Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found

David Barstow, Susanne Craig, Russ Buettner and Megan Twohey, Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found. The New York Times, 1 October 2016.

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show. The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.”

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Panama Papers Show How Rich United States Clients Hid Millions Abroad

Eric Lipton and Julie Creswell, Panama Papers Show How Rich United States Clients Hid Millions Abroad. The New York Times, 5 June 2016. Financial transactions “for a stable of wealthy clients from the United States are outlined in extraordinary detail in the trove of internal Mossack Fonseca documents known as the Panama Papers. The materials were obtained by the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists, and have now been shared with The New York Times. In recent weeks, the papers’ revelations about Mossack Fonseca’s international clientele have shaken the financial world. The Times’s examination of the files found that Mossack Fonseca also had at least 2,400 United States-based clients over the past decade, and set up at least 2,800 companies on their behalf in the British Virgin Islands, Panama, the Seychelles and other jurisdictions that specialize in helping hide wealth…. For many of its American clients, Mossack Fonseca offered a how-to guide of sorts on skirting or evading United States tax and financial disclosure laws.”

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The Bank Robber: The computer technician who exposed a Swiss bank’s darkest secrets

Patrick Radden Keefe, The Bank Robber: The computer technician who exposed a Swiss bank’s darkest secrets. The New Yorker, 30 May 2016. “A few days before Christmas in 2008, Hervé Falciani was in a meeting at his office, in Geneva, when a team of police officers arrived to arrest him. Falciani, who was thirty-six, worked for H.S.B.C., then the largest bank in the world. He was on the staff of the company’s private Swiss bank, which serves clients who are wealthy enough to afford the minimum deposit—half a million dollars—required to open an account…. As the Swiss police escorted him from the building, he insisted that he had done nothing wrong.”

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The Panama Papers: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption

Bastian Obermayer, Gerard Ryle, Marina Walker Guevara, Michael Hudson, Jake Bernstein, Will Fitzgibbon, Mar Cabra, Martha M. Hamilton, Frederik Obermaier, Ryan Chittum, Emilia Diaz-Struck, Rigoberto Carvajal, Cécile Schilis-Gallego, Marcos Garcia Rey, Delphine Reuter, Matthew Caruana Galizia, Hamish Boland-Rudder, Miguel Fiandor and Mago Torres, Giant Leak of Offshore Financial Records Exposes Global Array of Crime and CorruptionThe International Consortium of Investigative Journalists, 3 April 2016. “Millions of documents show heads of state, criminals and celebrities using secret hideaways in tax havens. In this story: Files reveal the offshore holdings of 140 politicians and public officials from around the world. Current and former world leaders in the data include the prime minister of Iceland, the president of Ukraine, and the king of Saudi Arabia. More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories. Major banks have driven the creation of hard-to-trace companies in offshore havens.”

About this project.

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New Koch: Rebranding the Koch Brothers

Jane Mayer, New Koch: Rebranding the Koch Brothers. The New Yorker, 25 January 2016. “The billionaire brothers are championing criminal-justice reform. Has their formula changed?… On the night of November 2nd [2015], well-dressed Wichita residents formed a line that snaked through the lobby of the city’s convention center. They all held tickets to the Wichita Metro Chamber of Commerce’s annual gala, which had drawn thirty-five hundred people. The evening’s featured speaker, Charles Koch, had lived in town almost all of his eighty years, but few locals—even prominent ones—had ever laid eyes on him. Charles, along with his brother David, owns virtually all of the energy-and-chemical conglomerate Koch Industries, which is based in Wichita and has annual revenues of a hundred and fifteen billion dollars. Charles’s secretive manner, right-wing views, and concerted campaign to exert political influence by spending his fortune have made him an object of fascination, especially in his home town. “You never see him,” one local newsman whispered.”

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How to Cover the One Percent

Michael Massing, How to Cover the One Percent. The New York Review of Books, 14 January 2016. “As the concentration of wealth in America has grown, so has the scale of philanthropy. Today, that activity is one of the principal ways in which the superrich not only “give back” but also exert influence, yet it has not received the attention it deserves. As I have previously tried to show, digital technology offers journalists new ways to cover the world of money and power in America,1 and that’s especially true when it comes to philanthropy.” This is the second of two articles. The first is Reimagining Journalism: The Story of the One Percent, published in The New York Review of Books on 17 December 2015.

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Our Invisible Poor

Dwight Macdonald, Our Invisible Poor. The New Yorker, 19 January 1963.
In September 2012, Jill Lepore wrote in Smithsonian Magazine: “On January 19, 1963, the New Yorker published a 13,000-word essay, ‘Our Invisible Poor,’ the longest book review the magazine had ever run. No piece of prose did more to make plain the atrocity of poverty in an age of affluence. Ostensibly a review of Michael Harrington’s book The Other America, which had all but disappeared since its publication in 1962, “Our Invisible Poor” took in a slew of other titles, along with a series of dreary economic reports, to demonstrate these facts: The poor are sicker than everyone else, but they have less health insurance; they have less money, but they pay more taxes; and they live where people with money seldom go….

“The Other America sold 70,000 copies the year after Macdonald’s essay was published (the book has since sold more than a million copies). “Our Invisible Poor” was one of the most widely read essays of its day. Walter Heller, chairman of the Council of Economic Advisers, gave John F. Kennedy a copy. The president charged Heller with launching a legislative assault on poverty. After Kennedy’s assassination, Lyndon B. Johnson took up that charge, waging a war on poverty. He lost that war. In the years since, with the rise of a conservative movement opposed to the basic tenets of Macdonald’s interpretation and Johnson’s agenda, the terms of the debate have changed. Government, Macdonald believed, was the solution. No, Ronald Reagan argued, citing the failures of Johnson’s War on Poverty, government is the problem.”

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