Latest news with #Saez
Mint
03-05-2025
- Sport
- Mint
Filly Good Cheer stays unbeaten, rallying in the mud to win 151st Kentucky Oaks at Churchill Downs
LOUISVILLE, Ky. (AP) — Neither a muddy track nor a shaky start to the biggest race of her career deterred Good Cheer from staying perfect. The unbeaten filly rallied on the outside through the slop to overtake Tenma by the final furlong and win the 151st Kentucky Oaks by 2 1/4 lengths on Friday at Churchill Downs. Louisville-born trainer Brad Cox watched the heavy 6-5 favorite cover 1 1/8 miles in 1:50.15 on a wet but sealed surface with Luis Saez aboard. Good Cheer paid $4.78, $3.62 and $3.02 for her seventh dominant victory. The bay daughter of Megdalia d'Oro and Wedding Toast by Street entered the Oaks with a combined victory margin of more than 42 lengths, and on Friday, she added more distance to her resume with a stunning surge. It's the biggest in a string of graded stakes wins dating back to last fall, and it came with a garland of pink lilies. 'We know she is a very special filly,' said Saez, who rode to his sixth consecutive win aboard Good Cheer. 'Of course, we were a little nervous, but I know she has a lot of talent. I rode her pretty confident because we know ... she's going to make a big move.' Cox, who grew up blocks from Churchill Downs, earned his third Oaks win in seven years, Saez his second in three. Good Cheer ownership group Godolphin LLC won its second Oaks in three years and seeks its first Kentucky Derby win on Saturday with Sovereignty and East Avenue. The trainer's Oaks win follows a stakes win by filly Immersive, who won last year's Breeders' Cup Juvenile Fillies race on the way to clinching the Eclipse Award as the top 2-year-old. Cox took satisfaction in how Good Cheer ran with no room for error as the overwhelming favorite of 13 horses. 'She travels around the turn and then you're like, 'Well, she's coming,'' he said. 'And then all of a sudden, in the blink of an eye, she's three (lengths) in front of them. So she definitely passed the eye test.' Drexel Hill paid $21.02 and $11.76 for second while Bless the Broken was third and returned $4.78. A thunderstorm that roared through about two hours before the scheduled post left the track soggy and sent many of the 100,910 fans seeking shelter at the track's urging. The $1.5 million showcase for 3-year-old fillies was delayed by 10 minutes, and the conditions proved to be a minor nuisance for Good Cheer. She was off the pace after starting from the No. 11 post but well within range of the leaders before charging forward through the final turns. Good Cheer was fourth entering the stretch and closed inside and into the lead, pulling away for her fourth win at Churchill Downs and second in the mud. 'Once you get her out and open, she's going to dig in and run hard as well,' Michael Banahan of Godolphin LLC said. "I was happy enough where she was down the backside and I know there was a little bit of speed in the race as well. Luis had her in a good spot and she looked like she was running comfortably." First Published: 3 May 2025, 06:10 AM IST
Yahoo
22-04-2025
- Business
- Yahoo
Billionaires vs. the Middle Class: Who Pays More in Taxes?
While the U.S. tax system has been imperfect for quite some time, President Trump's Tax Cuts and Jobs Act — originally signed during his first term in December 2017 — has churned the fiscal waters and brought plenty of opinions and arguments from financial experts and economists back to the surface. Read Next: For You: Taxes are a big platform for Trump, but that does not mean his decisions on them are consistent or backed by supporting IRS data. In fact, he seems to have a varying idea of what it means to have everyone pay their fair share. Higher taxes are never well received, but tax cuts for high-income individuals arguably do more harm. Here's a look at a timeline and breakdown of what taxes have really been paid when it comes to the super-rich compared to middle-class income households. When people begin arguing about how much the wealthiest Americans have paid in taxes in the past versus how much they're paying now, it's helpful to have some context. According to the Tax Foundation, 'The top 1% of Americans today do not face an unusually low tax burden, by historical standards.' In the 1950s, the top marginal tax rate was 91%. Today it's 37%, which seems like a drastic drop. But, according to the Tax Foundation, the top 1% of 1950s taxpayers and income levels only ended up giving up about 42% of their income in federal state and local government taxes, which means that the current tax marginal tax rate of 37% isn't that much lower than the effective tax rate high earners faced in the 1950's. The reason for the 42% tax rate was that the 91% federal income tax rate only applied to households that had income exceeding $200,000, which were in the minority. And that high tax rate only became effective when a household's income exceeded $200,000. And even then, the higher rate only applied to the dollars above the $200,000 threshold, not every dollar earned. Average income tax rates have remained relatively stable for the wealthiest Americans. In the 1950s, the top 0.1 % of households faced average effective income tax rates of 21%, versus 20.7 % as of 2014, according to data from the Tax Foundation. However, according to the latest IRS data, the top 1% of earners paid 40.4% of all federal income taxes in 2022. This may outline the fact that it may seem the burden of the income tax system falls on taxpayers from the highest income groups, but this is only one side of the equation. Find Out: You might wonder how a top marginal income tax rate of 91% could translate into an average income tax rate of just 21% for the top 0.1% in the 1950s. As stated earlier, the 91% tax rate only applied to amounts earned over $200,000. In addition, tax avoidance behaviors and lower reported income were also likely factors. As marginal tax rates rise, it's not unusual for taxpayers to under-report income. According to authors and economists Saez and Zucman, the Tax Cuts and Jobs Act has benefited the ultra-rich. According to their research, they concluded that in 2018, the top 0.1% — the billionaires of America — paid an average effective tax rate of 23%, which factors in all federal state and local taxes. The bottom 50% of U.S. households, however, paid a higher rate of 24.2% toward income tax. As of 2025, The Tax Cuts and Jobs Act of 2017 will sunset in favor of a new overhaul with major tax policy changes for both individuals and corporations, including eliminating income tax. Though these plans are not enacted as of yet and could put more money in your pocket, many economists fear the negative implications could include inflation. Economist Gabriel Zucman described how he perceives the U.S. tax system — as a giant flat tax where each segment of the population – except for the wealthiest Americans — commits around 25 to 30% of its income in taxes. The wealthiest Americans pay a lesser rate of 23%, which means that the tax system becomes regressive at the top. Not surprisingly, the culprit that upset the tax system — according to Saez and Zucman — is Trump's Tax Cuts and Jobs Act, though that will be put to rest in 2025, and a likely new plan will arise that could turn the tax system on its head. Although the president repeatedly stated that the TCJA would benefit the middle class — and it has to a point — many experts point out that the wealthiest Americans are the ones who have benefited the most from the tax cuts. According to Saez and Zucman, it's not only the bottom 50% of households who pay more — which includes many in the middle class — it's also those in the upper middle class and in the top 1% who pay more in taxes than the 0.1% do. Billionaire investor Warren Buffet is known for saying that he pays less tax as a percentage than his secretary does. While that may seem impossible, it's not. Buffet and other billionaires are mainly taxed on capital gains income as investors — not salary or income earned as an employee. And capital gains income is taxed at a lower rate than ordinary income is. As with any economic theory based on data, opponents have been able to poke holes in the theories presented by Saez and Zucman. Here are some points to consider. Saez and Zucman did not include refundable tax credits and benefit programs that aid in offsetting the cost of excise, payroll and sales taxes. The omission of these particular credits and benefits is significant. For example, the refundable portions of the Child Tax Credit and Earned Income Tax Credit can keep many low-income workers – mainly those who have children — from owing federal payroll tax on their earnings. The result of failing to include these credits and benefits in the calculations can make it appear that the lowest income earners are paying more in taxes than they actually are. Estimated average tax rates are determined by dividing the taxes paid by the income. However, the assumption is that not all income is reported to the IRS. For their study, Saez and Zucman assumed that all households underreported income in proportion to their reported income, even when IRS taxpayer audit data shows that's not true. Unfortunately, misallocating under-reported income inflates the income of the highest earners, which, in turn, drives down the estimated tax rate. The result: It can look like the highest earners are paying less in taxes than they really are. The bottom line is that the issues surrounding whether the wealthiest in the U.S. are paying less taxes than the middle class won't rest. From economists to presidential hopefuls to tax policy organizations, everyone has a point — or three — to make. Here's a preview of what you can look forward to in the future regarding these issues. Perhaps, Forbes senior contributor Howard Gleckman stated it best, 'Arguments about methodology shouldn't mask Saez's and Zucman's bigger point: Incomes of the very rich are rising faster than for all other income groups. And the TCJA cut the taxes of high earners by more on average than for low- and moderate-income households, as a share of after-tax income. But that doesn't mean that 'billionaires paid a lower tax rate than the working class.'' Cynthia Measom contributed to the reporting for this article. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 5 Types of Vehicles Retirees Should Stay Away From Buying This article originally appeared on Billionaires vs. the Middle Class: Who Pays More in Taxes?
Yahoo
08-04-2025
- Sport
- Yahoo
Jockey Luis Saez injured after falling from his horse in Blue Grass undercard race at Keeneland
Jockey Luis Saez injured after falling from his horse in Blue Grass undercard race at Keeneland LEXINGTON, Ky. (AP) — Veteran jockey Luis Saez, who earned his second Belmont Stakes victory in June aboard Dornoch, is in stable condition at a hospital after falling from his mount at Keeneland on Tuesday. The multiple graded stakes winner was injured after falling from Fateful Lightning in the second race on Keeneland's turf course. The horse tripped over the rider but was uninjured, a statement from the track said. Saez lay on the track for several minutes before being placed on a board and into an ambulance. Advertisement The statement added that Saez was being evaluated by UK HealthCare Medical Services and removed from remaining mounts on Tuesday including Brad Cox-trained colt Admiral Dennis in the Grade 1, $1.25 million Blue Grass feature, which awards qualifying points toward next month's 151st Kentucky Derby at Churchill Downs in Louisville. Jockey Manny Franco was scheduled to replace Saez aboard Admiral Dennis in the Blue Grass. Saez won the Belmont in 2021 aboard Essential Quality before riding Dornoch to a half-length victory over Mindframe last year in the 1 1/2-mile third jewel of the Triple Crown. He was a three-time Blue Grass winner, mostly recently aboard Tapit Trice in 2021. ___ AP horse racing:
Associated Press
08-04-2025
- Sport
- Associated Press
Jockey Luis Saez injured after falling from his horse in Blue Grass undercard race at Keeneland
LEXINGTON, Ky. (AP) — Veteran jockey Luis Saez, who earned his second Belmont Stakes victory in June aboard Dornoch, is in stable condition at a hospital after falling from his mount at Keeneland on Tuesday. The multiple graded stakes winner was injured after falling from Fateful Lightning in the second race on Keeneland's turf course. The horse tripped over the rider but was uninjured, a statement from the track said. Saez lay on the track for several minutes before being placed on a board and into an ambulance. The statement added that Saez was being evaluated by UK HealthCare Medical Services and removed from remaining mounts on Tuesday including Brad Cox-trained colt Admiral Dennis in the Grade 1, $1.25 million Blue Grass feature, which awards qualifying points toward next month's 151st Kentucky Derby at Churchill Downs in Louisville. Jockey Manny Franco was scheduled to replace Saez aboard Admiral Dennis in the Blue Grass. Saez won the Belmont in 2021 aboard Essential Quality before riding Dornoch to a half-length victory over Mindframe last year in the 1 1/2-mile third jewel of the Triple Crown. He was a three-time Blue Grass winner, mostly recently aboard Tapit Trice in 2021.
Yahoo
30-03-2025
- Sport
- Yahoo
Tappan Street wins Florida Derby, setting up potential redemption story for famed rider
It's been six years since jockey Luis Saez finished first aboard Maximum Security in the Kentucky Derby. Six years since Saez stood and waited anxiously while stewards spent 20 minutes reviewing video of the race. Six years since they disqualified Maximum Security and placed him 17th for interfering with another horse. The 32-year-old Panamanian jockey – one of the nation's premier riders – wondered if he would ever get another chance to win his first Derby for real, officially. Standing inside the winner's circle after piloting Tappan Street to victory in the $1 million Florida Derby at Gulfstream Park on Saturday, Saez sensed the real possibility that the colt could be his salvation – his redemption. 'It would be sweet,' Saez said. Tappan Street stamped himself as a top contender to win the Run for the Roses on May 3 at Churchill Downs with a 1 ¼-length triumph over 8-5 favorite Sovereignty. 'The whole way, I had a lot of horse,' Saez said. 'I had a lot of confidence the whole way. When he got to the top of the stretch, I knew it was going to be tough to catch him. Everything came out perfect.' The Florida Derby has produced 25 winners of the Kentucky Derby and Tappan Street, a lightly raced colt with only three career races under his belt, could be the next. 'We have five weeks (to the Kentucky Derby),' said winning trainer Brad Cox. 'This was a step forward today.' Said Elliott Walden, president and racing manager of WinStar Farm, one of the colt's owners: 'I think he's going to very live horse going into the Kentucky Derby.' Tappan Street, who sold at auction for $1 million as a yearling, hadn't raced even once until Dec. 28 when he made his debut, defeating a group of maidens at Gulfstream Park by just under two lengths. One month later, he returned with a second-place finish in the Holy Bull Stakes. The Florida Derby marked only his third start. 'Anytime you have a young horse like this and you give them eight weeks between starts, it's always a concern,' Cox said. 'But this is a very smart horse. He's intelligent.' Starting from Post No. 9 in the field of 10, Tappan Street broke well, allowing Saez to guide him into a close stalking position. Sovereignty, who broke to his outside, immediately took up the chase, two lengths behind Tappan Street. But Tappan Street never allowed Sovereignty to go past. 'I saw him (Sovereignty) and I let my horse go a little more, and he gave me a good turn of foot,' Saez said. Sovereignty, coming off a victory in the Fountain of Youth Stakes, finished well enough to likely earn a trip to Churchill for the Kentucky Derby. 'I don't think the fact that he didn't win doesn't mean he didn't run a good race,' said his trainer, Bill Mott. 'This doesn't have to be his best race. Sometimes you can look at it and say, maybe that's a good thing. You don't want their best race before the big event (Kentucky Derby).' Even third-place finisher Neoequos could make a case for a trip to Kentucky. 'He ran a huge race,' jockey Edgard Zayas said of Neoequos, who finished 2 ¾ lengths behind Sovereignty. For Saez, though, a Kentucky Derby would carry extra meaning. 'It would be the best,' Saez said. 'The Kentucky Derby for us is going to be everything.'
