President Donald Trump complains that large corporations, such as Amazon.com Inc., are shirking their tax responsibilities. Yet for at least a decade, Trump paid none or very little in federal income taxes by exploiting some of the same generous tax breaks that the online retail giant and others have used to reduce IRS bills.
Mr. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.
The Tax Cuts and Jobs Act, which President Trump signed into law in December, did not directly affect state budgets. It cut federal tax rates, but also made other changes that mean more income will be subject to taxation. Because most states use federal definitions of income and have not adjusted their own rates, the federal changes will have big consequences for both state budgets and taxpayers.
Adam Davidson writes that a Senate panel’s request for information from a Treasury enforcement unit suggests a broader scope to its investigation. The FinCEN request is particularly interesting because the unit enforces money-laundering laws and is familiar with Donald Trump’s holdings, specifically the Taj Mahal casino, in Atlantic City. Trump opened the Taj Mahal in 1990. He sold half of his shares in 2004, as part of a bankruptcy settlement, but remained a minority owner. In 2015, the Taj Mahal admitted to “willfully” violating the law by letting many suspicious transactions go unreported to the authorities, and agreed to pay a ten-million-dollar fine—one of the largest ever for a casino.
The House Ways and Means Committee on Tuesday rejected a Democratic push to ask for President Trump's tax returns. The amendment, offered by Rep. Lloyd Doggett (D-Texas) to the panel's oversight plan, was voted down on a party-line vote.
A lot happened in the 2016 campaign, but one of the things Donald Trump did to win the election was shift to the left on a number of key issues — promising to avoid cuts in Social Security and Medicare benefits and adopting a longstanding Democratic pledge to let Medicare negotiate bulk discounts in the price it pays for prescription drugs.
After seven years of fitful declines, the federal budget deficit is projected to begin swelling again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office that reveal the strain that government debt will have on the economy as President Trump embarks on plans to slash taxes and ramp up spending.
Basically what is being promised by the Trump team doesn't match the plan unveiled in September. Economist are not clear of the effects. They claim that cutting corporate taxes will bring back jobs but experts can not reach the same conclusion when they run the numbers
For example, in this country it’s perfectly legal to be an adulterous Grand Wizard of the KKK who hunts animals just for fun while believing that a woman’s place is barefoot and pregnant in the kitchen — but that doesn’t mean you’re not a bottom-feeding, deplorable pile of garbage.
Trump is making clear that whatever is really in his tax returns would be devastating to his campaign. NYTimes took a gamble speculating on Donald's returns. All Donald had to do was release his returns and prove NYTimes wrong. He hasn't!
The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Great information on small business tax burden. The characterize these businesses as pass-through businesses because their profit passes through the business directly. Article suggests that when these businesses grow they are hit hard
Taxes, fees, tarrifs, tolls, levies, bribes, tithes, tributes. Whatever we called them, taxes have been an unfortunate reality of life ever since the biggest monkey decided he wanted a piece of the smaller monkeys’ lunch. From that earliest protection racket, taxes have only gotten more codified and
In the United States, most businesses are not C corporations. 95 percent of businesses are what are called pass-through businesses. These businesses are called pass-throughs because their income is passed directly to their owners, who then need to pay individual income taxes on it. Contrast this with C corporations that need to pay the corporate income tax on its income before it passes its earnings to its owners. Combined, pass-through businesses employ 55 percent of all private-sector workers and pay nearly 40 percent of all private-sector payroll.
Some good arguments in support for estate tax going all the way back to Teddy Roosevelt thought that estate tax was a good method of taxation for creating revenue and equality. The opponents argue that this is money that has been taxed before and hurts business!