Billionaires are using a loophole to avoid Medicare taxes. Closing it — and eliminating other ways around the tax for wealthy business owners — could raise more than $250 billion over 10 years for the program.
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In today's newsletter: How Wall Street billionaires avoid paying Medicare taxes and more from our “Secret IRS Files” series; look up the formaldehyde cancer risk in your neighborhood; and more from our newsroom.
Some of Wall Street’s richest and most powerful figures are using a legal loophole to avoid paying millions of dollars in taxes earmarked for health care, a ProPublica investigation found.
Formaldehyde is emitted from cars, trucks, planes, industrial facilities and many other sources. It’s also formed in the atmosphere when other chemicals combine in the presence of sunlight. Even if you don’t live in a high-traffic area or an industrial zone, the geography and climate of your area could increase your cancer risk from formaldehyde because of this so-called secondary formation.
Our new lookup tool allows anyone in the country to understand their outdoor risk from formaldehyde. Search for your address to see risks from the chemical on your block and where it comes from.
