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January 2, 1962 |
Rockville Centre, NY
Elizabeth MacDonald (born January 2, 1962) is a business journalist who appears on Fox Business and Fox News (where she is fondly referred to as "Emac"), and has been a guest commentator on other t.v. shows. MacDonald also covered the markets, corporate accounting scandals and the IRS for the Wall Street Journal and Forbes Magazine. MacDonald is now the stocks editor for the Fox Business Network, and has been a commentator on television and radio both in the United States and abroad, and according to her Fox bio has received more than a dozen journalism awards, including the Gerald Loeb award for excellence and the Society of Professional Journalists excellence in journalism award. MacDonald has covered business since 1988, and created Forbes Magazine's top-rated annual feature, "The World's 100 Most Powerful Women," widely read around the world, in 2004.
MacDonald is also a regular on the Fox News show Forbes on Fox, having been with the show since its inception in 2001. She appears daily and guest anchors Fox Business's TV shows throughout the trading day. Her column, Emac's Bottom Line, can be found on both the Fox Business and Fox News websites.
MacDonald has also appeared as a guest on CNBC's Kudlow & Company with Larry Kudlow, NBC's The Today Show, ABC's World News Tonight, ABC's Nightline, Your World with Neil Cavuto, "On the Record w/ Greta Van Susteren", The O'Reilly Factor, CBS This Morning, C-SPAN, Court TV, as well as radio shows such as ABC News talk radio and NPR.
MacDonald's primary beat is stock market corruption, corporate accounting abuses, the IRS and taxes. Members of the U.S. Congress have noted that an award-winning investigative series about the Internal Revenue Service (IRS) that MacDonald reported helped lead to broader taxpayer rights and reforms at the agency. It also led to Congress calling MacDonald in to testify about IRS abuses of taxpayers as well as IRS reforms.
MacDonald's scoops range from stories about the government's historic bailout of Wall Street, including the collapse of Bear Stearns, Lehman Bros., AIG, Fannie Mae, Freddie Mac, Citigroup and Bank of America, executive bonus scandals and the abuse of taxpayer funds in Washington. MacDonald has also covered behind-the-scenes bailout controversies at the US Treasury and the Federal Reserve.
MacDonald's IRS coverage included news on the Kennedys' secret IRS audits of its political enemies—including Kennedy assassin Lee Harvey Oswald's group—to Scientology's secret deal with the IRS to become a world religion, to Congressional abuses of the IRS, and President George H.W. Bush's secret fight with the agency.
MacDonald also was one of the first journalists in the country to sound the alarm about the coming wave of corporate accounting scandals in the mid to late 1990s while at the Wall Street Journal.
MacDonald has appeared on television with former presidential candidates, Congressmen and Senators, as well as notables such as Pat Buchanan, Ben Stein, Robert Reich, Art Laffer, Stephen Moore, Steve Forbes, energy expert Daniel Yergin, president of Cambridge Energy Research Associates, and Adam Posen, co-author with Federal Reserve chairman Ben Bernanke and Frederic Mishkin of a book about inflation-targeting.
While at the Wall Street Journal, MacDonald delivered front-page stories, Heard on the Street columns, Economic Outlook columns, and broke news in the late '90s about the first wave of corporate accounting abuses, as well as scoops on corruption in the accounting industry.
MacDonald also delivered for The Wall Street Journal the story, based on Freedom of Information Act filings, about the Kennedy Administration's secret IRS program to audit its political enemies, a program that eventually resulted in the IRS audits of 10,000 right-wing groups under the auspices of tax-exempt code violations.
MacDonald’s story reported that the IRS under the Kennedy administration audited Kennedy assassin Lee Harvey Oswald's group, the Fair Play for Cuba Committee. And MacDonald's story reported that the Kennedys' IRS dragnet targeted for audits non-partisan groups, such as B'nai B'rith, the Daughters of Zion and the Daughters of the American Revolution, in a bid to not appear politically biased, according to the article's quotes from Kennedy's IRS commissioner Mortimer Caplin.
MacDonald also delivered the scoop for The Wall Street Journal on the secret details of the historic settlement between the Church of Scientology and the IRS that finally established the group as a world religion and gave Scientology nonprofit status, after a fight lasting nearly three decades.
At Money, MacDonald reported an award-winning investigative series on widespread abuses of taxpayers by the IRS, which members of the U.S. Congress have subsequently noted helped lead to improved taxpayer rights and reforms at the agency.
MacDonald also delivered the scoop on the secret fight between President George H. W. Bush and the IRS over his state residency status (Bush said Maine, the IRS, Washington, D.C.). After the IRS ruled his residency was D.C., the former president rented a room at The Houstonian, a Houston, Texas hotel, calling it his primary residence—a move that also helped garner Texas's electoral college votes.
MacDonald's story reported that the move let the president avoid Maine and District of Columbia taxes. MacDonald's story also provided grist for Bill Clinton's 1992 presidential campaign stump speeches and for editorials and political cartoons nationwide, including Doonesbury.
And MacDonald broke the news on Congress’s own personal IRS office on Capitol Hill, where members of Congress got the IRS's personal help in preparing their individual tax returns under the convoluted tax laws they write.
MacDonald graduated with a B.A. with honors from Canisius College in 1984.
- The Wall Street Journal, January 28, 1997, "The Kennedys and the IRS"
- The Wall Street Journal, Dec. 30, 1997, "Scientologists and IRS Settled for $12.5 million"
- MONEY Magazine, April 1990, "IRS Mess"; MONEY Magazine, June 1990, "Horribly Out of Control"; MONEY Magazine, October 1990, "Presumed Guilty by the IRS"; MONEY Magazine, April 1991, "Who Cheats on Their Income Taxes"; MONEY Magazine, August 1994, "How the IRS Targets You"
- MONEY Magazine, January 1992, "How President Bush Cuts His Taxes"
- MONEY Magazine, April 1993, "How Congress Does Its Taxes"