The trick? Route the money to Bermuda and back.
With inequality at its highest levels in nearly a century and public debate rising over whether the government should respond to it through higher taxes on the wealthy, the very richest Americans have financed a sophisticated and astonishingly effective apparatus for shielding their fortunes.
Some call it the “
income defense industry,” consisting of a high-priced phalanx of lawyers, estate planners, lobbyists and anti-tax activists who exploit and defend a dizzying array of tax maneuvers,
virtually none of them available to taxpayers of more modest means.
(All you need is an experienced and affordable tax lawyer?)
New Intel CEO Pat Gelsinger told employees that the company must “execute flawlessly” and become a leader in every product category to “set a new era of innovation and technological leadership.”
Gelsinger, who began as Intel’s new leader Monday, made the comments in a Tuesday letter to the semiconductor giant’s 110,000-plus employees, which was published to the company’s website.
In the letter, Gelsinger talked about his previous 30-year tenure at Intel, four key technology trends that will guide the company’s future and the company’s unique capabilities in the semiconductor industry. He also cited his former bosses and Intel’s co-founders Gordon Moore, Bob Noyce and Andy Grove and said they inspired him to become the company’s CEO, his “dream job.”
The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players.
The stakes are enormous: The surge in trading drove GameStop’s value up by more than $10 billion on Wednesday alone. On Thursday, as several trading platforms temporarily placed restrictions on the stock, the shares slid 44 percent, only to soar again on Friday after the trading restrictions were eased.
Exactly why GameStop’s value on paper, at least has rocketed to stratospheric levels has to do with a mix of traditional investing, rampant enthusiasm, stock market mechanics and the belief that anyone with a Robinhood account can meme a fortune into existence.