to allow george soros and michael bloomberg and carl -- and carl icahn to pay zero in federal incomeaxes. after everyone fully understands the system that we have in place, and then everybody decides that that is fine with them, of course, that is ok with us, that we -- but we wanted to explain the system as it exists today to let people see it with clear eyes. host: in texas, independents. caller: i do a little research because i hear the democrats talking about the top 1%, they do not pay their fair share, but the top 1% pays 40% of all of the federal tax. the top 2% pay 31% of all of the federal tax, the top 10% money earners pay 71% of all federal tax. the next 50% of people, working class, paid 29%. the bottom 40% do not pay any tax at all. to say that the top 1% do not pay their fair share is a big lie. what we need to do is get the bottom 40% working, which is a big drag on our whole economy and everything would be fixed. host: jesse eisinger, your thoughts? guest: i think that the point, a couple of points. the 1% is actually a relatively big number for a country of 330 milli

carl icahn borrows billions of dollars. larry ellison had a $10 billion credit line.ny taxes and they're living lavishly in the case of carl icahn we're all subsidizing the leverage that he uses to boost his returns. so is that a system that's effective? is that a system that's fair are they paying their fair share? we think this is the right measure. i don't think it's gibberish at all. i don't think haig simons in the 1920s thought it was gibberish to measure money this way. it's a very carefully done analysis. >> i agree with you there's a very fair question to be asked about whether we should be incentivizing the interest expense of loans to be used in this way at this level i've asked questions about -- when it comes to philanthropy at that level, what the kinds of deduction that should turn out to be and whether and how you can deal with the step up in basis issue and eliminating that at death so you can capture all of this. >> >> there are elements you and i are completely in agreement with there's a big question right now about this data itself which is to say

report cites irs data, and named elon musk, jeff bezos, michael bloomberg, carl icahn, george soros,. overall, from 2014 through 2018, they played a true tax rate of just 3.4%, compared to 14% for the median us household. and they reached out to those named in the report. those who commented said that they paid the taxes that were due. >>> vintage wine estates went public today in a $690 million ipo. they made the move after entering into a merger agreement with bespoke capital. the wine estates will expand the portfolio of more than 50 wine and spirit brands, plus doubling the production capacity up to 15 million cases per year. >>> good news for earth friendly coffee drinkers, starbucks has announced that it will let customers bring their own mugs back to stores, starting june 22. the coffee giant has suspended the program as of last march because of the pandemic. >>> coming up, one of san francisco's most popular free concert when you're born and raised in san francisco, you grow up wanting to make a difference. that's why, at recology, we're proud to be 100% employee owned with l

in other words, you and i and all of the taxpayers in america are helping carl icahn borrow so that he have better returns in the stock market. >> yeah, you know, people should know if you add up all of the wealth in america and make it one big, old pie, the super wealthy are getting most of those pieces and the rest of us are getting fractions of a slice and the bottom fifth of our society are getting crumbs or zero pie. they owe pie. they're in debt. jeffrey isinger, this is a landmark piece in propublica. and i look forward to each and every entry. thank you for inning us. >>> ahead, dr. jon lapook about wh >>> ahead, prosecutors have a new weapon against el chapo's cartel. why the drug kingpin's wife could take down other cartel members with her. yikes. >>> also, our "eye on earth" series looks at the terrible drought gripping the west. we'll show you how it's endangering the salmon populations, very dry there. >>> plus, the massive effort to save them. you're watching "cbs this morning." whoa, susan! ohhh... i'm looking for coupon codes. well, capital one shopping instantly search

it found that in some years jeff bezos, elon musk, michael bloomberg, and carl icahn did not pay a singlees. the 25 wealthiest americans paid about 3.4% in federal taxes compared to 14% for households earning around $70,000 per year. >>> best buy is joining a growing list of retailers that will close on thanksgiving. it's the second straight year the electronics chain will close. a trend that started in the pandemic to cut down on crowds. best buy says it will have more ways for customers to get their holiday shopping done over the black friday weekend. target and walmart already announced they'll be closed on thanksgiving. >>> and starbucks is on a mission to help the planet again. customers can bring in their own reusable cups at company-operated stores beginning in about two weeks. personal mugs will not be accepted at drive-throughs just yet. only clean cups will be allowed in stores, and baristas will not clean them. starbucks had restricted personal cups more than 15 months ago when the pandemic first broke out. anne-marie? >> all right. diane king hall at the new york stock exchang

the activist investor is carl icahn.lobal news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> there's a strong recovery of oil demand in china, europe, and elsewhere. if the oil producers, opec+, stick to their current policies, we may see a widening gap between supply and demand. jonathan: it's the theme of demand at the moment. that was fatty be real -- that was thought to be role -- that was fatih birol, executive director of the iea. there's the move on crude. $68 on wti, and $71 handle on brent. $71.04, up 0.2%. tom: let's get right to it. this conversation is too important. janine -- jeanine wai is out of barclays. i have to focus on the responsiveness in dynamics of oil price to, say, exxon mobil's free cash flow. his ex on a real oil company now , or -- is exxon a real oil company now, or is it a bank that just happens to own oil? jeanine: that is a very interesting question. we do think th

carl icahn, the company has said he is in support of this deal. there are other software companies.is a hot market, a hot space for deals. the rational is what we see -- the rationale is what we see with a lot of private equity, that may it will do better in private hands. questions about what the next deal would look like when it comes to cloudera. and snowflake, a red-hot ipo as well. alix: is this in line with other deals we are seeing in private equity? what do you think? sonali: great question because private equity is making this big technology play. software is crowded and people go into that space when they know they can do well. what i am hearing this year is that money alone, leverage alone, will do it. letting all these private equity firms out to prove that they can be better owners than the public markets themselves. we will see in three to five years how that will work. alix: since there is so much money in this space, what are valuations looking like? you have spac's competing, public market valuations already high, so the return in three to five years will be a big d

to allow george soros and michael bloomberg and carl -- and carl icahn to pay zero in federal incomees. after everyone fully understands the system that we have in place, and then everybody decides that that is fine with them, of course, that is ok with us, that we -- but we wanted to explain the system as it exists today to let people see it with clear eyes. host: in texas, independents. caller: i do a little research because i hear the democrats talking about the top 1%, they do not pay their fair share, but the top 1% pays 40% of all of the federal tax. the top 2% pay 31% of all of the federal tax, the top 10% money earners pay 71% of all federal tax. the next 50% of people, working class, paid 29%. the bottom 40% do not pay any tax at all. to say that the top 1% do not pay their fair share is a big lie. what we need to do is get the bottom 40% working, which is a big drag on our whole economy and everything would be fixed. host: jesse eisinger, your thoughts? guest: i think that the point, a couple of points. the 1% is actually a relatively big number for a country of 330 million

carl, overwhelmingly what i want is for carl icahn to make a sock puppet video that responds to it andes to take it down. that's what i want, though it won't probably happen. >> i have little to add, although i can't wait to ask gary gentzler about this one >> dee, this is certainly going to be one of those things, like the sock puppet before it from pets.com where we thought about it showing kind of the sign of the apocalypse before the dot-com bust, whether it is a bust or not i don't know this is another sock puppet we are going to remember. anyway, meantime, tesla planning to roll out its new model s plaid today at the fremont plant in california, the higher end version of the model s will cost just under $120,000 and can go nearly 400 miles on a single cha. elon musk saying the car can go from zero to 60 in seconds carl >>> some remote work, stay-at-home names back in the green led by zscaler, twilio and roku and zoom. chips, the sector is higher bring about 2% we did get new projections for semiconductor sales for next year, in the 8% to 9% range. faangs getting involved, amazon

the largest shareholder is activist investor carl icahn.bal news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> is expressed to me and to our group numerous times his desire to work with us and negotiate a package, and i think that is what you see, that we are inching towards each other. i understand there is a deadline here. i understand at some point, if we don't get there -- but it won't be because we didn't try. jonathan: senator shelley moore capito speaking on fox news over the weekend. from new york, this is bloomberg. alongside tom keene and lisa abramowicz, i'm jonathan ferro. 7:30 eastern just around the corner. before we get there, 7:18. i can go since this morning. i sound like tom. [laughter] i've been away for a couple of days, and this is what happens. yields higher by a couple of basis points to 1.6130%. tom: we had a cast of thousands were place you on friday. jonathan: how did that work out? tom: i'm

that's something that we could do if people like jeff bezos, mike bloomberg, warren buffett and carl icahndoing that with tax revenue, but we're not. and that is so frustrating to me and it is so frustrating to so many people. you are right about what you said at the top, that it's about the rules being rigged so that these people will have every opportunity to avoid paying their fair share. but you're also right in that the rules can be changed and they need to be changed immediately because this is just really distressing. >> yeah. i appreciate your point on that and your writings on it. we had a whole big presidential election with people like warren and sanders talking about you don't only have to tax income, you might have a wealth tax. some people are in control where they don't name an income. they could name it whatever. okay. the government could keep up with that if it wants to. erin, always good to have you back on "the beat." >> thank you. >> thank you. >>> up ahead, new developments in the giuliani criminal probe and the evidence. rgies don't hae scary. spraying flonase daily

there were a number of responds from warren buffett, carl icahn and others in the story and no one hasisputed the figures. >> journalistically there is an ethical question here, and i'm not faulting you. i wouldn't have made a different decision but i wonder when you discuss this with your editors, given the unknown providence of the documents, i mean, you don't know where they came from. it could be a foreign actor theoretically, right? i moan, was this a discussion you had? >> yeah. well, our main concern was it authentic and was it tailored for us in some way and that was not the case? we had to work for months on this to get it into a shape where we, you know, were satisfied that it was, you know, it was accurate and it was saying something clear and so, you know, that was our main concern was that, you know, we're not being led into something. we have a chance to stay with this for a long time and come to our own conclusions which is what happened. paul kiel, thanks so much. congratulations on the big scoop. i want to talk about it with richard quest who is cnn's business editor a

simple way to avoid taxable income we men you can get a loan at a pretty low rate we mentioned carl icahnlars and that's secured in part by penthouse apartments so you can get very cheap credit and you can invest and do other things so there's a range of strategies. >> your report came out this morning. this afternoon we got a news alert that the irs is investigating how this got leaked to propublica i'm not asking about your sources, but are you able to reveal any information about why it may have been given to you?ho >> what we think is important for people to know is that this wasn't cherry picked or tailored in any way we got a very large amount of information. we spent many months working through it, making sure that it was authentic, making sure we understood it, and making sure that it wasn't, as i said, tailored in some way and we could come to our own conclusions about what we wanted to say about it and what it was saying we plan to do more stories about that whenever we do a story and decide to do a story because we think it's an important topic, we're going to approach anyone m

let's take a look at cloudara, that's a software firm, carl icahn is one of the largest shareholdershey are about to be taken private isn't that right, susan? >> you're right that's why you're looking at the stock surging up today by 23% so this is an analytics cloud- based company, and yes, it looks like kkr will be buying it for about $16 a share, so we're very close to that off a price which means that wall street thinks this deal will go through it's about a $4.7 billion deal in total, and that's pretty much the premium, the two fridays closing price of 24% that's why the stock is doing what it's doing right now. ashley: not bad, 24%, we'll say. china's rivals to trading at robinhood, guess what? they're looking to get into the crypto craze. what are they doing susan? >> i don't blame them so they are looking to get into the u.s. and global markets, and talking about brokers so yes there's a lot more competition coming down the pipeline and both have applied for licenses to operate right here in america and also in singapore so this will allow local customers including american o

short squeezes ♪ >>> the financial innovation carl icahn as part of a push to use bitcoin in every day the key take aways. >> believe it or not, she is a pioneer in the crypto industry it's the first state to set up a crypto banking system. there is a special charter for crypto banks and they are awaiting approval from the federal reserve to get routing numbers to integrate into traditional banking. the senator told me wyoming has fostered an unusual partnership between the state's legacy industry, energy, and bitcoin miners. >> where oil and gas is produced in our state, when you drill an oil well, a gas well for a while it's not hooked up it a pipeline so the product especially gas is being vented into the air. well, now these bitcoin miners are pulling in a trailer, hooking up to that vented gas, and using it to mine bitcoin and doing it in a way that keeps carbon out of the air and uses it to produce another product, bitcoin. >> now, she cited that example to defend the industry from its environmental critics. my full interview and all of the sessions from today's financial visor s

due to investment losses offsetting his income elon musk also paid no federal income tax in 2018 carl icahn will use all legal means to determine who leaked this tax information that made for an incredible story that made for good nuggets and another good argument for how we have a tax code that's both so complicated and can allow billionaires to pay zero federal income tax in certain years. >> interesting story 12 years begot bezos taxes buffett also who has argued for higher taxes basically pays none that said, most -- bloomberg and soros and buffett incredibly charitable a lot of their money goes to foundation 99% of their net worth is given away charitably. so there's that part of this, isn't it >> reporter: it's worth reminding people, wealth is not income as you were chatting with jim and carl earlier today, we tax income not wealth. you can be incredibly wealthy and gain billions in the valve your stock in one year but take very little income and in some cases warren buffer fte would take $11 or $12 million income and offset of that with charitable contributions jeff bezos had invest

remember, the charitable deduction, which is one of the big reasons jeff bezos, warrant buffet, soros, carl icahn rates, which is how we tax in america, not wealth, the charitable deduction has been around for over 100 years. there are limits, at least before and hopefully after the pandemic, on what you can deduct and you know, remember, millions of americans give to charitably every year that's one reason the u.s. is such a charitable country. no other country has the same tax policy i think the question will be, yes, you can target the income tax rate that the very wealthy pay relative to the wealth, but will that limit overall giving by americans which again, makes america so exceptional relative to the rest of the world >> yeah, great point we are by far, i think, the most charitable robert, thank you. >>> all right, as we head to a break, take a look at clover health stock jumping again today after yesterday's 12% gain as the meme trade appears to take hold on the stock once more it's up about 10% right now. though still at about half of its peak price less than an hour into trading and it'

that is the new headquarters of billionaire carl icahn was one of the first to get out of new york toix months last year. there it is in sunny isles, where it is pouring with rain. stu. back to you. stuart: thanks very much indeed. ashley: sure. stuart: from florida, coming up to new york, the new york city mayoral race is in absolute chaos. 135,000 test ballots made it into the count. they shouldn't be there. the numbers were withdrawn. chaos, we have got full details. >>> first, republican congressman ken buck wants to break up big tech. i want to know why. i will ask him next. ♪ ♪ introducing schwab stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow. tums vs. mozzarella stick schwab. when heartburn hits, fight back fast with tums chewy bites. fast heartburn relief in every bite. crunchy outside, chew

retirement accounts all use capital losses to offset investment games and dividends next up is borrowing carl icahnhael bloomberg. they're offsetting. >>> what your' saying is we have a cap but that doesn't get at the heart of the headline issue here which is that these are wealthy people who generate little income relative to the wealth and, therefore, don't pay any or very little income tax. so even if you've got, let's say, rid of that deduction for billionaires or you stepped it up to let's say nothing over $1 million is allowed in interest expense, that wouldn't solve the problem. yes, it's an added benefit of being able to borrow against the stock. the premise is these are wealthy people not paying taxes on the wealth getting rid of that deduction or lowering the bar doesn't deal with that. >> this goes to the issue of whether you want a wealth tax or as you know i talk a lot about the idea of simply creating a stepup or eliminating the step up in basis issue at death on the estate tax i have a view which i've said aloud many times, a lifetime is enough not to pay taxes and i recognize that t