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Trump Organization Fined $1.6 Million for Evading TaxesThe New York Times - 13 Jan 2023 16:55
The Trump Organization must pay $1.6 million for giving executive off-the-book benefits and pay.
Trump's tax returns released by Congress shine unflattering light on global businessesNY Daily News - 31 Dec 2022 02:41
The documents show how Trump used the tax code to lower his tax obligation and reveal details about foreign accounts, charitable contributions and the performance of some of his highest-profile... business ventures, which had largely remained shielded from public scrutiny.
Donald Trump's tax returns expected to be released by House on FridayNY Daily News - 30 Dec 2022 02:36
The House Ways and Means Committee, which is due to shift into Republican hands when the upcoming Congress begins in five days, voted last week to make the documents public.
Law requiring presidential tax audits passes House after Trump report bared 'major failures'NY Daily News - 24 Dec 2022 01:12
It's unlikely to even get a hearing in the Senate, where lawmakers have already left Washington D.C. for the end-of-year holiday.
Trump's Taxes: Red Flags, Big Losses and a Windfall From His FatherThe New York Times - 22 Dec 2022 03:51
The presidency of Donald J. Trump, a congressional report reveals, was marked by some of the same questionable tax maneuvers that had characterized his business career.
I.R.S. Routinely Audited Obama and Biden, Raising Questions Over Delays for TrumpThe New York Times - 22 Dec 2022 02:42
The revelation that the agency had not audited Donald J. Trump during his first two years in office despite a mandatory presidential audit program raised concerns about potential politicization.
IRS failed to conduct timely mandatory audits of Trump's taxes while presidentThe Guardian - 21 Dec 2022 15:42
Internal Revenue Service only began audit after prompting from Congress in 2019, House ways and means committee indicates The US Internal Revenue Service (IRS) failed to pursue mandatory audits of... Donald Trump on a timely basis during his presidency, a congressional committee found on Tuesday, raising questions about statements by the former president and members of his administration who claimed he could not release his tax filings because of such ongoing reviews. A report by the Democratic majority on the House ways and means committee indicated the Trump administration may have disregarded an IRS requirement dating to 1977 that mandates audits of a president's tax filings. The IRS only began to audit Trump's 2016 tax filings on 3 April 2019, more than two years into his presidency and...
Trump Organization Finance Chief Details the Birth of Tax-Fraud SchemeThe New York Times - 18 Nov 2022 03:44
Allen H. Weisselberg came close to tears as he told how money for cars, apartments and tuition was camouflaged in the ledgers of the company he served.
IRS Releases Inflation-Adjusted Tax Rates for 2023The New York Times - 19 Oct 2022 02:39
Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills.
Global Minimum Tax Suffers Fresh Setback as EU Fails to Agree on ImplementationWall Street Journal - 17 Jun 2022 16:37
Hungary vetoed a European Union agreement to implement the minimum tax rate on company profits, which is also stalled in the U.S.
Biden will reportedly propose a 'billionaire minimum income tax' in his budgetBusiness Insider - 27 Mar 2022 05:57
The Billionaire Minimum Income Tax calls for a 20% minimum tax rate on American households worth more than $100 million — essentially, the top 0.01%.
Biden Budget Seeks Minimum Tax On Households Worth $100 MillionThe Huffington Post - 27 Mar 2022 05:42
The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code.
A Global Tax Deal Is at Hand. Here's How It Would Work.The New York Times - 30 Oct 2021 01:37
President Biden will sign on to an international pact aimed at ending profit-shifting by large companies. Here's a look at what it means.
How the proposed billionaires' income tax would workABC News - 28 Oct 2021 00:43
Democrats have proposed the tax to raise money for the infrastructure bill.
Democrats Hammer Out Novel Plan to Tax Billionaires and Corporate GiantsThe New York Times - 27 Oct 2021 03:20
New proposals would fund social and climate programs by tapping billionaires' unrealized gains and by ensuring that the biggest companies cannot avoid income taxes altogether.
Dems plan billionaires' unrealized gains tax to help fund $2T spending billNew York Post - 25 Oct 2021 03:34
Biden's spending package continues to stall as senior Democrats are hoping to finalize a proposal on a new annual tax on billionaires' unrealized capital gains.
Democrats Back Away From Raising Tax Rates to Pay for AgendaThe New York Times - 21 Oct 2021 01:38
Responding to concerns from a key centrist, Senator Kyrsten Sinema of Arizona, the White House and leading Democrats are instead discussing a range of other taxes to pay for the plan.
Sunak 'planning £2bn in cuts and the UK's highest peacetime tax rate'The Guardian - 12 Oct 2021 01:01
Chancellor on track to impose a package of manifesto-busting tax increases at this month's budget, says IFS Rishi Sunak is poised to usher in cuts worth £2bn for government departments tasked... with meeting the Tories' flagship "levelling up" agenda, despite planning for the biggest tax raid in a generation. The Institute for Fiscal Studies (IFS) said the chancellor was on track to lift the UK's tax burden to the highest sustained level in peacetime with a package of manifesto-busting tax increases at this month's budget and spending review.
US treasury secretary Yellen: global minimum corporate tax will passThe Guardian - 10 Oct 2021 16:18
Minimum global corporate rate of 15% agreed by 136 countries as Yellen also says US will raise debt ceiling on 3 December The US treasury secretary, Janet Yellen, said on Sunday she was confident... Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries. Yellen told ABC's This Week actions to bring the US into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing Joe Biden's proposed spending initiatives.
Ireland joins OECD tax agreement, ends status as tax haven for multinationalsAppleInsider - 8 Oct 2021 03:04
Ireland on Thursday announced that it will join an Organization for Economic Cooperation and Development agreement that brings an end to the country's low-tax policy for large multinationals, an... incentive that attracted companies like Apple and Google to its shores. By joining the OECD agreement, Ireland is ditching its longstanding 12.5% tax rate to comply with a minimum effective corporation rate of 15% for multinationals with global revenues that exceed 750 million euros (about $867 million) annually. The country's cabinet agreed to the deal ahead of a wider OECD announcement scheduled for Friday, reports The Guardian.Ireland was among nine countries to staunchly refuse the OECD pact and in June pushed for compromise on the proposed global tax rate. At the time, the G7 agreed to make...
From Claudia Schiffer to Shakira - the rich and famous faces caught up in the Pandora Papers leakDaily Mail - 4 Oct 2021 03:31
The famous faces are all said to have created offshore companies in tax havens including the British Virgin Islands. Italian mobster Raffaele Amato is also named in the leak.
Finance Leaders Reach Global Tax Deal Aimed at Ending Profit ShiftingThe New York Times - 5 Jun 2021 13:37
The Group of 7 nations reached an agreement over a global minimum tax that companies would pay regardless of where they are based.
G7: Rich nations confident on reaching tech tax dealBBC - 5 Jun 2021 05:02
German finance minister Olaf Scholz says a minimum tax deal agreed by the G7 will "change the world".
President Biden earned $607K in 2020, paid 26% in federal taxes, returns showUSA Today - 18 May 2021 04:22
Biden's transparency on taxes continues a break from former President Donald Trump, who refused to release his tax returns as president.
Biden Will Seek Tax Increase on Rich to Fund Child Care and EducationThe New York Times - 23 Apr 2021 01:43
The president's American Family Plan, which remains in flux, does not currently include an effort to expand health coverage, as administration officials had previously planned.