Each week Bala Cynwyd Billionaire Jeff Yass and his team built Susquehanna International Group, a global company that makes billions of dollars, use their numerical and statistical expertise to make rapid-fire trades in options and other securities, write Justin Elliott, Jesse Eisinger, Paul Kiel, Jeff Ernsthausen, and Doris Burke for the ProPublica.
However, the 63-year-old Yass, one of the nation’s richest and most powerful financiers, is also using the same prowess he applies to options markets to take an aim at his tax bill.
In the past six years, Yass has managed to save more than $1 billion in taxes. During that time, he paid an average federal income tax rate of 19 percent, which is significantly lower than that of comparable Wall Street traders.
He has devised strategies that lower his tax burden but also push legal boundaries. He has been audited by the IRS several times but that did not prevent him from testing the limit.
Now, he is pouring his own money into political campaigns, primarily on the right, to support causes such as anti-tax advocacy and charter schools.
Read more about Jeff Yass in the ProPublica.