taxes

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After Years of Denials, the NRA Fesses Up

Current and former executives have been abusing funds, the nonprofit says

(Newser) - Looks like NRA execs really have been taking from the cookie jar. After years of denials, the National Rifle Association now admits that current and former executives—including current CEO Wayne LaPierre—recklessly used NRA funds for their personal enrichment, the Washington Post reports. According to a 2019 tax filing,... More »

Techno-Blasting Nightclubs in Germany Just Got Good News

Federal court determines techno is indeed music, giving clubs tax break

(Newser) - Parents often shake their heads at what their kids listen to, proclaiming, "That's not music!" If you're a young person in Germany who loves techno, you can now confidently shoot back: "Oh, yes it is!" That's because the country's financial high court... More »

Report: Ex-Google CEO Just Bought a Passport to EU

Recode: Eric Schmidt has applied, been approved for citizenship in Cyprus in 'passport for sale' scheme

(Newser) - Buried within the pages of a publication in Cyprus last month, a tiny notice appeared written in the Greek alphabet, except for one name written in English: "Eric Emerson Schmidt," of Atherton, Calif. That notice in Alithia was an announcement of an application and approval for Cypriot citizenship,... More »

Republicans Have 'a Dirty Little Secret'

Economist Joseph Stiglitz isn't impressed with their tax plan

(Newser) - President Trump has "a dirty little secret," an economist says: Republicans are about to start raising taxes. That's because the 2017 tax cuts signed by Trump will begin to fade in 2020, at least for people earning $75,000 and under. "For most, in fact, it'... More »

NYT: Trump Has Previously Undisclosed Chinese Account

Trump Org lawyer: overseas office that bank account paid taxes for has been inactive since '15

(Newser) - As President Trump and the GOP try to damage Joe Biden's 2020 campaign by going after his son Hunter , a new revelation could show "a potentially major conflict of interest" for Trump himself, per the Guardian . That disclosure comes via the New York Times , which has been doing... More »

Likely Coming Soon to NJ: a Millionaires Tax

Gov. Phil Murphy's proposal to hike taxes for the rich will likely pass state Legislature

(Newser) - In what's being called a "historic win for the middle-class," a proposal has been OKed by top New Jersey state Democrats to hike taxes on the rich. The plan, announced Thursday by Democrats Gov. Phil Murphy, Senate President Steve Sweeney, and Assembly Speaker Craig Coughlin, would raise... More »

Filed Your Tax Return on Time? You Could Get an Extra Check

If you're owed or received a refund, you'll get a refund interest payment

(Newser) - Almost 14 million Americans can expect payments from the Internal Revenue Service and the Treasury Department this week, but those taxpayers won't be using them for major purchases: The IRS says the average interest payment will be around $18. They'll be made to around 13.9 million taxpayers... More »

Ireland Wins Case, Won't Have to Take $15B From Apple

But this legal battle might not be over

(Newser) - The Irish government has won a European Union court victory, meaning Apple won't have to pay it almost $15 billion in back taxes. Europe's second-highest court, the Grand Court in Luxembourg, overturned an earlier ruling that Ireland had given the company illegal tax breaks, the Irish Times reports.... More »

Trump Blasts Supreme Court After Rulings on His Records

Court says Manhattan prosecutor can pursue his tax returns, but Congress is rebuffed for now

(Newser) - The Supreme Court on Thursday gave President Trump some good news (at least temporarily) and some bad news in his fight to keep his financial records private. But the upshot of both rulings is that it's unlikely any of Trump's financial information will be made public before the... More »

Treasury Does 180 on Stimulus Funds for One Set of Americans

Social Security recipients won't have to file tax return to get money

(Newser) - One of the biggest challenges the Treasury Department has in getting Americans their checks from the $2.2 trillion coronavirus stimulus package is tracking down people who don't file tax returns. Now, at least one key group of nonfilers will see that process expedited. The official word, delivered from... More »

Tax-Filing Deadline Just Got Pushed Back

Americans now have until July 15

(Newser) - Taxpayers now have more time to file their taxes amid the coronavirus outbreak: The deadline has been pushed back to July 15 from April 15, said Treasury Secretary Steven Mnuchin on Friday. "All taxpayers and businesses will have this additional time to file and make payments without interest or... More »

This Year's Tax-Payment Deadline Isn't April 15

Most Americans get 90-day extension

(Newser) - If you owe Uncle Sam less than $1 million, April 15 is no longer your tax-payment deadline this year. Treasury Secretary Steven Mnuchin on Tuesday announced a COVID-19 delay that the Wall Street Journal calls "unprecedented." Those individuals, as well as businesses that owe no more than $10... More »

Supreme Court: We'll Take Up Major Trump Case

A ruling could result in the quick release of Trump's personal financial information

(Newser) - The Supreme Court said Friday it will hear President Donald Trump's pleas to keep his tax, bank, and financial records private, a major confrontation between the president and Congress that also could affect the 2020 presidential campaign, the AP reports. Arguments will take place in late March, and the... More »

'Horrific' Error Values Property at Nearly $1B

And taxpayers might have to pay for it

(Newser) - Utah officials say a possible dropped phone resulted in a typo that overvalued a home for almost $1 billion, the AP reports. And taxpayers may have to pay for the mistake. The Deseret News reports a house built in 1978 in an unincorporated area of the county was recorded in... More »

Billionaires Fighting Back Over Warren's Proposals

Bill Gates is the latest to cry foul

(Newser) - Elizabeth Warren has been taking heat over her progressive policy ideas, not just from President Trump but from Democratic rivals who favor a more moderate approach. Now you can add Bill Gates to her list of critics. At a forum Wednesday, Gates didn't sound thrilled about Warren's idea... More »

2018's 'Maddening' Tax Rates Unveiled

400 richest US households paid lower rate than bottom 50%: economists

(Newser) - America's richest billionaires paid a lower average tax rate than the working class for the first time in US history in 2018, according to a new study. The book-length research, The Triumph of Injustice , comes from Emmanuel Saez and Gabriel Zucman, the same economists who inspired Elizabeth Warren's... More »

Sanders Just One-Upped Warren on a Signature Issue

Sanders' wealth tax proposal would affect more households, raise more revenue: economists

(Newser) - Elizabeth Warren is suddenly facing competition on the signature issue of her presidential campaign. Enter Bernie Sanders, who on Tuesday unveiled his plan to "substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy." Whereas Warren backs a 2% wealth tax on... More »

Warren's Social Security Plan Calls for a Raise

She wants people to get $200 more a month, and she wants the rich to pay for it

(Newser) - Elizabeth Warren is out with her latest policy proposal, and she's calling for those on Social Security to receive an extra $200 a month. In a post at Medium detailing the proposal, Warren says the increased benefits would be paid for by raising taxes on the wealthy. The plan... More »

Trump: I'm Mulling Tax Cuts, But R-Word Is 'Inappropriate'

The president says he's looking at capital gains and payroll tax cuts

(Newser) - President Donald Trump says his administration is a looking at tax cut proposals but not as a response to a potential recession, the AP reports. "I'm looking at that all the time anyway," he explained. Trump talked about the economy and trade with China during a meeting... More »

Trump Tweets His Response to $1B Loss Story

He cites 'massive write offs and depreciation' following 'hit job'

(Newser) - With #BillionDollarLoser and #BiggestLoser trending on Twitter, President Trump went on the defense Wednesday, suggesting a reported $1.1 billion in losses over 10 years was no big deal. Real estate developers in the 1980s and '90s "were entitled to massive write offs and depreciation which would, if... More »

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