taxes

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Kushner Didn't Pay Federal Taxes for Years: NYT

Documents show how real-estate developers avoid paying

(Newser) - Seems President Trump isn't the only one who avoids paying taxes . Jared Kushner paid little to no taxes from 2009 to 2016 by exploiting a quirk of the tax code that benefits real-estate developers, the New York Times reports. A review of his private financial documents shows that Kushner—...

Top Tech CEOs Bicker Over Chronic Homelessness

Jack Dorsey, Marc Benioff trade barbs on Twitter

(Newser) - Two of the world's top tech CEOs disagree about how to ease homelessness in San Francisco—a city where extreme wealth glitters alongside roughly 7,500 living on the streets, the Guardian reports. At issue is a proposed tax on wealthy city businesses that Salesforce CEO Marc Benioff supports...

Trump Could Face 'Staggering' Tax Penalty

NY officials 'vigorously pursuing' investigation

(Newser) - Though President Trump insists he did nothing wrong on his taxes , experts say he could be on the hook for tens of millions of dollars in civil fines if state and federal authorities substantiate a New York Times report that found he and his family cheated the IRS for decades....

Trump Responds to NYT Report on His Inheritance

'Very old, boring'

(Newser) - Those waiting for President Trump's response to the New York Times investigation into what it says was the $413 million inheritance (in today's dollars) he received and the alleged "dubious tax schemes" around it got it mid-morning. The president tweeted , "The Failing New York Times did...

White House Plans Bold Move on Taxes

Treasury might change how capital gains are figured, benefiting wealthiest Americans

(Newser) - The wealthiest Americans may be getting some good news on taxes from a big shift under consideration by the Treasury Department. The change would affect how capital gains taxes are figured in regard to inflation, with the upshot being that the amount owed to the government would be less, reports...

Pennsylvania Township Had a $1M Surplus. And Did This

Middletown Township, Pa., cut 14,361 checks

(Newser) - A Pennsylvania township with more money than it anticipated from increased property tax collection has decided to give the dividends to residents, the AP reports. Middletown Township in Bucks County sent 14,361 checks for $68 each to all owners of properties with structures on them. Efforts to keep town...

Big Move in One State Could Keep Trump Off 2020 Ballot

Rhode Island bill would make all presidential hopefuls release tax returns to get on ballot

(Newser) - Gayle Goldin wants to make sure future presidential candidates fully reveal any potential conflicts of interest. That's why the Democratic state senator from Rhode Island is now sponsoring a bill that would require Oval Office hopefuls to release five years' worth of tax returns—meaning President Trump could see...

Seattle Kills Tax in Face of Formidable Foe: Amazon

City council rolls back tax it had unanimously approved last month

(Newser) - What does defeat sound like? This: "We have reached the conclusion that this is not a winnable battle at this time." That was the pronouncement of Seattle Councilwoman Lisa Herbold Tuesday in advance of what ended up being a 7-2 vote to reverse a new tax the council...

Amazon Not Thrilled With Seattle's New 'Amazon Tax'

Tax on city's largest employers will bring in about $45M a year

(Newser) - "People are dying on the doorsteps of prosperity." That's per a city councilwoman in Seattle, where local politicians hope a new tax on big business will alleviate homelessness. On Monday, the Seattle City Council passed a "head tax," which starting in 2019 will be imposed...

He Paid the IRS $500M Last Year. This Year, It's $1B

John Paulson's bill for his big bet on subprime mortgages has come due

(Newser) - If you find yourself forced to write a check to the IRS come April 17, know that John Paulson feels your pain—and owes more than can fit on a single check. Paulson put down big stakes against subprime mortgages before the 2008 crash and earned billions in the process....

Republicans Get More Good News on Tax Changes

Starbucks, Disney plan raises and bonuses, and Jamie Dimon predicts economic growth

(Newser) - Republicans have a few more bragging points over their newly passed tax plan , which slashed the corporate tax rate from 35% to 21%.
  • Starbucks: The chain is giving its US workers pay raises and stock grants this year, citing the tax changes, per the AP . Employees also soon will be
...

Using Contractors to Collect $6.7M Cost IRS $20M

Watchdog says program is harming taxpayers

(Newser) - The Internal Revenue Service's outsourcing of tax debt collection is costing the IRS about $3 for every $1 it brings in, according to a report from a federal watchdog. National Taxpayer Advocate Nina Olson, head of the Taxpayer Advocate Service, said in her annual report to Congress Wednesday that...

Homeowners Line Up to 'Postpone the Pain'

They're prepaying 2018 property taxes to avoid getting socked by deduction cap in new tax bill

(Newser) - While many people this week are queued up at retailers to return holiday gifts, "unprecedented" lines are forming at municipal offices around the country as homeowners hurry to prepay 2018 property taxes before the new GOP tax bill goes into effect on Jan. 1, reports the Wall Street Journal ...

With Trump Poised to Sign Tax Bill, Pity Long Islanders

Nearly half of homeowners there would be hit by property tax cap

(Newser) - "Today we are giving the people of this country their money back," proclaimed Paul Ryan Tuesday as the House passed a sweeping rewrite of the tax code (it has to vote again Wednesday because of this glitch ). That's likely not the case for current and future...

McCain Likely to Miss Crucial Vote on Tax Bill

Senator has returned to Arizona for treatment

(Newser) - Sen. John McCain has gone home to Arizona to recover from the side effects of chemotherapy, meaning he's likely to miss a vote on the Republican tax reform plan expected this week. After days of speculation about the 81-year-old senator's health, daughter Meghan McCain tweeted Sunday that he'...

Rubio Deals Blow to Hopes of Passing Tax Overhaul

Senator demands change to child tax credit

(Newser) - President Trump's hopes of passing a tax overhaul before Christmas have taken a big hit from the man he used to call "Little Marco Rubio." In what Politico describes as a surprise move, the Republican senator announced Thursday that he won't support the legislation. Rubio said...

House Republicans Nearing Agreement to Pass Tax Package

But they're still working out how to pay for new tax breaks

(Newser) - Congressional Republicans on Tuesday were speeding toward an agreement on a massive tax package that would ease the hit on Americans living in high-tax states and appease corporations that could have lost precious tax breaks. Negotiators were working to expand a deduction for state and local taxes to allow individuals...

Private Investigator Busted for Using Trump's SSN

Jordan Hamlett is facing five years in prison after trying to get the president's tax info

(Newser) - A Louisiana private investigator pleaded guilty on Monday to misusing Donald Trump's Social Security number in repeated attempts to access the president's federal tax information before his election last year. Jordan Hamlett, 32, faces a maximum sentence of five years in prison and a $250,000 fine following...

On Trump's Desk by Christmas? Senate Passes Tax Bill

On a 51-49 vote

(Newser) - It passed in the wee hours, and by a wee margin: The Senate passed the biggest tax overhaul in more than 30 years Saturday morning 51-49. Tennessee's Sen. Bob Corker was the only Republican to side against the bill. With the House having passed its bill in November, Congress...

Vote on Tax Bill Delayed by Deficit Worries

Parts of it were rewritten Thursday night

(Newser) - A planned vote on Senate Republicans' overhaul of the tax code was called off Thursday night as they struggled to find 50 votes—and an extra $400 billion or so. Senators say deficit hawks led by Tennessee's Sen. Bob Corker have delayed the bill's progress by insisting it...

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