Tag: taxes

Conservative think tank: Biden proposals would cut taxes for most in 2021

The tax proposals of Democratic presidential nominee Joe BidenJoe BidenMcConnell challenger dodges court packing question ‘Hamilton’ cast to reunite for Biden fundraiser Trump relishes return to large rallies following COVID-19 diagnosis MORE would raise $2.8 trillion over 10 years and reduce taxes for most households in the near-term, according to an analysis released Tuesday by the right-leaning American Enterprise Institute (AEI).

“Overall, Biden’s tax proposals would make the US tax code more progressive,” AEI researchers said in their paper.

Biden has offered a number of tax proposals aimed at raising taxes on wealthy individuals and corporations. These include undoing portions of President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE‘s 2017 tax-cut law that cut taxes for people making over $400,000, subjecting

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Will Joe Biden Raise Taxes on People Making Less Than $400,000? Trump, GOP Criticize Proposal

Nonpartisan tax groups and critics of President Donald Trump alike have rebuked a repeated claim by Ronna McDaniel, chair of the Republican National Committee, that Joe Biden intends to raise taxes on “82 percent of Americans.”



Mike Pence wearing a suit and tie: Vice President Joseph Biden, (R), shakes hands with Vice President-elect Mike Pence, at the Naval Observatory, on November 16, 2016 in Washington, DC. Vice President Biden and his Wife, Dr. Jill Biden, hosted a luncheon for Vice President-elect Pence and his wife Karen.


© MARK WILSON / Staff/Getty Images
Vice President Joseph Biden, (R), shakes hands with Vice President-elect Mike Pence, at the Naval Observatory, on November 16, 2016 in Washington, DC. Vice President Biden and his Wife, Dr. Jill Biden, hosted a luncheon for Vice President-elect Pence and his wife Karen.

McDaniel’s false claim Sunday prompted Biden staff and supporters to highlight that Biden’s proposed tax plan promises never to raise taxes on any American who makes less than $400,000 per year. McDaniel shared on Twitter a Sunday interview in which Biden campaign co-chairman Rep. Cedric Richmond reiterated that middle-class Americans will not be hit with new taxes. McDaniel dismissed Richmond’s statement and instead pointed toward

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It’s Easier to Avoid Taxes When You Own a Business. Just Ask Donald Trump (and Joe Biden).

For people who want to lowball their taxes, it helps to own a business. That can offer strategies for reducing what you owe Uncle Sam—and make you far harder to audit.

This has long been the case, but it’s in the news again in a big way for President Donald Trump, and a far smaller one for his opponent, former Vice President Joe Biden.

The tax spotlight is on Mr. Trump because the

New York Times

recently reported that it has obtained and analyzed years of his tax-return data despite his refusal to release it. The Times raised questions about his tax compliance, and Mr. Trump derided its reporting but provided no details. The Times’s report hasn’t been independently verified.

Mr. Biden, who has released years of returns, has been called out for employing a tax move the Obama administration wanted to end. In 2017 and 2018 he avoided as

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What Small Business Owners Need To Know About Taxes And Selling Online In The Covid-19 Era

Covid-19 and the social distancing it requires has pushed more of our purchasing online. In fact, since March an extra $107 billion has been spent online, according to Adobe Analytics.

For small business owners forced to close their doors for months and now still seeing dramatic drops in walk-in traffic, that online shift and exposure to new customers has likely been a lifeline. But it also may mean they aren’t charging the necessary sales tax on those purchases. According to a recent survey by Avalara, only about half of businesses are familiar with the sales tax rules for online transactions with customers in other states.

As state and local governments are grappling with major budget deficits over the coming year, they’re going to be diligent about collecting all the tax they’re due. That means online sales taxes could potentially be a big

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The story of Trump’s business career, his taxes and his debt

  • A bombshell New York Times report claims that Trump paid only $750 in federal income taxes in 2016, and nothing at all for much of the previous decade, a major contrast with his image as a self-made billionaire.
  • Trump’s business career shows a series of flashy and ambitious investments that go bust, sometimes ending in bankruptcy, with Trump moving on from the wreckage each time.
  • Multiple reported windfalls throughout Trump’s career — from inheriting millions as a child to the millions he began earning as a reality-TV star from ‘The Apprentice’ — have given major boosts to Trump’s investments over the decades.
  • Another windfall arguably came in 2016, when Trump was elected president.
  • Visit Business Insider’s homepage for more stories.

 

Visiting my grandmother in Queens in the late ’80s and early ’90s meant a few things.

There were the M&M’s she always had laying out on her coffee table, usually

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NYT report indicates Trump paid Ivanka $747,622 in consulting fees, then deducted them from taxes

(NEXSTAR) – The bombshell New York Times report on President Donald Trump’s supposed history of avoiding taxes has begun to trickle out into a number of interesting findings, among them is an apparent tax deduction for fees paid to his daughter’s consulting company.

The Times found that Trump routinely set aside nearly 20 percent of his income for unexplained consulting fees on his projects. Those fees could be written off as a business expense, lowering the amount of profit subject to taxation.

Though the documents don’t name the president’s daughter as a recipient, matching filings from both Donald and Ivanka Trump led the paper to report that she was the likely recipient of the fees, despite having been a top Trump Organization executive.

“Mr. Trump’s private records show that his company once paid $747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia. Ivanka

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Trump Jr on father’s taxes: ‘People don’t understand what goes into a business’

President TrumpDonald John TrumpNew Biden campaign ad jabs at Trump’s reported 0 income tax payments Ocasio-Cortez: Trump contributed less in taxes ‘than waitresses and undocumented immigrants’ Third judge orders Postal Service to halt delivery cuts MORE’s eldest son, Donald Trump Jr., is pushing back on a recent bombshell story published by The New York Times that reported his father paid no income taxes for 10 of the 15 years that preceded his winning the presidency, and $750 in tax in 2016 and 2017.

Trump Jr. defended his father  during an appearance on “Fox & Friends” on Monday, a day after the Times published its report, claiming the president, who was a real-estate mogul and television personality prior to his election in 2016 and is currently a billionaire, according to Forbes, has paid “tens of millions of taxes.” 

“People don’t understand what goes into a business,” Trump Jr. said,

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Ivanka Trump likely received ‘consulting fees’ to reduce Donald’s taxes

Ivanka Trump was allegedly paid consulting fees that were deducted as a business expense on President Donald Trump’s taxes.

President Donald Trump‘s tax returns from the past decade were released by the New York Times and the information revealed led to new conclusions about his financial activity.

Read More: Ivanka Trump, Jared Kushner earned at least $36 million in outside income in 2019: report

Beyond not having paid taxes for 10 of 15 of the years the information chronicled and only paying $750 during recent years, between 2010 and 2018, POTUS wrote off as business expenses totaling $26 million in “consulting fees.” While in the documents, no consultants are listed by name, the NYT aligned the financial records to information shared by Ivanka Trump.

WASHINGTON, DC – AUGUST 27: Ivanka Trump, daughter of U.S. President Donald Trump and White House senior adviser, addresses attendees as Trump prepares to deliver his acceptance speech for the Republican presidential nomination on the South Lawn of the White House August 27, 2020 in Washington, DC. Trump is scheduled to deliver the speech in front of 1500 invited guests. (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC – AUGUST 27: Ivanka Trump, daughter of U.S. President Donald Trump and White House senior adviser, addresses attendees as Trump prepares to
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How President Trump paid just $750 in federal taxes

U.S. President Donald Trump speaks to reporters during a news conference inside the James S. Brady Briefing Room at the White House September 27, 2020 in Washington, U.S.

Ken Cedeno | Reuters

Apparently, losing millions of dollars can work in your favor – if you’re President Donald Trump and can hire a team of professionals to help you strategize.

The president’s various businesses lost hundreds of millions of dollars over the last 20 years, allowing him to sharply lower his federal tax obligation, according to The New York Times.

The billionaire president paid just $750 in federal income taxes in 2016, the year he won the presidency, and $750 in 2017, the Times found, in examining the president’s tax documents.

CNBC has not seen the tax returns and cannot verify the validity of newspaper’s conclusions.

The president tweeted in response on Monday that he “paid many millions of dollars in

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Trump paid his daughter Ivanka $747,622 for ‘consulting,’ then deducted it from his taxes, according to a New York Times investigation



Donald Trump, Ivanka Trump are posing for a picture: President Donald Trump appeared to pay his eldest daughter, Ivanka Trump, more than $700,000 in "consulting fees" related to hotel deals she was already responsible for, The New York Times found. Drew Angerer/Getty Images


© Drew Angerer/Getty Images
President Donald Trump appeared to pay his eldest daughter, Ivanka Trump, more than $700,000 in “consulting fees” related to hotel deals she was already responsible for, The New York Times found. Drew Angerer/Getty Images

  • A New York Times investigation into President Donald Trump’s tax filings found that from 2010 to 2018, Trump wrote off about $26 million in unexplained consulting fees.
  • Among them was $747,622 written off by the Trump Organization, the same amount his daughter Ivanka Trump reported receiving in consulting fees, according to The Times.
  • The payment appeared to be related to managing hotel deals that were already part of her job, according to the newspaper. Reporters matched the number to one his daughter disclosed when she joined the White House in 2017.
  • Visit Insider’s homepage for more stories.

President Donald Trump once appeared to pay his eldest daughter, Ivanka Trump, $747,622 in “consulting

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