Amidst the hype dominating the news ahead of SpaceXs initial public offering (IPO) and the breathless coverage of Elon Musk’s ascension to trillionaire status following the IPO, there is also a growing chorus of market watchers — including influencers, financial analysts, and even Nobel laureates — questioning the company’s valuation and calling out the IPO’s transfer of wealth from working people to the ultra-wealthy.
Firefighters battled a weeklong warehouse fire at a 500,000 square foot food storage facility in Boyle Heights, CA, a historically Chicano neighborhood in Los Angeles.
President Trump is attempting to give himself a get out of tax jail free card: the Trump Justice Department recently settled an IRS case brought by Trump that gives him, his businesses, and his family (and their businesses) tax amnesty. His family’s crypto businesses—fueled by self-dealing, unethical conduct, and conflicts of interest—have generated billions of dollars since the inauguration. If the settlement stands, his family’s crypto business empire could be shielded from paying taxes.
The new Trump proposal to deregulate the types of investments workers can make with their retirement accounts is a bad policy idea that looks almost engineered to bail out Wall Street at the expense of everyone else.
The carried interest tax loophole has probably been shielding far more Wall Street profits from taxes than had long been officially estimated. The private equity industry reaps as much as $10 billion a year in tax giveaways through the carried interest loophole.
New research from The Budget Lab at Yale finds that closing the loophole could raise tens of billions of dollars more than prior estimates suggested.
The latest version of the Senate crypto legislation was released late on May 11, just two days before the bill gets debated and voted on in the Senate Banking Committee. Negotiations on this bill have lasted months, largely behind closed doors and the crypto industry had a front seat at the drafting table. Even many Senate Democratic offices, including the Ranking Member of the Banking Committee, saw only excerpts during the negotiations.
Now we know why: the bill is piled high with giveaways that will enrich the crypto industry and that puts the rest of us at risk, regardless of whether we choose to invest in crypto.
