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   DealBook: The missing billions
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   A bombshell report raises questions about billionaires' tax bills.
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             June 9, 2021
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                  Jeff Bezos claimed a $4,000 child tax benefit in 2011, despite being worth billions.
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             Tax and the .001 percent
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             The fallout from ProPublica’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              bombshell report
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             about billionaires’ tax bills is just beginning. The news outlet obtained tax records for the nation’s 25 richest people, which show that they paid $13.6 billion in federal income taxes between 2014 and 2018, or
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              about 16 percent of their reported income
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             over that period — and a very, very small sliver of their wealth.
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              What’s revelatory about the scoop
             </span>
             is that it provides never-before-seen details of specific billionaires’ tax bills, or lack thereof. Some of the jaw-droppers in the report:
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              <span style="font-size:17px;line-height:25px">
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                Jeff Bezos
               </span>
               claimed a $4,000 tax credit for his children in 2011.
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                Warren Buffett
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               , who has called for tougher tax rules for the wealthy, paid under $24 million in taxes between 2014 and 2018.
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                Mike Bloomberg
               </span>
               paid $70.7 million in income tax in 2018, despite reporting $1.9 billion in net income, after claiming deductions, charitable donations and foreign tax offsets.
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                Carl Icahn
               </span>
               and
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                Elon Musk
               </span>
               took advantage of rules regarding debt. Icahn deducted interest payments on his companies’ debt, helping him pay no federal income tax in 2016 and 2017. Musk regularly borrows tens of billions against his stock holdings: those loans aren’t taxed, and the interest paid can often be deducted. (He paid no federal income tax in 2018.)
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                George Soros
               </span>
               paid no federal income tax between 2016 and 2018, after claiming investment losses.
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              Something to keep in mind about the numbers,
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             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              as presented by ProPublica
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             , is that comparing the billionaires’ tax bills with estimates of their wealth isn’t how the U.S. tax system works. (That is, in the absence of a wealth tax, proposed by Senators Elizabeth Warren and Bernie Sanders.) More pertinent to a public policy debate is to look at all the deductions against the billionaires’ incomes that reduce their tax liabilities to, in some cases, zero. The push to raise income tax rates, as President Biden has proposed, would not have a big effect on these fortunes, which generate large amounts of wealth but relatively modest amounts of income.
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              What can be done?
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             There are changes to the tax code that could arguably capture a larger share of taxes from the ultrarich than a wealth tax,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              as DealBook has argued
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             . These include:
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              <span style="font-size:17px;line-height:25px">
               Eliminating the “step-up” basis of assets in estates when they are transferred after someone dies, which effectively resets the value of assets for capital-gains purposes. This would also reduce the incentive for the wealthy to borrow against their assets — and there should probably be a greater limit on the deductions for interest expenses anyway.
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              <span style="font-size:17px;line-height:25px">
               Speaking of capital gains, higher rates for the wealthiest would capture more tax and would somewhat address the “carried interest” provision of the tax code that investment managers use to treat much of their pay as capital gains rather than income, which is one of the most
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                egregious and persistent loopholes
               </a>
               in its own right.
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              <span style="font-size:17px;line-height:25px">
               The “like-kind exchange” of properties allows real estate executives to depreciate the value of their investments for tax purposes, even when the actual value of a property appreciates. The Biden administration
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                is looking at closing this loophole
               </a>
               , which it says would raise nearly $20 billion over 10 years.
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              <span style="font-size:17px;line-height:25px">
               Is it acceptable for the wealthy to take deductions when they move money to their own philanthropic foundations? Perhaps the deduction should only happen when the money is spent.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The publication of personal tax records also poses a conundrum.
             </span>
             Biden administration officials said they were investigating whether the disclosure of individuals’ tax information constituted a crime; Senator Ron Wyden, Democrat of Oregon, worried about the privacy implications even as he called for changes to the tax code. (A spokesman for Mike Bloomberg told ProPublica that he would “use all legal means” to find and punish those responsible for the leak.)
            </p>
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              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                ProPublica argues
               </a>
               that its report serves the public interest in understanding how the wealthy game the U.S. tax system and could influence lawmakers’ efforts to change it. The publication says that it does not know the identity of its source and did not solicit the information. It says it has vetted the information independently.
              </span>
             </li>
            </ul>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What others have to say:
             </span>
             For billionaires, the federal income tax “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              has become a voluntary tax
             </a>
             ,” the economist Gabriel Zucman told David Leonhardt of our sister newsletter, The Morning. “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Real Tax Scandal Is What’s Legal
             </a>
             ,” reads the headline of a Times editorial. But Megan McArdle, a columnist at The Washington Post,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              was disappointed
             </a>
             : “I genuinely thought the tax avoidance strategies would be something more than unrealized capital gains.”
            </p>
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             HERE’S WHAT’S HAPPENING
            </h3>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              President Biden breaks off infrastructure talks with Senate Republicans.
             </span>
             The
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              end of a weekslong effort
             </a>
             to forge a bipartisan compromise came as G.O.P. lawmakers refused to make concessions on spending and taxation plans. The president will try to revive bipartisan talks with a different set of Republicans while Senate Democrats will explore passing portions of Biden’s plan along party lines.
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             Continue reading the main story
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Senate approves hundreds of billions in spending to compete with China on tech.
             </span>
             The 68-32 vote
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reflects broad support
             </a>
             for bolstering research and development to beat Beijing in the race to lead in chip-making and in emerging technologies, like artificial intelligence and quantum computing.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              China tries to tame rising inflation.
             </span>
             The country said today that prices charged by factories, farmers and other producers in May
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              had risen 9 percent
             </a>
             year on year, the biggest increase since September 2008. That portends price increases in goods around the world.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Lordstown warns that it’s low on cash.
             </span>
             The electric truck maker said it
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              couldn’t begin commercial production
             </a>
             without raising more money. The news may increase concerns about start-ups that have recently gone public via blank-check firms known as SPACs.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Speaking of SPACs, Clover Health is the newest darling of internet traders.
             </span>
             Shares in the health insurer, which went public by merging with one of Chamath Palihapitiya’s SPACs,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              nearly doubled yesterday
             </a>
             after it drew the attention of Reddit trading forums. One theory is that traders are forcing up its price to squeeze short sellers like Hindenburg Research that have
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              accused the company
             </a>
             of misleading investors.
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Where are the workers?
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             American employers had 9.3 million jobs available at the end of April, the most in at least two decades,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              according to the latest stats
             </a>
             released yesterday. Hiring rose, too, but not by nearly as much; workers have been emboldened to seek new opportunities, and nearly four million voluntarily quit their jobs in April, the most on record.
            </p>
           </td>
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             <tbody>
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                <img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F06%252F09%252Fbusiness%252F09db-jolts%252F09db-jolts-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1lqwqE:5jdF47OLMwmjoELzYuTGDehpKZumsBPIL8I08-dr1t4" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              In short, workers have the upper hand
             </span>
             as employers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              struggle to hire and retain them
             </a>
             while the economy recovers from the pandemic. That is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              leading to higher pay
             </a>
             for employees who have kept their jobs. It has also brought more generous offers for job seekers in sectors that are hiring rapidly to match pent-up demand unleashed after lockdowns.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Companies are getting creative.
             </span>
             “The result is a cornucopia of new benefits as human resources officers and employees alike rethink what makes for a compelling compensation package,”
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              writes The Times’s Nelson Schwartz
             </a>
             . It’s not just about pay, but also:
            </p>
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           <td style="padding:0 0 5px">
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Education:
               </span>
               Waste Management will pay for employees to earn bachelor’s and associate degrees and, in a notable expansion of this kind of benefit, will begin offering scholarships for spouses and children as well. The meatpacking giant JBS began paying for college degrees for workers, and one of their children, in March.
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Housing:
               </span>
               Omni is offering free rooms for summer employees at some properties.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Chips and dip:
               </span>
               Applebee’s is giving out vouchers for a free appetizer to anyone who simply schedules a job interview.
              </span>
             </li>
            </ul>
           </td>
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           </td>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “It was a complicated password, I want to be clear on that. It was not a ‘Colonial123’-type password.”
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
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           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Joseph Blount, the C.E.O. of Colonial Pipeline,
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               explained at a congressional hearing
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              how hackers infiltrated its systems with a single password, installing ransomware that crippled the East Coast’s fuel supplies for days.
             </span>
            </p>
           </td>
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       </div>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Small-business owners are worried, but hopeful
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Small-business owners were hit hard by the pandemic. But according to a new survey of 10,000 businesses, conducted by Goldman Sachs and reported first by DealBook, they’re feeling pretty optimistic. That’s even as they stare down three big concerns:
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Inflation:
               </span>
               82 percent of small-business owners are concerned about inflation, and 83 percent have experienced an increase in operating costs in the past few months.
              </span>
             </li>
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               : 71 percent of small businesses are currently hiring full-time or part-time employees, and 81 percent of those hiring say they are finding it difficult to recruit qualified candidates. (Why is it so hard to hire right now?
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               The majority of small businesses that took a rescue loan from the Small Business Administration (82 percent) expect to exhaust their funding this summer, and less than a quarter are very confident that they will be able to maintain payroll without additional government relief. “If you have a bad financial statement from last year, which most do, you’re not able to qualify for an S.B.A. loan,” said Joe Wall, a managing director of government affairs at Goldman Sachs. “So that’s the immediate crisis that we see coming.”
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