JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

How JPMorgan Chase became America's biggest bank

From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to the repeal of Glass-Steagall, the financial crisis, and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

Andrew Jackson was the first and only president to eliminate the national debt

After Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression.

Ray Dalio considers betting against the US debt load in 1982 among his biggest failures

In the early days of his hedge fund, Bridgewater Associates, Ray Dalio calculated that the US had accumulated more debt than it was possible to repay. He took short positions in the market that backfired when the Federal Reserve cut interest rates and avoided a global economic collapse. Dalio lost everything and even had to borrow $4K from his dad—but often describes this experience as one of the most pivotal moments in his career.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

How tax laws helped the federal government catch mob bosses during Prohibition

The IRS arrested top mob bosses during Prohibition after the Supreme Court ruled illegally-made income could be taxed. The IRS's biggest catch was Al Capone, who was charged with tax evasion and sentenced to 11 years in prison. But Capone wasn't the only bootlegger the IRS nabbed for tax evasion during this era.

Financial advice from America’s founding fathers

Several of America's founding fathers—Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton—espoused various financial platitudes during their lives. According to the financial publication Kiplinger, much of their advice holds up in modern times. This article rounds up a few wise words from the founding fathers (and even one first lady) about compound interest, taxes, and education. For money-management tips from America's early days, click here.

About one dollar in every six that are owed to the federal government aren't paid each year

That adds up to close to $1T in what's known as the "tax gap." Read a breakdown on the main drivers of tax evasion (distinct from legal tax avoidance) in the US.

Capital gains taxes were first levied in the US in 1913

However, up until 1921, they were treated the same as ordinary income. Ever since then, rates have swung up and down.

Congress banned banks from paying checking account interest for 80 years

Known as "Regulation Q," the act sought to stop bank competition for customers involving increasing interest rates in the 1930s. This competition led banks to make reckless investment decisions to pay higher interest rates. During the ban, banks competed by focusing on convenience (ATMs, branches), relying on fees, and building relationships.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

The story of a bitcoin loophole that gave one man millions

James Parker discovered a glitch in an Australian cryptocurrency exchange that would allow him to cash in credits worth over $20M and make big gifts to his friends. Like most loopholes, the authorities found out, but not before his life was transformed. The first in a six-part series.

A mysterious man named Emmerich Juettner once produced thousands of counterfeit $1 bills

After his wife died in 1937, Juettner fell into financial trouble and soon began replicating $1 bills. These bills aren’t typically prime targets for counterfeiting given their low value.

John Marshall gained national prominence during the XYZ Affair

In 1797, President John Adams sent Marshall to France amid seizures of American ships. French intermediaries demanded loans and bribes before talks, and Marshall refused. Publication of the dispatches fueled the Quasi-War and elevated his reputation in the United States.

Charles Schwab kick-starts zero-commission era for retail investors

Throughout history, retail investing was often too expensive for many individuals. That’s because investors owed the cost of the trade as well as the commission and fees due to the broker. Charles Schwab revolutionized the retail investing landscape in 2019 when it announced it would slash all fees on stock trading. This quickly prompted other brokerages to follow suit. Read more in this article.

J.P. Morgan provided Nikola Tesla with funding for the Wardenclyffe Tower

The structure was part of a project to transmit electricity and communication signals wirelessly across the globe. Shortly after construction began, Guglielmo Marconi beat Tesla to the punch and transmitted a trans-Atlantic signal, preventing Tesla from getting additional funding to finish his project.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

In 1957, a vice president at JPMorgan became an outspoken evangelist for psychedelic mushrooms

R. Gordon Wasson wrote "Seeking the Magic Mushroom" for Life magazine in 1957. It was a groundbreaking piece of journalism that introduced mainstream society to psychedelic mushrooms. He retired from JPMorgan in 1963 and continued researching and writing about psychedelic experiences for the rest of his life.

The Federal Reserve Act's foundation was laid in a secretive meeting at the world's most prestigious club

Republican Sen. Nelson Aldrich of Rhode Island organized a highly secretive meeting of the minds at the world’s most prestigious club on Jekyll Island, Georgia, where a who’s who in the financial world hashed out details over the course of a week.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

When Dickens was 12, his father was imprisoned for debt

John Dickens was imprisoned at Marshalsea Debtors' Prison in London for failing to pay his debts. The experience forced the young Charles to leave school to help provide for his family. It also eventually informed his fiction, which often called for social reform, including the abolition of debtors' prisons.

Jazz's popularity inspired a moral panic

When jazz exploded in the 1920s, some believed the music's sudden popularity was the sign of a rotten nation, with one 1920 address at the University of Wisconsin proclaiming, "We are in deadly fear of the Jazz Devil, the demon which is consuming the country." Often, the connections were racialized, with columnists and preachers suggesting that jazz's Black artists were attempting to degrade white America.

Hamilton publicly admitted to an affair to rebut corruption charges

In 1797, Alexander Hamilton published the Reynolds Pamphlet, confessing to an extramarital affair and blackmail payments to disprove accusations of financial corruption—clearing his name legally but ruining his reputation.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Mark Twain had many gripes with the US Postal Service

Twain often complained about the cost of postage and the service's inefficiencies, often sharing these criticisms in newspaper opinion pieces. Still, in 1907, the USPS issued a commemorative stamp featuring his face.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Despite being favored by 87% of Americans, Congress does not have term limits.

Many legends about George Washington, including his supposed wooden teeth and the story of cutting down the cherry tree, lack evidence.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

See 33 images that became central to huge scandals, including a young Charles and Camilla, Michael Jackson's baby on a hotel balcony, and Hugh Grant's mugshot.

'Grand Canyon of the Yellowstone,' a work by American painter Thomas Moran, inspired Congress to establish Yellowstone National Park.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Against his wishes, Albert Einstein's brain was removed before his cremation, and the pathologist responsible stored it for decades in mason jars within a beer cooler.

American dance legend Martha Graham, sometimes called 'the Picasso of dance,' refused to perform at the 1936 Olympics in Berlin and conceived the piece 'Chronicle' in response to the experience.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

View the ten deadliest tornadoes in US history.

After her fellow cult members tried to kill her with an LSD-infused hamburger, one member of the Manson Family, the murderous cult led by Charles Manson, decided to testify against the group's leader.

Larger animals like giraffes, elephants, and blue whales have developed a unique defense against cancer, a phenomenon known as Peto's Paradox

Brian Wilson wrote the Beach Boys' 'Don't Worry Baby' for the Ronettes, but the legendary girl group rejected it.