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Wealthy People

BUSINESS
September 13, 2002 | CURT ANDERSON, ASSOCIATED PRESS
The Internal Revenue Service on Thursday announced plans to focus more attention on high-income individuals and those involved in tax avoidance schemes. The intent is to uncover those who avoid taxes and hide income, instead of just checking returns for mistakes or simple omissions. IRS Commissioner Charles Rossotti said the aim is to free up auditors to focus on such areas as tax shelters, offshore credit cards used to hide income and wealthy people who fail to file returns.
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BUSINESS
April 17, 2012 | By David Lazarus
Our Republican friends have once again made it clear: Rich people shouldn't pay more taxes. The so-called Buffett rule collapsed in the Senate as Democrats failed to convince enough of their GOP colleagues to cross the aisle and end a filibuster. Only one Republican, Susan Collins of Maine, voted in favor of bringing the legislation to a vote. It would have required people making more than $1 million a year to pay a tax rate of at least 30%.  The rule is named for billionaire Warren Buffett, who has repeatedly pointed out that his secretary pays a higher tax rate than he does.
OPINION
May 3, 2013
Re "A split of haves and have mores," April 28 The Laguna Beach Unified School District has an inequitable funding problem similar to the one faced by the Santa Monica-Malibu Unified School District, which seeks to distribute money donated by wealthier parents to less well-off campuses. Enthusiastic parents in my district collect millions for our already incredibly wealthy school district. I routinely propose sharing our funds with our much less wealthy neighbors in Santa Ana, but this suggestion is met with either blank stares or nervous laughter.
BUSINESS
December 26, 2006 | Molly Selvin, Times Staff Writer
When it comes to charity, wealthy people in the Los Angeles area are more generous than their counterparts in Silicon Valley and other parts of California, according to a study to be released today. Southland high-income residents give away twice as much of their wealth as those in the rest of the state, according to the study, which analyzed the charitable patterns of Californians who earned more than $200,000.
BUSINESS
April 1, 1998 | From Associated Press
Talk about putting your money where your mouth is. A group of wealthy people said Tuesday that they are so offended by the lack of fairness in last year's tax law that they will donate proceeds from their capital-gains tax cut to charity or to the federal government. "As beneficiaries of numerous policies that are tilted in our favor, we felt a responsibility to take action to create a more fair system," said Mike Lapham, project director for a group called Responsible Wealth.
NEWS
March 25, 1987 | Associated Press
The number of rich Americans able to avoid all federal income tax has dropped significantly, but 13 of every 1,000 still pay a smaller percentage than an average middle-income family, a new government study shows. The study by the Treasury Department, on returns filed in 1985, indicates that 325 couples and individuals with incomes of more than $200,000 paid zero tax. That was one of every 1,000 people at that income level.
NEWS
February 1, 2012 | By Maeve Reston
Clarifying a statement that quickly went viral on the Internet on Wednesday morning, Mitt Romney said he was concerned about poor Americans but was focused on the problems of the middle class in his quest for the White House. On CNN on Wednesday morning after his 14-point win in Florida Tuesday night , Romney said he was “not concerned about the very poor” because they have “a safety net there” and “if it needs repair, I'll fix it.” ( Watch video below. ) “You've got to take the whole sentence, all right?
BUSINESS
May 7, 2012 | By Deborah Netburn
Men are more likely to look things up on their smartphone than women. Wealthy people are more likely to use their smartphones for real time searches than poorer people. And less than 50% of people over 65 are using their phones for real-time searches, according to new data from the Pew Internet Report. Researchers at the Pew Internet Report asked more than 2,254 Americans ages 18 and older to answer questions about how they used their mobile phones in the last 30 days. For this study , they looked specifically at how people use their phones to answer immediate questions -- what the researchers are calling "just-in-time searches.
BUSINESS
August 23, 1990 | From Associated Press
Nearly 28.5% of America's personal wealth is in the hands of 3.3 million people whose holdings exceed the entire gross national product, the Internal Revenue Service reports. The IRS says the richest 1.6% of U.S. adults--those with assets of $500,000 or more--had total holdings of $4.3 trillion and a combined net worth of $3.8 trillion in 1986, the latest year for which figures are available.
BUSINESS
June 11, 2006 | Tom Petruno, Times Staff Writer
To live in California is to pay the highest state income tax rate in the nation, if you're wealthy enough. Last week, voters had a chance to raise that tax rate to new heights by approving Proposition 82. They declined. Did they figure that the Golden State's rich were already thoroughly soaked -- or did 82, which would have funded universal preschool for 4-year-olds, just not present a convincing enough case?
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