Friday, October 9, 2020

Trump’s Taxes Show He Engineered a Sudden Windfall in 2016 - The New York Times

Tax records expose more than $21 million in highly unusual payments from the Las Vegas hotel Donald Trump owns with Phil Ruffin, routed through other Trump companies and paid out in cash.

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His "self-funded" presidential campaign was short on funds, and he was struggling to win over leery Republican donors. His golf courses and the hotel he would soon open in the Old Post Office in Washington were eating away at what cash he had left on hand, his tax records show.

Date: 2020-10-09T15:26:16.000Z
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Not to change the topic here:

Connecticut Money: Will you pay taxes on Social Security? - New Haven Register

Social Security is complex. While that's partly by design to help as many people as possible, it still creates a lot of headaches for those nearing retirement.

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Many people are surprised to find this out, even though the federal government has imposed a tax on these benefits since 1983. Some people pay no taxes, others pay up to 85 percent, depending on your income.

As with most things federal, it’s complicated. If your income falls below $25,000 for an individual or $32,000 for a married couple filing jointly, you will not owe taxes on your benefits.

Publisher: New Haven Register
Date: 2020-10-09T15:00:00Z
Author: By Eric Tashlein
Twitter: @nhregister
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Spanish Taxpayers to Be Hit by Two Major Taxes in 2021

Spain 's upper house passed two major tax bills today: the financial transaction tax (FTT) and the digital service tax (DST) . Both taxes will go into effect in January 2021, three months after their publication in the Spanish Official Gazette.

The FTT is a 0.2 percent tax on the purchase of shares of Spanish companies with a market capitalization of more than €1 billion (US $1.17 billion). In general, FTTs are levied on the trade of financial instruments such as stocks, bonds, or derivatives. Under a FTT, a percentage of the asset's value is paid in taxes when it is traded. For example, if an investor sells an asset worth $1,000, they would be charged $2 on the transaction under a 0.2 percent FTT.

Publisher: Tax Foundation
Date: 2020-10-07T17:45:50-04:00
Twitter: @taxfoundation
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Why The 1% In Finance Pay So Little In Taxes : NPR

Morris Pearl, a former managing director at the investment giant BlackRock, is a member of Patriotic Millionaires, a group that advocates for a more equitable tax system. Elias WIlliams hide caption

With an apartment on glitzy Park Avenue and a hefty portfolio of stocks, retired investment manager Morris Pearl seems comfortably ensconced in the 1%.

And one thing helps him stay there: The taxes he pays are lower than those of the average elementary school teacher.

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Publisher: NPR.org
Date: 2020-10-08
Twitter: @NPR
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Were you following this:

Op-ed: Wrongheaded pied-à-terre tax proposal will put us further in the hole

The assumption that those with means would never move to escape high taxes is belied by 2019 Census Bureau and IRS data revealing an exodus nationally from high-tax to low-tax states, with New York losing the most residents.

Between 2010 and mid-2017, we had a net outmigration of more than 1 million people; in 2018 a net 180,000 people left for predominantly lower-tax states. This trend, led by the highest earners, increased dramatically this year.

Publisher: Crain's New York Business
Date: 2020-10-09T12:41:01-0400
Author: Stuart Saft
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Fearing Biden tax hikes, wealthy Americans rush to change estate plans | Reuters

(Reuters) - Wealthy Americans are scrambling to change their estate plans before year-end, worried that Democrat Joe Biden will win the U.S. presidential election and raise taxes, say financial advisers to the moneyed set.

The biggest concern is that the White House and Congress could get swept up in a "Blue Wave" of Democratic wins that give Biden the power to propose and pass a sweeping set of tax reforms.

Publisher: U.S.
Date: 2020-10-09T11:37:54Z
Author: Suzanne Barlyn
Twitter: @Reuters
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Cook County property taxes 2020: More than $100M in refunds unclaimed, Treasurer Maria Pappas
Publisher: ABC7 Chicago
Date: 1602245880
Twitter: @abc7chicago
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Conflicting claims, big money at heart of debate on Alaska's oil taxes - Alaska Public Media

Ballot Measure 1 — dubbed the "Fair Share Act" by its sponsors — is an initiative that supporters say would fix Alaska's oil tax law and fill the state's deficit. But those opposed argue it would lead to less investment in Alaska and jeopardize the state's economy. 

In short: The two-page ballot measure is contentious and complicated, with each side citing its own set of facts.

As the Nov. 3 election approaches, here's some of what we do know about the ballot measure and, if it's approved, how it could impact Alaska.

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Publisher: Alaska Public Media
Date: 2020-10-09T19:01:10 00:00
Twitter: @aprn
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