Over the last several weeks, The New York Times has published the findings of its investigation into more than 20 years of President Trump's federal income tax records — information that he has fought to keep hidden in defiance of presidential tradition.
That series of reports is the culmination of work that began more than four years ago, with a scoop in a mailed manila envelope in the final weeks of the 2016 presidential campaign: three pages from Mr. Trump's 1995 income tax returns. The resulting story, reporting that Mr. Trump had declared a $916 million business loss that year, offered a glimpse into the opaque finances of a man running for president, in large part, on his image as a self-made and wildly successful business mogul.
In case you are keeping track:
How a Century of Real-Estate Tax Breaks Enriched Donald Trump - The New York Times
The real estate industry has long enjoyed uniquely favorable tax treatment — thanks in part to Mr. Trump's actions before and after he became president.
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Twenty-five years before he was elected president, Donald J. Trump went to Capitol Hill to complain that Congress had closed too many tax loopholes. He warned that one industry, in particular, had been severely harmed: real estate.
The recent demise of real estate tax shelters, part of a landmark 1986 overhaul of the tax code, was "an absolute catastrophe for the country," Mr. Trump testified to Congress that day in November 1991.
45 Fremont Street: How Commercial Real Estate Owners Avoid Higher Property Taxes | KQED
On the home page of its website, New York City-based investment firm Blackstone estimates the value of its global real estate portfolio at $329 billion. The portfolio includes valuable property in downtown San Francisco, such as 45 Fremont St., a 34-story office building a block from the city's new transit center.
According to the San Francisco assessor's office , in 2017 the land at 45 Fremont was valued at $48.2 million and the structure was valued at $183.8 million — a total of $232 million.
Hadley aims to use rainy day fund to keep next year's taxes flat
HADLEY — A proposal to put a sizable amount of the town's rainy day fund into the $21.95 million municipal budget would ensure that Hadley homeowners and businesses have no increase in their property tax bills next year.
When voters convene for a special Town Meeting on the afternoon of Nov. 14, they will be presented a plan, developed by the Select Board, Finance Committee and town staff, that dips into the stabilization account so the tax rate can drop from $12.78 per $1,000 valuation to $12 per $1,000 valuation.
This may worth something:
Take advantage of lowering taxes with end-of-year strategies | Business | victoriaadvocate.com
Without More Enforcement, Tax Evasion Will Spread Like a Virus - The New York Times
Few people enjoy paying taxes, but as Oliver Wendell Holmes Jr. reminded us , "Taxes are what we pay for civilized society." On reflection, most of us therefore offer at least implicit support for penalties against tax evasion — penalties that have little meaning unless backed by significant enforcement resources.
Yet prodded mainly by anti-tax Republicans , Congress has cut the Internal Revenue Service budget steadily since 2011. By 2019, the agency was auditing only one in every 222 individual returns, down from one in 90 in 2011. Similar reductions have occurred for corporate returns , and were proportionately larger for the wealthiest individuals and largest corporations.
Tame Your Taxes: Fundamentals of advanced tax reduction planning
Ten years ago, I learned a hard and embarrassing lesson. I discovered that my clients really want me to save them taxes! Until that light came on, I was on the compliance treadmill. I thought my clients wanted me to keep them in compliance, avoid late penalties and prepare an accurate tax return. Even back then, those services were expected and unspoken.
When did I see the light? A realtor client of mine attended a tax seminar. He came back with an income-shifting tax strategy: he formally hired his wife and son as employees. They were already helping in the business, but by formalizing an employment relationship, he was able to save three types of taxes.
Biden tax proposal might hit wealthy estates with 67% rate | Fox Business
If Joe Biden wins the November presidential election, the estates of wealthy Americans could be hit with a tax rate as high as 67%, according to a new analysis published by the Tax Foundation.
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The candidate has also promised to raise the estate tax rate to 45% and lower the exemption to $3.5 million. (The exemption is currently at about $11.5 million for individuals, and the tax rate is 40%).
That's nearly double the effective rate that an asset of that size would face under existing rules, according to the Tax Foundation, a nonpartisan think tank based in Washington.
Happening on Twitter
The Liberal Democrat Governor of Minnesota tried to shut us down by only allowing 250 inside President… https://t.co/11nnEojX3n kayleighmcenany Fri Oct 30 23:01:06 +0000 2020
Wow. The Legend🇺🇸🇺🇸🇺🇸 Hockey legend Bobby Orr endorses U.S. President Trump's re-election bid https://t.co/mq155F6LY6 DonaldJTrumpJr Sat Oct 31 02:23:29 +0000 2020
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