November 15, 2012 |
WASHINGTON -- Mayors and millionaires are joining the parade of interest groups through the White House as the administration tries to build support for President Obama's plan to raise taxes on the wealthy. The president plans to visit New York City on Thursday to view damage from Superstorm Sandy, but Vice President Joe Biden is due to host about a dozen mayors from across the country for a conversation on the subject. Meanwhile, senior administration officials are set to meet with members of the Patriotic Millionaires for Fiscal Strength, a group of high earners lobbying Congress on behalf of the president's general approach to tax policy.
November 8, 2012 |
What do Thomas Steyer and Chris Kelly know that fellow California high-rollers George Joseph, Molly Munger, her brother Charles T. Munger Jr. and Nicolas Berggruen don't? All six multimillionaires bankrolled a ballot proposition in this year's election. But voters approved the ones backed by Steyer, a financier in San Francisco, and Kelly, a former Facebook executive; the rest effectively flushed their money down a rathole. Here's one reason: Steyer and Kelly had the good sense to align themselves with unions.
October 28, 2012 |
A counterpart to the biblical adage that the poor will always be with us is the notion that the rich will always be one tax hike away from leaving us. That's the foundation stone, after all, of the argument against raising taxes on "job creators" and of bestowing preferential treatment on capital gains (largely collected by the rich) over wage income (the sustenance of us other poor slobs). And it's a linchpin of the campaign against Proposition 30, Gov. Jerry Brown's proposal to raise income taxes on income above $250,000, topping out at a 13.3% rate on income over $1 million.
October 1, 2012 |
Mink-lined Birkenstock-style sandals? Check. Fuzzy, wuzzy mink pumps? Check. The Celine runway show was all about such cheeky luxe lounge statements. When it comes to fashion now, Celine designer Phoebe Philo has that je ne sais quoi . You only have to look at the fashion pack to know. Celine's minimal color-block totes and smooth calfskin clutches are the It bags du jour -- small pieces of the polished, pared-down aesthetic that Philo has helped popularize, and which has now trickled all the way down to Zara.
September 19, 2012 |
To hear Republican presidential nominee Mitt Romney tell it, the "47%" of people who pay no federal income taxes are a bunch of government-hugging freeloaders who aren't pulling their economic weight. In fact, he's talking about his fellow millionaires. At least some of them. According to the Tax Policy Center, about 4,000 households with annual incomes over $1 million ended up paying zilch in federal income taxes last year. An additional 14,000 households falling into this category made between $500,000 and $1 million.
September 19, 2012 |
In the imaginary universe of Mitt Romney, the 47% of Americans who pay no income tax are loafers, shiftless bums and welfare queens who will all vote for President Obama in November. In the real world, that 47% includes the working poor, the newly unemployed, handicapped people, the elderly, veterans, 4,000 millionaires and the nation's greatest icon, the American cowboy. A few years ago, I helped move a herd of cattle with some honest-to-God cowboys on a big ranch near White Sulphur Springs, Mont.
September 17, 2012 |
In case you were wondering, it's a swell time to be a billionaire. But it kind of stinks to be a mere millionaire. Market researcher Wealth-X says the number of people with at least $30 million in ready cash climbed to 187,380 last year but their total wealth fell 1.8% to $25.8 trillion, which is nevertheless still more than the combined economies of America and China. Taking the biggest hit were those with fortunes ranging from $200 million to $499 million. Their ranks fell by about 10% and the size of their wads dropped 11.4%.
August 30, 2012 |
Just in case you were beginning to think rich people were deeply misunderstood and that they feel the pain of those who are less fortunate, here's the world's wealthiest woman, Australian mining tycoon Gina Rinehart, with some helpful advice. "If you're jealous of those with more money, don't just sit there and complain," she said in a magazine piece . "Do something to make more money yourself -- spend less time drinking or smoking and socialising, and more time working. " Yeah, let them eat cake.
August 14, 2012 |
Beneath a crystal chandelier, Dev Patel ponders budget car-buying. The 22-year-old actor, clad in a soft cotton V-neck tee, relaxed jeans and dirt-scuffed green sneakers, surveys two publicists, a photographer and a photographer's assistant at the Beverly Hills Four Seasons. "How much do you pay for car insurance? How much do YOU pay?" Patel, who earned his driver's license in London last year, has cruised Los Angeles for months in a rented Toyota Corolla while costarring as blogger Neal Sampat in Aaron Sorkin's latest creation,"The Newsroom," which ends its much-discussed first season on HBO on Aug. 26. A suburban U.K. native with Indian roots, he's now settling into Hollywood, hoping to build a series of unexpectedly attention-grabbing roles into a serious career.
August 12, 2012 |
With business investments and a family inheritance, Rep. Paul D. Ryan of Wisconsin and his wife have accumulated millions of dollars in assets and generated income last year well above his congressional salary, according to his most recent financial disclosure statement. Mitt Romney's newly announced running mate reported assets in the range of $2 million to $7.7 million. The largest was the interest that his wife, Janna, holds in a trust resulting from the 2010 death of her mother, Prudence Little.