Meet the Billionaire and Rising GOP Mega-Donor Who’s Gaming the Tax System

Susquehanna founder and TikTok investor Jeff Yass has avoided $1 billion in taxes while largely escaping public scrutiny. He’s now pouring his money into campaigns to cut taxes and support election deniers.

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Series: The Secret IRS Files: Inside the Tax Records of the .001%

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One day in July 1985, three young people, their lawyers, and the noisy security guard Pinkarton came to the racetrack on the outskirts of Chicago with a $ 250, 000 cash. According to interviews, recording, and news reports, Jeffrey Yas and their friends have found a way to get out of the racetrack bookmaker by processing numbers on a compuck computer, which is as large as a small refrigerator. A few months ago, they bet $ 160, 000 and believed that tens of thousands of bets could determine the order of seven different races accurately. It was a complex theory of horse racing odds, which was polished with the help of a doctor of statistics who was involved in the lunar landing in NASA. They won $ 760, 000 and won the best victory in the history of horse racing. However, on that summer, they presented a surprisingly long betting list at the racetrack window and were refused. As a result of contacting the racetrack owner, they were kicked out. Yas, who was still 27, sued for betting rights. A circuit lawyer told the Federal judge that men were trying to hunt down the "statistics and numbers" gambling market. Yasu lost, but that year he and his friends repeated strategies in Paa. < SPAN> Change the look to change the look

Propabrica is a no n-profit news room that investigates power abuse. If you register, we will deliver it as soon as the largest article is published.

One day in July 1985, three young people, their lawyers, and the noisy security guard Pinkarton came to the racetrack on the outskirts of Chicago with a $ 250, 000 cash. According to interviews, recording, and news reports, Jeffrey Yas and their friends have found a way to get out of the racetrack bookmaker by processing numbers on a compuck computer, which is as large as a small refrigerator. A few months ago, they bet $ 160, 000 and believed that tens of thousands of bets could determine the order of seven different races accurately. It was a complex theory of horse racing odds, which was polished with the help of a doctor of statistics who was involved in the lunar landing in NASA. They won $ 760, 000 and won the best victory in the history of horse racing. However, on that summer, they presented a surprisingly long betting list at the racetrack window and were refused. As a result of contacting the racetrack owner, they were kicked out. Yas, who was still 27, sued for betting rights. A circuit lawyer told the Federal judge that men were trying to hunt down the "statistics and numbers" gambling market. Yasu lost, but that year he and his friends repeated strategies in Paa. Change the look to change the look

Propabrica is a no n-profit news room that investigates power abuse. If you register, we will deliver it as soon as the largest article is published.

One day in July 1985, three young people, their lawyers, and the noisy security guard Pinkarton came to the racetrack on the outskirts of Chicago with a $ 250, 000 cash. According to interviews, recording, and news reports, Jeffrey Yas and their friends have found a way to get out of the racetrack bookmaker by processing numbers on a compuck computer, which is as large as a small refrigerator. A few months ago, they bet $ 160, 000 and believed that tens of thousands of bets could determine the order of seven different races accurately. It was a complex theory of horse racing odds, which was polished with the help of a doctor of statistics who was involved in the lunar landing in NASA. They won $ 760, 000 and won the best victory in the history of horse racing. However, on that summer, they presented a surprisingly long betting list at the racetrack window and were refused. As a result of contacting the racetrack owner, they were kicked out. Yas, who was still 27, sued for betting rights. A circuit lawyer told the Federal judge that men were trying to hunt down the "statistics and numbers" gambling market. Yasu lost, but that year he and his friends repeated strategies in Paa.

But thanks to that, one of the most important qualities that helped him rise to stratospheric wealth took place out of sight. Yass applied the same professionalism he used at Hippodrome and Options Markets to another job in front of his eyes: personal tax accounts. And the benefits turned out to be unimaginable: a mere $1 billion in tax savings over the past six years, which is consistent with the analysis of tax administration data by ProPublica publications. During this time, Yass paid an average federal income tax rate of just 19%, much lower than Wall Street investors. Yass devised a trading strategy that lowered tax restraints, but this does not have a legitimate face. He was repeatedly tested by tax authorities, but continued to test the permissible face. Susquehanna Corporation often went to court to resist the government, and one langery says that the fight with the auditors ended with expensive losses. In court documents, the company claims to comply with the law. By personal accounts, Yass's low rate is even more pronounced because Susquehanna trades short-term. Funds earned from such short-term trades are usually taxed at a 40% rate. In recent years, Yass's annual income has been unusually high, almost entirely from winnings. Publica has revealed the details of the tax evasion by tax returns, securities reports, court records, and interviews from former traders and executives. (Former employees said on the condition of anonymous, but almost all stated that they didn't want to offend the spear). Yasi refused to interview for the article. The spokeswoman refused to explain the list of long questions to Sasukehana and the company's long questions. A doctor at the Georgia University Faculty of Law and a former corporate tax accountant Greg Polsky, a former corporate tax accountant hired by Propabrica to investigate the tax record of Sasukehana, said there are probably many things to be elucidated. According to his text, the strategy revealed from the record of Yasu is "it is very suspicious and shows the possibility that the tax authorities should investigate." Yasu and his partner paid only low tax rates, unlike the billionaire in other walls. For hig h-income earners in 2017, ordinary income, that is, income from shor t-term trading of stocks, was taxed at a maximum of 40%tax rates. However, special kinds of profits such as lon g-term investments, such as profits, were taxed at a maximum of 20 % tax rates. The graph indicates what percentage of each person's taxable income has been taxed in 2017 at a low tax rate. Jeffrey Yas, Sasukehana 100 % low tax rate Arthur Danchiku (Sasuke Hana Joel Greenberg, Sasukehana Cliff Asnes, AQR Ken Griffin, Citadel But thanks to that, one of the most important qualities that helped him rise to stratospheric wealth took place out of sight. Yass applied the same professionalism he used at Hippodrome and Options Markets to another job in front of his eyes: personal tax accounts. And the benefits turned out to be unimaginable: a mere $1 billion in tax savings over the past six years, which is consistent with the analysis of tax administration data by ProPublica publications. During this time, Yass paid an average federal income tax rate of just 19%, much lower than Wall Street investors. Yass devised a trading strategy that lowered tax restraints, but this does not have a legitimate face. He was repeatedly tested by tax authorities, but continued to test the permissible face. Susquehanna Corporation often went to court to resist the government, and one langery says that the fight with the auditors ended with expensive losses. In court documents, the company claims to comply with the law. By personal accounts, Yass's low rate is even more pronounced because Susquehanna trades short-term. Funds earned from such short-term trades are usually taxed at a 40% rate. In recent years, Yass's annual income has been unusually high, almost entirely from winnings. Publica has revealed the details of the tax evasion by tax returns, securities reports, court records, and interviews from former traders and executives. (Former employees said on the condition of anonymous, but almost all stated that they didn't want to offend the spear). Yasi refused to interview for the article. The spokeswoman refused to explain the list of long questions to Sasukehana and the company's long questions. A doctor at the Georgia University Faculty of Law and a former corporate tax accountant Greg Polsky, a former corporate tax accountant hired by Propabrica to investigate the tax record of Sasukehana, said there are probably many things to be elucidated. According to his text, the strategy revealed from the record of Yasu is "it is very suspicious and shows the possibility that the tax authorities should investigate." Yasu and his partner paid only low tax rates, unlike the billionaire in other walls. For hig h-income earners in 2017, ordinary income, that is, income from shor t-term trading of stocks, was taxed at a maximum of 40%tax rates. However, special kinds of profits such as lon g-term investments, such as profits, were taxed at a maximum of 20 % tax rates. The graph indicates what percentage of each person's taxable income has been taxed in 2017 at a low tax rate. Jeffrey Yas, Sasukehana 100 % low tax rate Arthur Danchiku (Sasuke Hana Joel Greenberg, Sasukehana Cliff Asnes, AQR Ken Griffin, Citadel

Rob Granieli, Jane Street

John Overdeck, Two Sigma

David Sigel, Two Sigma

Millennium Management < SPAN> Publica, Millennium Management, has revealed detailed tax evasion, a tax return, securities report, court record,, and interviews with former traders and executives. (Former employees said on the condition of anonymous, but almost all stated that they didn't want to offend the spear). Yasi refused to interview for the article. The spokeswoman refused to explain the list of long questions to Sasukehana and the company's long questions. A doctor at the Georgia University Faculty of Law and a former corporate tax accountant Greg Polsky, a former corporate tax accountant hired by Propabrica to investigate the tax record of Sasukehana, said there are probably many things to be elucidated. According to his text, the strategy revealed from the record of Yasu is "it is very suspicious and shows the possibility that the tax authorities should investigate."

Yasu and his partner paid only low tax rates, unlike the billionaire in other walls. For hig h-income earners in 2017, ordinary income, that is, income from shor t-term trading of stocks, was taxed at a maximum of 40%tax rates. However, special kinds of profits such as lon g-term investments, such as profits, were taxed at a maximum of 20 % tax rates. The graph indicates what percentage of each person's taxable income has been taxed in 2017 at a low tax rate. Jeffrey Yas, Sasukehana Jeffrey Yas, Sasukehana For hig h-income earners in 2017, ordinary income, that is, income from shor t-term trading of stocks, was taxed at a maximum of 40%tax rates. However, special kinds of profits such as lon g-term investments, such as profits, were taxed at a maximum of 20 % tax rates. The graph indicates what percentage of each person's taxable income has been taxed in 2017 at a low tax rate.

Joel Greenberg, Sasukehana

Cliff Asnes, AQR

Ken Griffin, Citadel

Rob Granieli, Jane Street John Overdeck, Two Sigma David Sigel, Two Sigma John Overdeck, Two Sigma Jeffrey Yas, Sasukehana

100%low tax rate

Arthur Danchiku, Sasukehana

Joel Greenberg, Sasukehana

Cliff Asnes, AQR

Ken Griffin, Citadel Rob Granieli, Jane Street

John Overdeck, Two Sigma

David Sigel, Two Sigma

Millennium Management Publica, Millennium Management Publica, has revealed the details of the tax evasion by tax returns, securities reports, trial records, and interviews from former traders and executives. (Former employees said on the condition of anonymous, but almost all stated that they didn't want to offend the spear). Yasi refused to interview for the article. The spokeswoman refused to explain the list of long questions to Sasukehana and the company's long questions. A doctor at the Georgia University Faculty of Law and a former corporate tax accountant Greg Polsky, a former corporate tax accountant hired by Propabrica to investigate the tax record of Sasukehana, said there are probably many things to be elucidated. According to his text, the strategy revealed from the record of Yasu is "it is very suspicious and shows the possibility that the tax authorities should investigate."

Yasu and his partner paid only low tax rates, unlike the billionaire in other walls.

For hig h-income earners in 2017, ordinary income, that is, income from shor t-term trading of stocks, was taxed at a maximum of 40%tax rates. However, special kinds of profits such as lon g-term investments, such as profits, were taxed at a maximum of 20 % tax rates. The graph indicates what percentage of each person's taxable income has been taxed in 2017 at a low tax rate.

Jeffrey Yas, Sasukehana

100 % low tax rate

Arthur Danchiku (Sasuke Hana

Joel Greenberg, Sasukehana

Cliff Asnes, AQR

Ken Griffin, Citadel

Rob Granieli, Jane Street

John Overdeck, Two Sigma

David Sigel, Two Sigma

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100%low tax rate

Arthur Danchiku, Sasukehana

Joel Greenberg, Sasukehana

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Note: Propublica contacted the billionaire supporters listed here. They all abandoned this explanation. Despite being kicked out of Hipodrome near Chicago, Jas is still gambling. Not only for horses, but also for poker and bazaar. In an interview with a podcast, he confessed that he was basically doing it, such as preparing a bet in his sons' sports games. When asked about his personal claims when trading Sasuke Hana, he had answered a poker. "If you are the sixth poker player in the world, if you play against the five good players, you will lose." Even if you have your own skills, you can win with a weak opponent. According to personal confessions, the huge number of success is another big millionaire in another big millionair e-he is Hollywood's big Davi d-Gufen. , Retail Transactions King Charles-Schwab and Star Wars Developer George-Lucas-Lucas-Lucas-Lucas-Lucas seem to be more interested in the attributes of X-Trail < Span> Note: Propublica is published here. All of them were given out of Hippo Dorome, although they all contacted the supporters. In an interview with the podcast, I was basically asked for a personal claim when I was doing a bet in my sons. "If you play a poker player in the world, you will lose your five good players in the world. This philosophy, according to Yasu's personal confession, created almost all millions of millions. Compared to the chief-he is Hollywood's big David-Gufen, Retail Transaction King Charles-Schwab and Star Wars Developer George-Lucas-Lucas Note that he doesn't seem to be more interested in the X-Trail attribute: Propublica They have been given out of Hippo Dorome, who have been given this explanation here. In an interview with pods as well as horses, I basically trade in sports. Yasu, who was asked for a personal claim, had answered the poker, "If you play a poker player in the world, you will lose. "Even if your skills are average, you can win with a weak opponent. This philosophy is, according to Yasu's personal confession, creates a huge number of hundreds of hundreds of millions. Most of the millions of millions of millions-he is more rich in Hollywood David-Gufen, Retail Developer Charles-Lucas-Lucas. It doesn't seem to be interested

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He talks about capitalism in religious definitions. He prefers to say that creating a new market is a mission from God. < SPAN> He talks about capitalism in religious definitions. He prefers to say that creating a new market is a mission from God. He talks about capitalism in religious definitions. He prefers to say that creating a new market is a mission from God.

Like many religious stories, this one begins with an appeal to faith. Born in 1958 to two accountants in Quinsen, Yass says that as a boy he encountered Milton Friedman's book Capitalism and Freedom, which saved him from his early love of socialism. By the time he graduated from Binghamton, New York University in 1979, Yass had become fascinated with trading. (His father also instilled in him a love of horse racing, taking him to the local hippodrome to watch races, according to Forbes magazine.) Yass's senior thesis was devoted to the question of whether it was possible to justify new options for advancement as socially useful. "I came to the conclusion that there must be," Yass later said. "I have four." After college, he moved to Las Vegas for a year and a half to play professional poker, then returned to the East Coast, settling in Philadelphia and starting trading options. The previous decade had seen growing academic interest in these instruments, including innovative models for more accurate pricing. Yass later called the model and its broad implications for making mathematically justified decisions "the most revolutionary idea in a long, long time." Action is a relatively simple concept.

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Time and negative results are compared to rewards. As a result, it determines whether to have an appropriate impact or avoid. According to the image of Yasu, it is worth paying $ 19 to get $ 100 with a 20 % probability, but no 21 bees. In 1987, he established Sasukehana, named after the river connecting Bingemton and Pennsylvania, along with Yas Institute. The company won the optional market explosive expansion. Later, Yasu replied in an interview with the Philadelphia Ink Wireer paper. One of the factors that symbolized Sasukehana's work, which seems to have acted on both professionalism and luck, occurred immediately after its opening. On October 19, 1987, the stock market crashed on Black Monday. On October 19, 1987, the stock market was hit by the Black Monday crash. Thanks to the option fees paid during the promotion of autumn, Sasukehana was one of the few companies that gained from the struggle in the stock market. From the beginning of the establishment, Yas has set a brand called Sasukehana as the headquarters of the brain group, hiring Doctor and excellent students. But the company did not just find IQ balls. She still needed intuition. She held a poker tournament and instructed investors. < SPAN> Time and negative results are compared with rewards. As a result, it determines whether to have an appropriate impact or avoid. According to the image of Yasu, it is worth paying $ 19 to get $ 100 with a 20 % probability, but no 21 bees. In 1987, he established Sasukehana, named after the river connecting Bingemton and Pennsylvania, along with Yas Institute. The company won the optional market explosive expansion. Later, Yasu replied in an interview with the Philadelphia Ink Wireer paper. One of the factors that symbolized Sasukehana's work, which seems to have acted on both professionalism and luck, occurred immediately after its opening. On October 19, 1987, the stock market crashed on Black Monday. On October 19, 1987, the stock market was hit by the Black Monday crash. Thanks to the option fees paid during the promotion of autumn, Sasukehana was one of the few companies that gained from the struggle in the stock market. From the beginning of the establishment, Yas has set a brand called Sasukehana as the headquarters of the brain group, hiring Doctor and excellent students. But the company did not just find IQ balls. She still needed intuition. She held a poker tournament and instructed investors. Time and negative results are compared to rewards. As a result, it determines whether to have an appropriate impact or avoid. According to the image of Yasu, it is worth paying $ 19 to get $ 100 with a 20 % probability, but no 21 bees. In 1987, he established Sasukehana, named after the river connecting Bingemton and Pennsylvania, along with Yas Institute. The company won the optional market explosive expansion. Later, Yasu replied in an interview with the Philadelphia Ink Wireer paper. One of the factors that symbolized Sasukehana's work, which seems to have acted on both professionalism and luck, occurred immediately after its opening. On October 19, 1987, the stock market crashed on Black Monday. On October 19, 1987, the stock market was hit by the Black Monday crash. Thanks to the option fees paid during the promotion of autumn, Sasukehana was one of the few companies that gained from the struggle in the stock market. From the beginning of the establishment, Yas has set a brand called Sasukehana as the headquarters of the brain group, hiring Doctor and excellent students. But the company did not just find IQ balls. She still needed intuition. She held a poker tournament and instructed investors.

Bingemton's friends operated a free office full of conflicts and games. In this office, there was a supercup pool and a general uniform. They did thoroughly. According to Philadelphia magazines, traders discussed whether Yas could named the last British King Plant Tades. They called Yasu. He spit out "Richard III" and shouted, "It's for work!" But he liked these jokes. Nevertheless, the company was developing a business outside the company. He was an enemy if he was not a company employee. When traders leaked to competitors, Sasuke Hana often sued them on suspicion of violating the duty to avoid competition. Sasukehana was aggressive in transactions, even in terms of Wall Street standards. "If he thinks you stupid, he will refute you," said one of the former Sasukehana traders. "This improves his blood flow." Sasukehana specializes in finding an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive securities such as shares and bonds without r e-consuming securities such as shares and bonds. The company has prospered thanks to the quicker of the risk and the introduction of a computer to measure the risk and test the trading strategy. Yasu not only bet himself, but also developed his company into a business. < SPAN> Bingemton's friends operated a free office full of conflicts and games. In this office, there was a supercup pool and a general uniform. They did thoroughly. According to Philadelphia magazines, traders discussed whether Yas could named the last British King Plant Tades. They called Yasu. He spit out "Richard III" and shouted, "It's for work!" But he liked these jokes. Nevertheless, the company was developing a business outside the company. He was an enemy if he was not a company employee. When traders leaked to competitors, Sasuke Hana often sued them on suspicion of violating the duty to avoid competition. Sasukehana was aggressive in transactions, even in terms of Wall Street standards. "If he thinks you stupid, he will refute you," said one of the former Sasukehana traders. "This improves his blood flow." Sasukehana specializes in finding an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive securities such as shares and bonds without r e-consuming securities such as shares and bonds. The company has prospered thanks to the quicker of the risk and the introduction of a computer to measure the risk and test the trading strategy. Yasu not only bet himself, but also developed his company into a business. Bingemton's friends operated a free office full of conflicts and games. In this office, there was a supercup pool and a general uniform. They did thoroughly. According to Philadelphia magazines, traders discussed whether Yas could named the last British King Plant Tades. They called Yasu. He spit out "Richard III" and shouted, "It's for work!" But he liked these jokes. Nevertheless, the company was developing a business outside the company. He was an enemy if he was not a company employee. When traders leaked to competitors, Sasuke Hana often sued them on suspicion of violating the duty to avoid competition. Sasukehana was aggressive in transactions, even in terms of Wall Street standards. "If he thinks you stupid, he will refute you," said one of the former Sasukehana traders. "This improves his blood flow." Sasukehana specializes in finding an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive an opportunity to receive securities such as shares and bonds without r e-consuming securities such as shares and bonds. The company has prospered thanks to the quicker of the risk and the introduction of a computer to measure the risk and test the trading strategy. Yasu not only bet himself, but also developed his company into a business.

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The company employed several hundred people. Shortly before, Susquehanna employees had gathered in Las Vegas for their annual mass celebration. Investors brought their families. The employees watched the Kentucky Derby together. A Marilyn Monroe parodist interviewed Yass' founder, delivering a string of obscene tirades. The highlight was a skit in which the diminutive investor performed "Jeff Yass Gump," a play on Forrest Gump. "My mother always said, 'I'm just like the other kids,' but they went to Harvard, Yale, and Pennsylvania. My mother replied, 'Because I'm special.' The crowd roared, and Yass yelled loudest. Despite losing some star investors in the late 1990s, Susquehanna continued to post impressive returns. Yass and the other co-founders managed to keep their big positions secret. Even in 2005, when Yass had a lifetime income of at least $1 billion, according to Forbes magazine, he was not included in the list of the richest Yankees. To some extent, this is explained by the fact that Susquehanna is considered a private company and is not allowed to disclose information about its own affairs because it only handles its own money. Like almost all other money companies, Susquehanna is not just one company, but a complex and ever-changing enterprise.

Yasu, who loves the free market, is now relying on many of his property to the US government. Yas also received additional awards from the government in their projects. It is a tax deduction for a child equivalent to $ 2, 000. Sasuke Hana immediately turned a profit. In recent years, it has become one of the companies in the center of the major banks and other markets in the stock market and other markets, instead of major banks. According to a 2018 Bloomberg report, Sasuke Hana trades 100 million listed investment trusts every day. The company is also considered a major player in the sports betting market, which is growing in explosive growth, as it goes back to the origin of Bitcoin and the origin of Ius. Sasukehana is also focusing on venture capital. One of them is a large investment in a byteDance, a Chinese company that runs the social networking app "Tiktok". In the 2010s, Yas was one of the most luxurious Yankees. However, few people knew his very low rating. According to PROPUBLICA's analysis, at least Sasukehana's c o-founders Arthur Danchik and Joel Greenberg have earned billions of dollars. In 2012, Yasu reached a new border, and his rewards exceeded billions of dollars.

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Yasu's tax rate remained low, even if profits rose to billions of dollars.

Income tax

Income tax rate

Income tax rate

Yas, who loves the income tax < Span>, is now relying on many of his property to the US government. Yas also received additional awards from the government in their projects. It is a tax deduction for a child equivalent to $ 2, 000. Sasuke Hana immediately turned a profit. In recent years, it has become one of the companies in the center of the major banks and other markets in the stock market and other markets, instead of major banks. According to a 2018 Bloomberg report, Sasuke Hana trades 100 million listed investment trusts every day. The company is also considered a major player in the sports betting market, which is growing in explosive growth, as it goes back to the origin of Bitcoin and the origin of Ius. Sasukehana is also focusing on venture capital. One of them is a large investment in a byteDance, a Chinese company that runs the social networking app "Tiktok". In the 2010s, Yas was one of the most luxurious Yankees. However, few people knew his very low rating. According to PROPUBLICA's analysis, at least Sasukehana's c o-founders Arthur Danchik and Joel Greenberg have earned billions of dollars. In 2012, Yasu reached a new border, and his rewards exceeded billions of dollars.