This Is How America’s Ultra Wealthy Are Evading The Democrats’ New Taxes

For most Americans, the term Private Placement Life Insurance, or PPLI, is financial gibberish. But for the ultra-wealthy, those who represent the top 0.1% in the wealthy pyramid, that acronym represents financial freedom from the coming Democratic tax hike tsunami.

As many ultra wealthy Americans – those whose net worth is $20 million and over – scramble for places to hide from Democrat plans to hike their taxes, many on Wall Street think they’ve found just the thing, and as Bloomberg reports today the tax oasis is a niche strategy called private placement life insurance, which is was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Advisers to the top 0.1% already say it’s dominating conversations with their clients.

The threat of higher taxes, which President Biden has affectionately called making billionaires and millionaires pay their “fair share”, isn’t the only factor sparking interest in PPLI: as Bloomberg’s Ben Steverman writes, “a little-noticed change in US insurance law at the end of 2020 makes the tool more powerful, at the same time that competition among insurance carriers and advisory firms is giving rich investors more flexibility, lower costs and a wider choice of products on PPLI platforms.”

The math is simple: as long as assets are held in a PPLI policy, they escape taxes, much to the horror of wealth redistributionists like Elizabeth Warren. When the holder of a PPLI policy dies, heirs inherit the PPLI’s contents tax-free, a perk which strikes at the heart of Biden’s plans to get the very wealthy to pay more taxes on their investments, especially on capital gains that currently aren’t levied if assets are held until death.

Keep reading

The Covid Debate Isn’t A Medical Issue, It’s A Social One

If you’ve been told in the last 15 months or so that you and your family are selfish, careless people for going about your business or normal lives without considering how the Covid-19 pandemic is affecting everyone else, you’re not alone.

If you’ve been lectured ad nauseam by news outlets, social media platforms, elected officials, etc. on the importance of following guidelines meant to supposedly protect us, you’re also not alone. There’s just one problem – the Covid policy debate isn’t a medical issue, it’s a social one.

By now, most of us are pretty well aware of Covid’s effects on our lives. Even as variants develop and the so-called science of pandemic expert-turned state-approved celebrity Dr. Anthony Fauci fluctuates, to our mainstream culture, the pandemic is not over. For the average citizen and their family, this news is disheartening, but to the elite, it couldn’t be less of a problem.

Covid Has No Meaningful Effect Whatsoever on the Elite

Since the beginning of the pandemic, it’s been made clear to us tragically common people that for politicians, media figures, celebrities, and the other privileged few, the pandemic is merely an inconvenience more than anything else.

We’re lectured with wagging fingers that not getting vaccinated is the most entitled and self-absorbed action we could possibly conceive. Meanwhile… 

Chicago mayor Lori Lightfoot says that the city might be “forced” to reinstate some of the nation’s strictest policy measures to curb the spread of possible new variants. Just weeks ago, hundreds of thousands of people descended on Chicago’s Grant Park for the annual Lollapalooza festival. The event, where the price of just a day’s admission is $130, had an estimated 350,000 attendees, yet no city officials expressed concern over the possibility of the event causing a surge in Chicago’s Covid cases (while simultaneously, South Dakota’s Sturgis Motorcycle Rally was quickly labeled a superspreader event and its attendees lambasted). 

There’s no basis for moral posturing from elites when their lives haven’t essentially changed. 

In the aftermath of the festival, city officials seemed pleased as punch to declare that there was no evidence to suggest that the four-day gathering resulted in an increase in cases. Then, just three days later, it was reported that 200 positive Covid tests had been linked to the festival. While 200 out of an estimated 350,000 isn’t a superspreader, it’s also not nothing. 

If you’re asking yourself why these two events with nothing in common could be depicted so differently in the media, take a moment to think about it. Who’s more likely to blindly support progressive policies, swarms of young Millennials and Gen Zers (who can afford to pay thousands of dollars to attend a four-day festival), or a group of bikers who publicly display symbols of American pride?

Keep reading

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.

Keep reading

‘Divisive’: How Corporate Media Dismiss Ideas Unpopular With Elites

New York Times columnist Paul Krugman (Twitter12/29/20) described a $2,000 Covid relief check as “divisive,” even though 75% of Americans (and 72% of Republicans) wanted the government to prioritize another universal payment. All too often, words such as “divisive,” “contentious” or “controversial” are used merely as media codewords meaning “ideas unpopular with the ruling elite”—what FAIR calls “not journalistically viable.”

Medicare for All is a prime example of this. At least since the issue began receiving national media attention as a result of Sen. Bernie Sanders’ 2016 presidential campaign, a majority of Americans have supported some form of national, publicly funded healthcare system. Some polls have found nearly three in four support the idea, including a majority of Republican voters. Yet corporate media continue to disparage universal public health insurance, labeling it “divisive” (Axios2/14/20), “controversial” (Christian Science Monitor6/4/19Time10/24/19New York Times1/1/20) or “politically perilous” (Associated Press3/25/19).

Keep reading