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REVEALED: The U.S billionaires avoiding their taxes

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From Jeff Bezos, Elon Musk and Warren Buffett, new details have emerged about how little tax US billionaires actually pay.

News website ProPublica has reportedly viewed the tax returns of America’s wealthiest individuals… with the White House saying the leak is “illegal” and the FBI is now investigating.

The website makes allegations that Bezos paid no tax in 2007 and 2011, whilst Musk paid nothing in 2018.

A White House spokeswoman called the leak “illegal”, and the FBI and tax authorities are investigating.

It’s also believed that the top 25 richest Americans each pay less tax than the average US worker.

ProRepublica says it will continue to analyse a “vast trove of Internal Revenue Service data” on the taxes of the billionaires, and promises to release further details later in the week.

The news site goes onto add “using perfectly legal tax strategies, many of the uber-rich are able to shrink their federal tax bills to nothing or close to it.”

Biden’s plan to raise tax for tech giants

President Joe Biden has vowed to increase tax on the richest Americans.

He wants to raise the top rate of tax, double the tax on what high earners make from investments, and change inheritance tax.

25 richest Americans collectively jumped by $401bn from 2014 to 2018, but they paid $13.6bn in income tax over those years, according to ProPublica.

World

Fears of a coup as military force arrests Sudanese leaders

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Unidentified Sudanese military forces have reportedly arrested four cabinet ministers and one civilian

There are also reports that the military have surrounded the house of the country’s Prime Minister Abdallah Hamdok, as the leader remains in house arrest.

It comes as the PM warns that Sudan is facing the “worst crisis” of its transition to civilian rule following the removal of its long-time ruler more than two years ago.

The remarks on Friday come as the country reels from deep divisions among the civilian and military political factions that have been leading its transition under an August 2019 power-sharing deal with the aim of leading the country towards free and fair elections.

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Sport

Michael Jordan’s sneakers sell for record $1.47m at auction

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A pair of basketball shoes worn by US basketball star Michael Jordan have sold for a record price at a Las Vegas auction

Jordan wore the pair of Nike Air Ships during his rookie season with the Chicago Bulls in 1984.

The shoes were what founded the iconic partnership between Jordan and Nike – now a signature global brand.

The sale also marks the highest price ever paid for game-worn footwear of any sport, easily beating out the previous record of $615,000 paid for a pair of Nike Air Jordan’s in 2020.

The price still falls short of the most expensive sneakers ever sold.

Recent sales are just the beginning of rare shoe market that’s beginning to soar.

In April, rapper Kanye West’s Nike Air Yeezy 1 Prototypes sold for $1.8 million at a private sale.

The record price for sneakers has broken several times in recent years, and the market is now considered much more niche than ever before, attractive interest from leading collectors as well as the general public.

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World

Ship spews toxic gas off Canada’s coast

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Sixteen people have been evacuated as fire rages onboard the Zim Kingston container ship off the coast of Canada

The vessel was en route to Vancouver when it caught fire on Saturday, and has since been expelling toxic gas which officials say is not a risk to people on land.

The coast guard reported the ship was carrying more than 52,000 kg of chemicals located in two of the ten containers that caught fire.

“The ship is on fire and expelling toxic gas,” the Canadian coast guard said. It added that 10 containers had been affected by the fire.

“Currently there is no safety risk to people on shore, however the situation will continue to be monitored,” it said.

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