JUNE 8, 2021
Joe Raedle/Getty Images
Too much of billionaires' true economic income is not getting counted on their tax returns.
We can count more capital gains as income, to make them report more income and pay more tax.
To do this, eliminate "stepped-up basis" rules and prevent double deduction of charitable giving.
ProPublica has obtained years of federal...
JUNE 8, 2021
Traders work on the floor of the New York Stock Exchange.
Stock futures were flat in overnight trading on Tuesday after Wall Street appeared range-bound near its record levels.
Futures on the Dow Jones Industrial Average were little changed. S&P 500 futures and Nasdaq 100 futures also held steady.
The S&P 500 and the blue-chip Dow both closed near...
JUNE 8, 2021
Apple CEO Tim Cook. - Source: Apple
KEY POINTS:
Monday’s WWDC announcements showed that Apple’s privacy strategy is now part of its products: Privacy was mentioned as part of nearly every new feature, and got stage time of its own.
New features include ways to stop email tracking, burner emails, and a VPN competitor that obscures IP addresses.
...
JUNE 8, 2021
Troves of private tax records from the country’s wealthiest residents were leaked to ProPublica, which published an analysis of the data on Tuesday morning.
The nonprofit investigative news organization used the leaked Internal Revenue Service records to show that some of the ultra-rich, such as Jeff Bezos, Elon Musk, and George Soros, paid no federal income taxes in...
JUNE 8, 2021
Sorry, no more this month. Andrew Krok/Roadshow
General Motors won't be building many more 2021 Chevy Corvette models this month, according to a letter straight from the automaker. Corvette Action Center last week published a letter from the automaker, meant for all Chevy dealerships in the US, saying, "General Motors has had to make an adjustment in the...
JUNE 8, 2021
The U.S. has recovered much of the ransom payment that the Russian hacker group DarkSide extorted from Colonial Pipeline earlier this year, the Justice Department said Monday.
The announcement details a rare disruption of the cryptocurrency payment systems favored by hackers, which have enabled ransomware efforts around the world.
The FBI was able to seize control of DarkSide's proceeds...
JUNE 8, 2021
Leaked tax documents showed that ultra-rich Americans like Tesla CEO Elon Musk paid very little or no taxes. - Hannibal Hanschke/Pool via AP
The IRS has opened an investigation into apparently leaked tax documents showing that ultra-rich Americans like Amazon founder Jeff Bezos, Tesla CEO Elon Musk and business tycoon Warren Buffett paid very little or no...
JUNE 8, 2021
Joseph Blount, Jr., President and Chief Executive Officer, Colonial Pipeline is sworn in as he attends a hearing to examine threats to critical infrastructure at the Capitol in Washington, June 8, 2021. - Andrew Caballero-reynolds/POOL/AFP via Getty Images
The head of Colonial Pipeline faced tough questions from lawmakers Tuesday about the ransomware attack on his company that caused...
JUNE 8, 2021
Numerous websites were rendered unavailable on Tuesday morning after an apparent widespread outage at the cloud service company Fastly. Dozens of high-traffic websites including CBSNews.com, the New York Times, CNN, Twitch and the U.K. government's home page, could not be reached for almost an hour, with outages lingering for some sites.
San Francisco-based Fastly acknowledged a problem just...
JUNE 7, 2021
US stocks move lower as investors see hotter inflation and higher rates on the horizon. - JOHANNES EISELE/AFP via Getty Images
The S&P 500 and the Dow Jones Industrial Average turned lower during Monday's session.
Investors are anticipating the consumer price inflation reading for May to accelerate from an already multi-year high.
A rally in shares...
