Share to Twitter Share to Linkedin IRS Commissioner Charles “Chuck” Rettig recently testified before Congress that while the official estimate of the “tax gap” is $400 billion, “it would not be outlandish to believe that the actual tax gap could approach and possibly exceed one trillion dollars per year.” The “tax gap” is the difference between how much should be paid and collected in taxes in the United States each year and how much is actually paid and collected each year. According to the Congressional Budget Office , the IRS’ funding has been cut by an estimated 20 percent since 2010, forcing it to eliminate 22 percent of its staff. Enforcement is down by 30 percent. Without question, the IRS budget for enforcement should be increased, and done so quickly so that all Americans pay their fair share of taxes. However, if Congress and the President really want to get serious about tax enforcement, they must fund the IRS’s ability to provide good customer … [Read more...] about How To Close The Tax Gap? Provide Better IRS Service, As Well As More Audits Of The Rich
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Gavet, photographed on the Bolshoy Kamenny Bridge, in Moscow, is that rare outsider who has thrived in Russia’s insular business community. | Photo by Yuri Kozyrev “We will have dinner,” Maelle Gavet says. “And you will see the girls.” advertisement advertisement “The girls?” I ask. “I told you I’d show you the nightlife of Moscow” is Gavet’s riddle of a reply. “I will show you the nightlife of Moscow.” Gavet–CEO of Russia’s largest e-commerce company, Ozon Holdings , and the closest thing this country has to a Jeff Bezos–is taking me to Soho Rooms, one of the city’s hottest nightclubs, and then we’ll be off to a few more clubs. If we’re still upright by 8 a.m., we plan to check out a pretty cool after-hours spot she knows about. “Or you can go home if you get too tired,” she adds. advertisement advertisement It’s 10 p.m. in Moscow on a sticky May night. The sun is just going down. And as Gavet’s driver–a … [Read more...] about Is This The Jeff Bezos Of Russia?
Share to Twitter Share to Linkedin Tesla’s (TSLA) market cap surpassed the trillion-dollar mark, driven by a post-earnings rally that got a boost from the announcement of a 100,000-vehicle order from Hertz (HTZ), which might not even happen. Even if it does come to pass, the Hertz order is a drop in the bucket of growth expectations baked into Tesla’s valuation. Tesla needs 155 Hertz-sized orders to justify the revenue expectations in its stock price. Put another way, the $1.2 trillion valuation implies Tesla owns 60%+ of the entire global passenger EV market and becomes more profitable than Apple (AAPL) by 2030. This report provides objective perspective on how outrageously high the valuation of Tesla stock is and the clear impracticality of the company meeting the expectations baked into its valuation. Tesla’s Valuation vs. Competitors Makes No Sense Tesla’s market cap is now greater than the next 10 largest (ranked by market cap) auto manufacturers … [Read more...] about Tesla: $1 Trillion Of Speculation
Image source: The Motley Fool. NIO Inc. ( NYSE:NIO ) Nov 09, 2021 , 8:00 p.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated third quarter 2021 earnings conference call. [Operator instructions] I will now turn the call over to your host, Ms. Eve Tang from Capital Markets and Investor Relations. Please go ahead, Eve. Eve Tang -- Investor Relations Good morning and good evening, everyone. Welcome to NIO's third quarter 2021 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted at the company's IR website. On today's call, we have Mr. William Li, founder, chairman of the board, and chief executive officer; Mr. Steven Feng, chief financial officer; and Mr. Stanley Qu, senior vice president of finance. Before we continue, please be kindly … [Read more...] about NIO Inc. (NIO) Q3 2021 Earnings Call Transcript
Share to Twitter Share to Linkedin Big data and analytics player Palantir’s stock (NYSE: PLTR) has already lost about 21% of its value year-to-date in 2022, underperforming the S&P 500 which is down by about 6%. The stock also remains down by almost 45% from its November 2021 highs. While high-growth software stocks have seen a sell-off, due to the prospect of rising interest rates and the broader market rotation out of pandemic winners into real economy sectors, there are some stock-specific factors that are impacting Palantir, as well. For example, investors are likely a bit concerned about the slower growth at the company’s government business over Q3 2021 and also due to its growing dependence on the U.S. market for commercial revenue growth. However, we think that Palantir stock looks like a good pick at its current market price of about $15 per share. Despite the recent concerns, Palantir’s overall growth rate is likely to remain solid. Sales are on … [Read more...] about Down 45% Since November, Is Palantir Stock A Buy?
Photo by Phillip Toledano; Styling: Katie Rusch The Manhattan laboratory of International Flavors & Fragrances, a facility that spans the better part of a Midtown office floor, has more bottles lying around than a frat house on Sunday. advertisement advertisement There are about 84,000 of them, each filled with a potent oil, divided up among the lab’s 28 bays. Every time some rich banker prowls around town wearing Calvin Klein’s Eternity or a debutante trails Oscar de la Renta’s Live in Love across an Upper East Side penthouse party, they are rewarding the labors of IFF’s team of perfumers. Both scents were made here. “But yesterday was a big Axe day, I can tell you,” Veronique Ferval, IFF’s creative center manager, tells me. “You could walk around and could smell . . .” . . . a high-school locker room? But she’s cut off by Ann Gottlieb, the woman who oversees all Axe scents. IFF is currently trying to win the contract for Axe’s 2014 scent … [Read more...] about Axe’s Highly Scientific, Typically Outrageous And Totally Irresistible Selling Of Lust
Share to Twitter Share to Linkedin My firm’s Focus List Stocks: Long Model Portfolio outperformed the S&P 500 by 35% in 2021. This report looks at a Focus List Long stock that outperformed in 2021 and is positioned to outperform again in 2022. General Motors Co (GM) outperformed in 2021 and still presents quality risk/reward. Focus List Stocks Outperformed in 2021 The Focus List Stocks: Long Model Portfolio contains the “best of the best” of my Long Ideas, and leverages superior fundamental data, which provides a new source of alpha. The Focus List Stocks: Long Model Portfolio returned , , on average, 58% in 2021 compared to 23% for the S&P 500, per Figure 1. Figure 1: Focus List Stocks: Long Model Portfolio Performance from Period Ending 4Q20 to 4Q21 Because my Focus List Stocks: Long Model Portfolio represents the best of the best picks, not all Long Ideas make the Model Portfolio. I published 66 Long Ideas in 2021 but added … [Read more...] about General Motors: Focus List Outperformer I Still Like
Abhi Ramesh had expected to return with only fresh fruit the first time he went apple-picking with his future wife in Lancaster, Pennsylvania. But he also brought home a business idea. "There were apples all over the ground," says Ramesh, a serial entrepreneur who had earlier founded a coding school and an e-commerce startup. "I saw just firsthand how much food goes to waste at the farm level. I was shocked at the time." As a longtime Philadelphia resident, he had been increasingly interested in the issue of food deserts--areas where groceries, particularly fresh produce, are not widely available for purchase. Ramesh began visiting nearby farms and thinking about how food waste could be saved . In 2018, he launched his Delanco, New Jersey-based company, Misfits Market , a discounted grocery-delivery subscription service that mails customers boxes of "unwanted" produce. From the Ground Up Most produce doesn't make it from farms to grocery-store shelves because of … [Read more...] about How a Day of Apple-Picking Led to Misfits Market, a $2 Billion Startup on a Mission to Feed the Hungry
Few investors have a more illustrious track record of making money than Berkshire Hathaway ( NYSE:BRK.A ) ( NYSE:BRK.B ) CEO Warren Buffett. Including the nearly 30% gain in Berkshire's Class A shares in 2021, Buffett has overseen the creation of more than $600 billion in market value, averaged an annual return on Berkshire's stock of over 20%, and delivered an aggregate return on shares in excess of 3,600,000% since the beginning of 1965. In other words, riding the Oracle of Omaha's coattails can be quite profitable. In 2022, five Buffett stocks, among Berkshire Hathaway's 43 holdings, stand out as exceptional values that can be bought hand over fist. Berkshire Hathaway CEO, Warren Buffett. Image source: The Motley Fool. Amazon Though Buffett's portfolio is predominantly built around the idea of owning value stocks, e-commerce giant Amazon ( NASDAQ:AMZN ) is the perfect example of a growth stock that's still an incredible deal. As many people are likely … [Read more...] about 5 Buffett Stocks to Buy Hand Over Fist in 2022
Share to Twitter Share to Linkedin Will Morris, former chair of the tax committee at Business at OECD, reflects on his nearly decadelong tenure and experiences leading the business community through OECD global corporate tax reform projects. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International . This week: changing voice. For nearly a decade, Will Morris has been a leading advocate for the business community on tax matters at the OECD. As chair of the tax committee for Business at OECD (BIAC), he has participated in what might have been the most active period of work on international tax in history. He recently stepped down from that role and spoke with Tax Notes chief correspondent Stephanie Soong Johnston about his experience. Stephanie, welcome back to the podcast. Stephanie Soong Johnston: Thanks. Great to be here as always. … [Read more...] about The Tax Diplomat: Reflections From Former BIAC Tax Chair