The Presidential Daily Brief

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  1. tax forms on a desk

    How the Rich Save Billions in Taxes

    It’s an exclusive club. An army of lawyers, lobbyists and activists reportedly make up the “income defense industry,” which has quietly created a host of tax shields for America’s elite earners. It benefits billionaires of all stripes, from GOP-backing hedge fund magnate Daniel Loeb to Democrat-funding George Soros, and its influence has spread from the tax code’s fine print to campaign-trail rhetoric. Since the 1990s, these loopholes reduced the tax liability on the nation’s wealthiest 400 by 10 percentage points — but an outgunned IRS is currently struggling to reverse that trend.

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