The vast majority of the ultrawealthy’s loans do not appear in the tax records obtained by ProPublica since they are generally not disclosed to the IRS. But occasionally, the loans are disclosed in securities filings. In 2014, for example, Oracle revealed that its CEO, Ellison, had a credit line secured by about $10 billion of his shares.
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In comparison, Singapore rewards its gold medalists nearly 20 times more than the U.S. Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars ($737,000). The prize money is taxable and awardees are required to return a portion of it to their national sports associations for future training and development.
The Ohio Casino Control Commission will begin accepting applications for sports betting licenses on Jan. 1 and begin awarding licenses by April 1. Ohio could earn about $17 million in tax revenue for the fiscal year beginning July 1 of 2022 and $23 million the following year, according to a legislative analysis. The bill calls for 98% of the tax to be deposited in an education fund and the remaining 2% in a fund for problem sports gambling.
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Asked whether it was appropriate that he had paid no income tax in certain years, Icahn said he was perplexed by the question. “There’s a reason it’s called income tax,” he said. “The reason is if, if you’re a poor person, a rich person, if you are Apple — if you have no income, you don’t pay taxes.” He added: “Do you think a rich person should pay taxes no matter what? I don’t think it’s germane. How can you ask me that question?”
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