that the 500 richest people on the planet have managed to lose a combined total of a whopping $107 billion this week. This staggering sum equals more cash than the entire market capitalisation of the Goldman Sachs Group or Lockheed Martin. For once, as opposed to other economic crisis, it was the wealth of billionaires in the United States which suffered the most, (declining by a combined total of $34 billion) followed by Chinese tycoons, who lost around $16 billion.
Mark Zuckerberg suffered from the biggest financial loss of $3.2 billion, after large cap stocks disappointed the social media guru for the fourth day in a row. The Facebook chief executive officer's losses managed to outstrip those of Spain’s Amancio Ortega and Mexico’s Carlos Slim, who also both lost approximately $2.4 billion. Meanwhile, the estates of Alphabet Inc.’s Larry Page and Sergey Brin also shrank by $2 billion, according to figures from the Bloomberg Billionaires Index. That's one hell of a bad week.
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Certain financial experts have blamed this colossal loss on United States president Donald Trump after set the stage for trade wars between nations, after slapping tariffs on steel and aluminum imports from overseas to encourage the growth of American-based industries. Trump's policies of economic nationalism could have led to this monetary tightening, especially after the president European Commission, Jean-Claude Juncker, claimed that the the bloc is prepared to respond by targeting imports of American products, such as Harley-Davidson motorbikes, Levi jeans and bourbon whiskey.
Although this loss seems pretty bad on paper, I wouldn't expect to see Zuckerberg begging for change on the streets anytime soon, since his estimated net worth is already around $70.9 billion. In the face of this figure, this week hasn't even touched him; but even so, it's scant encouragement for Facebook's 25,000 employees.
celebrity3 min(s) read
Considering that the royal wedding of Prince Harry and Meghan Markle is but a distant memory in the minds of Brits and Americans alike, you'd assume that all the gossip surrounding the former Suits actress' family would have cooled off by now - right?
Wrong.
Even though the hullaballoo of the big day is well and truly over, Meghan's father and half-siblings are still cropping up to make some comment about her recent union to the British prince. First, there was the revelation that her brother - Thomas Markle Jr. - had flown to England for the wedding, but stayed in London while the ceremony took place in Windsor. Then, Meghan's sister - Samantha Markle - came forward to complain about not being invited, and also take a few digs at the new Duchess of Sussex's coat of arms.
And now, after months of bad press, Thomas Markle Sr. has come forward to make a statement about supposedly asking his daughter for money.
The rumours that Markle Sr. had asked Meghan for money began circulating after his son (Meghan's half-brother), sent an open letter to Prince Harry, in which he detailed the apparent relationship between the actress and her family.
He wrote:
"What kind of person starts out by using her own father until he's bankrupt, then forgets about him in Mexico leaving him broke, over mostly all her debts. And when it's time to pay him back she forgets her own father like she never knew him.
"My father will never recover financially from paying Meghan's way, nor emotionally from disavowing him, Meg is showing her true colors."
Whether or not that's true is unclear, but one thing's for sure: Thomas Sr. denies that he has ever asked for a penny from his daughter.
In an interview with TMZ, Thomas Sr. said - quite bluntly - that the rumour was, "just plain bull***t". In fact, he added, he has a decent enough retirement fund and therefore doesn't feel like he needs any help. Even if he did, he said, he knows that Meghan would help him out without him having to ask.
During the interview, Thomas Sr. also commented on his health, saying that he has been steadily recovering in the weeks following his heart surgery.
This was, of course, the reason he missed his daughter's wedding.
He didn't seem too bitter about having to skip the ceremony, though, and actually put out a supportive message after the big day was over.
"Now I pray that Harry and Meghan can go on a nice honeymoon and rest and relax, and all of my relatives will just shut up about everything," he said;
"The service was beautiful and it’s history. I will always regret not being able to be there and not being able to hold my daughter’s hand. My baby girl is a duchess and I love her so much. When you watch your child get married, every thought goes through your mind, every memory from the first day she was born, the first time I held her."
So, if Thomas Sr.'s words are anything to go by, it appears that the two are actually on much better terms than we originally thought. Let's hope they keep it up.
celebrity1 min(s) read
With the news that Prince Harry has refused to sign a prenup ahead of his marriage to American actress, Meghan Markle, it seems as if romance is suddenly alive and kicking. But while the crown jewels of England have largely refused to protect their assets - with big brother William as well as Princess Diana having eschewed it too - the rest of the one per cent aren't so trusting of their spouses.
Certainly, the majority of A-listers are aggressive when it comes to safeguarding their bank accounts. Here are some of the most scandalous celebrity prenups, which cover everything from cheating to drug abuse.
1. Justin Timberlake and Jessica Biel
If the Cry Me A River singer cheats on Biel, she will purportedly get $500,000 as part of a lifestyle clause included in the prenup they signed before their wedding in 2012, according to the New York Daily News.
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2. Khloé Kardashian and Lamar Odom
Khloé has always been an advocate of getting a prenuptial agreement. "Everybody needs a prenup!" she told E! News in 2011. "I mean, I don't care if you make $5 or $5 million, in this day and age… people are crazy, you never know. And when you have businesses together, like we do, you have to protect yourself. It doesn't mean you don't love them."
Although the details of her prenup with Odom have remained confidential, it's evident that she's doing rather well financially, with her estimated net worth hovering around the $40 million mark.
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3. Jay Z and Beyoncé
According to Business Insider, the couple reportedly signed a prenup that gives Queen Bey $5 million for each child they have together - so $15 million for Blue Ivy, Rumi, and Sir Carter.
And apparently the agreement also detailed that Beyoncé would earn $10 million if the marriage ended before two years, and an added $1 million for each year that they remained married, up to 15 years.
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4. Britney Spears and Kevin Federline
While Britney and K-Fed filed for divorce after just two years of marriage, Britney's legal team ensured that her assets were protected. According to Forbes, a 60-page prenup had been drafted to safeguard Britney's fortune, which at that time was estimated to be around $100 million.
The original agreement stated that Britney would only have to pay Kevin $300,000, plus $30,000 a month for half the number of years they were married. Now, US Weekly have reported that the rapper receives $20,000 monthly in child support from the pop-star.
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5. Michael Douglas and Catherine Zeta Jones
Although the couple have 18 years of marriage under their belt, Catherine would purportedly receive $2.8 million for each year of marriage in the case of divorce, according to New York Daily News. So if they split today, that would mean that Zeta Jones would rack up an impressive $50 million.
And if Michael cheated, she'd get an additional $5 million.
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6. Mark Zuckerberg and Priscilla Chan
While we don't know if the couple signed an official prenup, the book Once You're Lucky, Twice You're Good reportedly disclosed that Priscilla had the Facebook mogul sign a "relationship agreement" when she moved in with him. It required the couple to have a date night once a week and to spend 100 minutes of alone time together weekly outside of the office and their home.
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7. Jennifer Aniston and Justin Theroux
While the couple's recent split caused a lot of upset with fans, they can sleep easy knowing that Jen's finances are protected. "Jennifer has an ironclad prenup with Justin. It would be very hard for Justin to contest it," a source told US Weekly after the pair filed for divorce. "The prenup talks before the marriage were long and intense."
While the exact details of their prenuptial agreement are unknown, Jennifer's Friends fortune, which reportedly made her an eye-watering $25.5 million last year, are likely accounted for.
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Well, there you have it. When you have that many millions in the bank you're naturally going to want to keep them protected.
uk3 min(s) read
Martin Bashir has said that he "deeply regrets" forging bank statements to secure his bombshell interview with the late Princess Diana.
As per the outcome of Lord Dyson's inquiry into the interview, the former BBC reporter, 58, commissioned false bank statements and used "deceitful behavior" ahead of the high-anticipated exclusive chat in 1995.
The investigation found that the journalist was in "serious breach" of BBC guidelines, which Bashir now confessed was a "stupid thing to do".
After the findings of the inquiry were released on Thursday, the apologetic media personality said in a statement, per Metro: "This is the second time that I have willingly fully co-operated with an investigation into events more than 25 years ago."
He continued: "I apologized then, and I do so again now, over the fact that I asked for bank statements to be mocked up. It was a stupid thing to do and was an action I deeply regret. But I absolutely stand by the evidence I gave a quarter of a century ago, and again more recently.
"I also reiterate that the bank statements had no bearing whatsoever on the personal choice by Princess Diana to take part in the interview. Evidence handed to the inquiry in her own handwriting (and published alongside the report today) unequivocally confirms this, and other compelling evidence presented to Lord Dyson reinforces it.
"In fact, despite his other findings, Lord Dyson himself in any event accepts that the Princess would probably have agreed to be interviewed without what he describes as my 'intervention'.
"It is saddening that this single issue has been allowed to overshadow the Princess' brave decision to tell her story, to courageously talk through the difficulties she faced, and, to help address the silence and stigma that surrounded mental health issues all those years ago."
Bashir concluded: "She led the way in addressing so many of these issues and that’s why I will always remain immensely proud of that interview."
In Princess Diana's now 26-year-old interview with Bashir, she famously opened up about her life in the Palace and her troubled marriage to Prince Charles.
Per Metro, her brother Earl Spencer has long claimed that Bashir had shown him fake financial documents that appeared to indicate that payments had been made by the security services to the Princess of Wales' former private secretary Patrick Jephson and another former member of the royal household.
It was falsely suggested to Earl Spencer that they were being paid to spy on his sister.