trian peltz
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an 12 24
The children of the richest families in the U.S. are well-known for spending their vast wealth on frivolous luxuries—constructing a replica of a medieval church on their acres of property, in the case of banking heir Timothy Mellon, or starting a brand of T-shirts describedby one critic as "terrible beyond your wildest imagination," as Wyatt Koch, nephew of Republican megadonors Charles and David, did.
But a reportreleased by Americans for Tax Fairness (ATF) on Thursday shows how "billionaire nepo babies" don't just waste their families' fortunes. They also benefit from "a rigged system" that allows them to "pass that wealth down over generations without being properly taxed–often without being taxed at all."
In addition, the heirs of the country's biggest fortunes spend vast sums "to elect politicians who protect their unearned wealth and manipulate the country's economy in their favor," said ATF.
Along with Mellon and Koch, the report profiles Samuel Logan of the Scripps media dynasty; Nicola Peltz-Beckham, daughter of billionaire investor Nelson Peltz; Gabrielle Rubenstein, whose family has made its fortune in private equity; and President-elect Donald Trump's son, Eric Trump.
The nepo babies are part of a small group of billionaire families in the U.S. who benefit from tax loopholes that ensure little of their immense wealth ever goes to benefit the public good.
At least 90 billionaires have passed away over the last decade, leaving their beneficiaries $455 billion in collective wealth.
But according to ATF, "$255 billion (56%) of that amount was likely entirely exempt from the capital gains tax because of a special break called 'stepped up basis.'"
"Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations."
Without loopholes included the stepped up basis tax cut, the current estate tax on billionaires and centimillionaires would yield enough revenue to fund universal childcare, preschool, and paid family leave for U.S. workers, with hundreds of billions of dollars left over, according to ATF's report.
The wealthy heirs profiled in the report and their families are some of the Republican Party's top donors—contributing hundreds of millions of dollars to candidates including Trump in the hopes of securing even more tax cuts.
Mellon, for example, is Trump's "biggest supporter, giving $140 million to a pro-Trump PAC in 2024 alone," reads the report.
A previous analysis by ATF found that as of late October, just 150 billionaire families had spent $1.9 billion on the 2024 elections.
As the Center for American Progress found earlier this year, Trump's plan to extend the tax cuts that he pushed through in 2017 would cost $4 trillion over the next decade.
"The vast wealth inherited by centuries-old billionaire families is staggering. While these heirs and their billions go undertaxed, enormous sums are squandered on lavish mansions, private jets, and vanity projects instead of funding crucial public investments," said ATF executive director David Kass. "In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta. Now, Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations—all while advocating for cuts to vital programs that working and middle-class Americans depend on."
The report calls for Congress to pass "proven, pragmatic proposals to unrig the tax system that enjoy high levels of popular support," such as the Ultra Millionaire Tax Actthat was proposed by Sen. Elizabeth Warren (D-Mass.) and Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) this year. The bill would tax fortunes between $50 million and $1 billion at 2% and wealth above $1 billion at $1 billion.
The small tax on enormous wealth would generate "a whopping $3 trillion over 10 years," said ATF.
The estate tax could also be "restored so that it can play a meaningful role in promoting fairness and equal opportunities" through the passage of theFor the 99.5% Act, which was introduced in 2023 by Sen. Bernie Sanders (I-Vt.) and Rep. Jimmy Gomez (D-Calif.).
Under the bill, the estate tax exemption would be lowered to $7 million per couple and the current 40% flat rate would be replaced with a sliding scale that would charge higher rates as a family's wealth grows.
"None of these tax reforms would impoverish the ultra wealthy, nor even inconvenience them in any meaningful way–but they would reduce the concentration of wealth that is so corrosive to society," reads the report. "At the same time, they would raise trillions of dollars that could be used to reduce inequality and improve the lives of families that can only dream of the kind of security and opportunity enjoyed by the nation’s richest clans."
"And if rich families ever did need to tighten their belts a bit to pay their taxes," the report continues, "the economizing might begin by reducing the flow of money funding the extravagant lifestyles of America's Billionaire Nepo Babies."
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1 24 ymail
In a massive public relations stunt, No Labels, the dark-money group funded by Harlan Crow—the collector of Nazi memorabilia and funder of Clarence Thomas's extravagant lifestyle—on Thursday announced that it filed a complaint with the Justice Department, accusing MoveOn of criminal harassment, extortion, and "unlawful conspiracy" under RICO—the law often used to prosecute organized crime.1,2WHAT?!
Yes, they did.
MoveOn has been working for more than a year to expose the billionaire-backed group's dangerous and deceptive third-party presidential campaign that threatens to reinstall Donald Trump in the White House. And we have no plans to stop now. We will not succumb to their scare tactics—even if it means having to take on substantial legal costs to defend our organization.
But, Padraig, we need your help to fight these baseless, politically motivated allegations. We weren't expecting the legal costs, which add up very fast, particularly in an election year where we're all-in to defeat Trump and stop his fascist plans before it's too late.
The complaint was filed by No Labels—a dark-money operation that has committed an eye-popping $70 million to put a spoiler third-party candidate on the ballot in 2024 that would siphon votes away from President Biden and tip the election to Trump.3
MoveOn has worked in partnership with pro-democracy organizations and leaders to raise awareness about No Labels' right-wing plot. Our work has included sending a letter to every secretary of state and election board in America asking them to investigate No Labels after the Maine secretary of state told No Labels to "cease and desist" for lying to voters.4
The group is already on the ballot in 14 states and is aiming to get on the ballot in 13 additional states—many of them battleground states that President Biden won narrowly in 2020.5
Now, No Labels is playing dirty.
On Thursday, in a high-profile news conference at the National Press Club in Washington, D.C., they announced their complaint, which asks the Justice Department to criminally investigate MoveOn.6,7
It's clear our work to sound the alarm on their dangerous plan is working. Why else would they stoop to Trumpian tactics designed to drain our coffers with legal fees and shut us up? Our takeaway: We need to double down on our efforts to expose and stop No Labels.
Disguising themselves as a group of "moderates," No Labels has refused to disclose their deep-pocketed donors, but some information has gotten out, including that their donors include Harlan Crow, Rupert Murdoch, and billionaire investor Nelson Peltz, a major Trump backer.8,9
With far-right donors, it comes as no surprise that No Labels plans to win two-thirds of their Electoral College votes in states that President Biden won in 2020—blocking President Biden's path to reelection.10
Plain and simple, there is no path to victory for their candidate, who has yet to be announced, though West Virginia Senator Joe Manchin is the person they talk about the most.11 Instead, their strategy would rob President Biden of a second term and ensure a Trump victory.
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no lnx twt
Kyrsten Sinema is raking in cash from GOP and fossil fuel donors — but it may not be enough to win re-election
Meaghan Ellis February 01, 2022
Sen. Kyrsten Sinema (D-Ariz.) is amassing a sizable war chest as a result of Republican donors, according to new financial disclosures. But a new analysis explains why money may not even be enough to secure Sinema's re-election.
According to new Federal Election Commission (FEC) filings, the lawmaker raked in approximately $1.6 million in the 4th quarter of 2021. The New York Times' Shane Goldmacher recently took to Twitter with details about the donations Sinema has received as he revealed the names of some of her biggest donors.
Per The Rolling Stone, Goldmacher noted that Sinema's big donors include: "Harlan Crow, a massive GOP donor the Texas Tribune called 'one of the biggest whales in the country'; Ken Langone, another massive GOP donor who felt 'betrayed' by Trump and switched to Biden; Nelson Peltz, the aforementioned Manchin confidante; andMiguel B. 'Mike' Fernandez, a Florida health care billionairewho threw his fortune behind Hillary in 2016 after Jeb Bush fizzled out."
In addition to the donors Goldmacher listed, Sinema has attracted Republican fossil fuel donors like Continental Resources chairman Harold Hamm and ConocoPhillipsCEO Ryan Lance. Republican voters have also applauded Sinema for her adamant support of the Senate filibuster.
But despite raking in the big bucks, Sinema still faces a number of obstacles that could compromise her chances of re-election. According to the analysis written by The Intelligencer's Ed Kilgore, money from Republican donors won't necessarily help Sinema win over Democratic voters. In fact, Kilgore explains why Sinema's war chest likely will not prove to be beneficial on the Republican side either.
Kilgore argues that Sinema's moderate stance on key issues and voting record won't be enough to win unwavering support from Republican voters.
"Trouble is, smiling upon a pol for screwing up the hated opposition party’s agenda is not the same as voting to reelect her," Kilgore wrote. "According to FiveThirtyEight’s analysis of Sinema’s voting during her two years in the Senate when Trump was president, she voted with the 45th president half the time. That was about the same as Manchin’s level, but far lower than nearly all Republicans. The GOP is a party with extremely low tolerance for dissidence."
Voter registration is another barrier. "The Republican voters who give Sinema favorable ratings can’t cross over to support her in a Democratic primary," Kilgore explained, adding, "and aren’t going to vote for her in a general election against an actual Republican."
Sinema could also end up splitting the vote with a Democratic opponent that hopes to unseat her. But Kilgore is confident about one thing. He wrote, "Whether you view her as a brave and principled dissident or a scurrilous traitor, Sinema is probably, from a political point of view, toast."
Wendy’s & Wall Street + Millionaire CEOs propping up abortion ban politicians
LittleSis research analyst Derek Seidman profiled Trian Partners, the powerful hedge fundbehind Wendy’s, and itsbillionaire CEO Nelson Peltz, who refuses to meet the modest demands of the Coalition of Immokalee Workers. The article - written for *Truthout* and reposted at *Eyes on the Ties* - went viral and was shared over 80,000 times on Facebook alone, making it one of our most widely-read stories ever. (Check out what the Coalition of Immokalee Workers had to say about the article here).
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