Jon Campbell Rochester Democrat and Chronicle Published 9:20 PM EDT Apr 15, 2019 ALBANY – Gov. Andrew Cuomo paid slightly less in federal taxes in 2018, the first year the Republican tax reform plan he often rails against went into effect. Cuomo, a Democrat, paid $39,138 in federal income taxes last year on an adjusted gross income of $211,289, an effective tax rate of 18.5%, according to his 2018 returns made available to reporters Monday. That was less than the 19.6% federal tax rate he paid in 2017, when he was taxed $41,765 on $212,776 in income. Cuomo has been highly critical of the 2017 GOP tax plan because it implemented a $10,000 cap on state and local tax deductions, or SALT, which prevents tax filers from writing off an unlimited amount as they had in the past. The Democratic governor has said the cap amounts to double taxation, particularly on wealthier New York residents who will now pay more to the federal government and could flee to lower-tax … [Read more...] about Andrew Cuomo benefited from Donald Trump tax cuts, returns show
Donald trump tax
U.S. The Internal Revenue Service missed the April 10 deadline to provide the House Ways and Means Committee with six years of President Donald Trump's personal and business tax filings, but the committee's Democratic leadership has given the IRS a little more time to comply, calling the agency's concerns about the request meritless. Ways and Means Chair Richard Neal sent the IRS a request for Trump tax information on April 3, citing a portion of the IRS Code giving certain committees authority to access "any return or return information." However, when April 10 came around, the IRS response came not from Commissioner Charles Rettig but from the Trump cabinet, in the form of a letter from Treasury Secretary Steve Mnuchin. "The legal implications of this request could affect protections for all Americans against politically-motivated disclosures of personal tax information, regardless of which party is in power," wrote Mnuchin in his explanation for why the April 10 … [Read more...] about House Democrats Extend IRS Deadline to Turn Over Requested Donald Trump Tax Returns
U.S. Donald Trump 2018 Midterms Democrats will use their new House majority to demand President Donald Trump’s tax returns as they subject the administration to a tough new regime of oversight. MSNBC’s Ari Melber first reported Tuesday night plans by Representative Richard Neal, ranking member of the House Ways and Means Committee, to use his powers as committee chairman to see the returns. Massachusetts Democrat Neal, who is expected to lead the committee after Democrats took hold the of House in Tuesday's midterms, told CNN in October that he first plans to ask Trump for the tax returns, and if the president refuses, Neal will use an obscure 1924 IRS code law to formally request them. "I think we would all be comfortable if this was done on a voluntary basis," Neal said. "If they would resist the overture then I think you could probably see a long and grinding court case." Trump broke with decades of precedent when he launched his bid for the … [Read more...] about Donald Trump Tax Returns: Democrats Will Demand President’s Records With House Majority
opinion Joann M. Weiner Opinion contributor Published 4:00 AM EDT Oct 15, 2018 In the waning days of the 2016 presidential election, we learned that Donald Trump lost nearly $1 billion in a single year. This peek into his tax situation led his opponent Hillary Clinton to charge that Trump was refusing to release his tax returns because they’d show he didn’t pay any federal income taxes. Trump retorted, “That makes me smart!” At a later campaign rally, he said that he used the tax code “brilliantly.” Does paying no federal taxes make Trump the smartest tax guy in the room? That depends on what being smart about taxes implies. If it’s legal tax avoidance, that’s OK, but if it’s illegal tax evasion, that’s not OK. We recently got a glimpse into the tax avoidance/tax evasion conflict when The New York Times charged in an investigative repor that Trump has engaged in suspect tax schemes, some of which were … [Read more...] about Donald Trump, tax genius or tax con man? We need to see his returns.
U.S. Donald Trump The New York State Department of Taxation and Finance shortly after The New York Times published a report Tuesday that President Donald Trump committed tax fraud in gaining at least $413 million from his father's real estate empire, announced that it is “vigorously pursuing” an investigation of the newspaper’s findings. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman for the department, James Gazzale, told Newsweek in an email Tuesday afternoon. In its lengthy investigative piece based on hundreds of thousands of tax and financial documents, The Times reported that Trump received $413 million or more in today’s dollars from his father Fred’s real estate empire, and that he did so largely through dodging taxes in the 1990s. The story runs counter to Trump’s longtime claim that he was a self-made billionaire, which he touted in … [Read more...] about Donald Trump Tax Fraud Allegations Being ‘Vigorously’ Pursued by New York Authorities