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The vast majority of the ultrawealthy’s loans do not appear in the tax records obtained by ProPublica since they are generally not disclosed to the IRS. But occasionally, the loans are disclosed in securities filings. In 2014, for example, Oracle revealed that its CEO, Ellison, had a credit line secured by about $10 billion of his shares.
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That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.
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Athletes would have to notify universities 15 days ahead of signing endorsement contracts. The Senate Workforce and Higher Education Committee approved the bill Tuesday, the same day Ohio State University football coach Ryan Day testified that quick passage was needed to ensure other states with similar legislation would not put Ohio schools at a recruiting disadvantage.
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