super rich

11 Stories

IRS: We No Longer Accept Checks Over $99,999,999

Super-rich will just have to pay electronically

(Newser) - Owe the tax man $100 million or more? Your check is no good at the IRS. Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that... More »

WSJ Defends Billionaire's Holocaust Comparison

Backlash just proves Tom Perkins' point: editorial

(Newser) - When billionaire Tom Perkins compared the plight of the 1% today to the plight of the Jews during the Holocaust, pretty much everyone seemed to disagree with him . But now the Wall Street Journal (home to Perkins' letter to the editor) jumps to Perkins' defense with an editorial claiming that... More »

Romney Tax Plan Would Soak the 'Ordinary Rich'

Only the top 1% of the top 1% would benefit

(Newser) - MItt Romney assures us that his tax plan won't reduce the tax burden on the rich, but that claim leaves out a little-known divide between the wealthy and the super wealthy, writes David Frum at the Daily Beast . He says Romney's plan to make cuts in the top... More »

Bankers? Off With Their Heads: Roseanne

Comedian advocates the guillotine for Wall Street justice

(Newser) - Roseanne Barr really wants heads to roll on Wall Street, Real Clear Politics reports. Not only does the comedian, author, and Wall Street protester say guilty bankers should pay back earnings over $100 million, she wants a very sharp blade hanging over their heads: "If they are unable to... More »

Bloomberg Rips Buffett, Urges Tax Boost for All

Calls Warren Buffett's tax comments 'just theatrics'

(Newser) - New York Mayor Michael Bloomberg is the latest billionaire to fire back at Warren Buffett's call to raise taxes on America's super-rich, reports the New York Daily News . "The Buffett thing is just theatrics," scoffed Bloomberg on NBC's Meet the Press. "I think that... More »

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,... More »

Warren Buffett: Raise My Taxes, Please

Let's have some real 'shared sacrifice'

(Newser) - Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue... More »

Sheikh Scrawls 2-Mile-Long Name In Sand

And it's so large, you can see it from space

(Newser) - When it comes to flaunting your wealth, nobody does it like Hamad bin Hamdan al-Ahyan. The so-called “Rainbow Sheikh” of the United Arab Emirates is known for outlandish purchases like the world’s largest truck (which has four bedrooms in its cabin) or his earth-shaped motor home (which is... More »

Trump Shows Off New $100M Plane

Refurbished 757 is a luxury suite in the sky

(Newser) - No more slumming it in the air for Donald Trump: The real estate mogul gave the New York Post a tour of his modest little $100 million private plane before taking it on its inaugural flight from New York to DC. The overhauled Boeing 757 seats 43 very comfortably and... More »

Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

(Newser) - If you're wondering where all your money has gone, odds are a millionaire added it to his or her pile. Although millionaires make up just 0.9% of the world's population, they control 39% of its wealth—up 2% since 2009—according to a report by Boston Consulting... More »

Super Rich's Tax Rate Plummets

Average rate for richies plunges to 17% from 26%

(Newser) - Some Tax Day trivia: The super rich are paying a far lower tax rate than they did 20 years ago, and nearly half of all US households—including both rich and poor—pay no taxes at all. People with the 400 highest adjusted gross incomes paid nearly $345 million in... More »

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