President Donald Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found. Mr Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, legendary New York City builder Fred C. Trump, provided almost no financial help. But The Times’ investigation, based on a vast trove of confidential tax returns and financial records, reveals that he received the equivalent today of at least $413m from his father’s real estate empire, starting when he was a toddler and continuing to this day. Much of this money came to Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise ms of dollars in gifts from their parents, records and interviews show. Records indicate that Trump helped his father take improper tax deductions worth … [Read more...] about Trump dodged hundreds of millions in inheritance taxes, documents show
Why government impose tax
Trump administration looks to keep high-tax states in line with deduction rules
CHERRY HILL, N.J.— New rules unveiled by the IRS undermine some states' attempts to help residents keep a version of a popular federal income tax deduction. Last year's Republican tax overhaul put a $10,000 cap on deductions for state and local income taxes, which could affect some high-earners in high-tax states. A handful of high-tax states sued the administration earlier this summer over the Republican tax law, which they say was in part politically motivated to attack Democratic-leaning states. Republicans have said those states should reduce their taxes instead of fighting the administration. Where the tax bill won't help: Housing prices Here are questions and answers about the IRS rule announced Thursday, what it means for states and how high-tax states might respond. Why is the deduction so important in these states? The SALT deduction is popular and widely used in high-tax states, including California, New Jersey and New York. In those places, many residents … [Read more...] about Trump administration looks to keep high-tax states in line with deduction rules
Auckland fuel tax will be felt in South as well
The South Island is poised for further fuel price increases, writes Jami-Lee Ross. The cost of living in New Zealand is increasing and Statistics New Zealand has just published information on the price rises we have seen in New Zealand over the past year. The big mover was petrol, where prices increased by 10%, or 20c, in a single year. That increase is before the Government imposed a new 11.5c a litre regional fuel tax in Auckland, which kicked in this month. The Government also cemented plans for a country-wide increase of more than 12c a litre over the next three years, starting with 4c a litre at the end of September. This is all going to sting Kiwis' wallets regardless of where they live. As an Auckland-based MP writing for a southern paper, I'm aware that there might be a few raised eyebrows. The North has traditionally paid less for fuel than the South, so what's the complaining about? Well, the Government's plans, while marketed as an Auckland-based plan, is anything but and … [Read more...] about Auckland fuel tax will be felt in South as well
Why Brexit Poses an Existential Issue for Gibraltar
Just as the U.K.’s exit from the European Union poses challenges for the Irish border, it may complicate life on and around Gibraltar. The rocky outcrop at Spain’s southern tip has been British territory for 300 years, and its 2.2 billion pound ($2.9 billion) services economy relies on frontier workers coming from Spain for about 50 percent of its labor force. Their salaries, plus the business of supplying Gibraltar, are a lifeline for Spanish towns close to the border, whose unemployment rate about doubles the nation’s average. Before the EU and the U.K. agree on the terms of their divorce, British and Spanish leaders will need to decide what to do about Gibraltar.1. How does Brexit apply to Gibraltar?The 6.8 square-kilometer enclave is a self-governing British overseas territory, like Bermuda or the Falklands Islands. As such, most of its 34,000 residents are British citizens, who voted almost unanimously in a 2002 referendum to remain under sole British … [Read more...] about Why Brexit Poses an Existential Issue for Gibraltar
Trump, the stealth tax-raiser
Got a few bucks for the president? He needs it to settle a score. President Trump has been pressuring the postmaster general to double the shipping rates the U.S. Postal Service charges e-commerce giant Amazon, according to a nearly unbelievable account in the Washington Post. Can Trump really do that? It’s a question we’ve asked many times during the last 16 months. The answer this time is — probably not. Trump, of course, has been attacking Amazon for months, out of personal animosity toward its CEO, Jeff Bezos, who also owns the Washington Post, which routinely publishes unflattering Trump material (like the postal scoop it just got from, well, who knows). So in the august tradition of history’s best statesmen, Trump wants to use his power as president to punish a single company for petty personal reasons. It must gall Trump that he can’t. Amazon’s rates with the USPS are set by contract, and even the president can’t abrogate a contract. … [Read more...] about Trump, the stealth tax-raiser