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Chip Somodevilla | Getty ImagesIRS scrutiny of the employee retention creditThe plan is part of the agency's elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. A pandemic-era tax break, the employee retention credit, or ERC, was designed to support small businesses that kept employees on payroll during shutdowns or revenue declines in 2020 and 2021. He included the earned income tax credit, a tax break claimed by low- to moderate-income filers, which has been prone to mistakes due to complex eligibility requirements. While IRS audit rates have dropped overall, the rates have declined more slowly for filers claiming the earned income tax credit than higher earners. "The IRS audits a higher percentage of taxpayers with the earned income tax credit than any other taxpayers, except those with at least $5 million of total positive income," National Taxpayer Advocate Erin Collins wrote in her 2022 report.
Persons: Daniel Werfel, Chip Somodevilla, April Walker, Werfel, Chuck Marr, Erin Collins Organizations: Senate, Getty, American Institute of CPAs, ERC, IRS, Budget, National Taxpayer, filers Locations: Worth
She said that in recent years, the WTO has failed to address non-market practices by some countries, seeking to "dominate key industrial sectors, promote national champions and discriminate foreign competitors, massively subsidize key sectors and manipulate cost structures." "And we certainly need to reform our dispute settlement system." "The United States wants a WTO where dispute settlement is fair and effective and supports a healthy balance of sovereignty, democracy, and economic integration," Tai said. Where we have better rules and tools to tackle non-market policies and practices and to confront the climate crisis and other pressing issues." Tai has long pushed back against China's "non-market" economic and trade practices from China, raising fresh objections to its state-led approach during a late May meeting with Chinese Commerce Minister Wang Wentao in Detroit.
Persons: Katherine Tai, Biden's, Jonathan Ernst, Tai, Ngozi, Iweala, Wang Wentao, David Lawder, Grant McCool Organizations: Trade, REUTERS, Rights, . Trade, World Trade Organization, WTO, Center for Strategic, China's, Chinese Commerce, Thomson Locations: Washington , U.S, U.S, WTO, Washington, China, Abu Dhabi, United States, Detroit
South Africa to host US-Africa trade summit despite Russia spat
  + stars: | 2023-09-20 | by ( ) www.reuters.com   time to read: +3 min
South Africa's economic hub, Johannesburg, will host the U.S.-sub-Saharan Africa Trade and Economic Cooperation Forum from Nov. 2 to 4, U.S. and South African officials said in a joint statement on Wednesday. "As President Biden has said, the future is Africa," United States Trade Representative Katherine Tai said in the statement. Despite Pretoria's declared neutrality, perceived close ties between Russia and South Africa, an important U.S. trading partner in Africa, have ruffled feathers Washington. Pointing to South Africa's joint naval operations with China and Russia in February, and plans to host Russian President Vladimir Putin at a BRICS bloc summit, they also suggested South Africa's trade benefits under AGOA could be revoked. The lawmakers appeared to back up an explosive accusation by the U.S. ambassador to South Africa that a Russian vessel under sanctions collected weapons at a South African naval base last year.
Persons: Katherine Tai, Biden's, Jonathan Ernst, Biden, Tai, Pretoria's, Vladimir Putin, Putin, Ebrahim Patel, Joe Bavier, Grant McCool Organizations: Trade, REUTERS, Saharan, Saharan Africa Trade, Economic Cooperation, United States Trade, U.S . House, U.S . Senate, U.S, Thomson Locations: Washington , U.S, Russia, Washington JOHANNESBURG, South Africa, U.S, Africa, South, Johannesburg, Saharan Africa, Ukraine, Washington, China, Russian, AGOA, United States
The IRS is shifting how it examines tax returns of lower earners as part of its broader effort to address inequity in enforcement. Starting in fiscal year 2024, the agency will "substantially" reduce the number of so-called correspondence audits — which happen by mail — for certain tax credits. This includes the earned income tax credit, claimed by low- to moderate-income filers, according to a letter sent on Monday by IRS Commissioner to Senate Finance Committee Chair Ron Wyden, D-Ore. The letter comes roughly one week after the IRS unveiled plans to use boosted technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships and large corporations. More from Personal Finance:IRS halts processing of a small business tax breakThe IRS plan to use AI may affect wealthy taxpayersBlack taxpayers more likely to face audits, IRS confirms"It's part of this whole rebalancing," said Chuck Marr, vice president for federal tax policy at the Center on Budget and Policy Priorities.
Persons: Ron Wyden, Chuck Marr Organizations: IRS, Finance, Budget
Kevin Lamarque | ReutersAs the IRS pauses on processing new claims for a pandemic-era small business tax break, some filers are in limbo as the agency works on further guidance. The IRS on Thursday temporarily halted processing for amended payroll tax returns claiming the so-called employee retention tax credit, or ERC, which was enacted during the Covid-19 pandemic. More from Personal Finance:IRS halts processing of a small business tax breakDoes your business qualify for the employee retention credit? If you claimed the credit and are worried about eligibility, it's an excellent time to review your filing with a qualified tax professional, she said. My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before.
Persons: Daniel Werfel, Kevin Lamarque, Danny Werfel, Jennifer Rohen, Craig Hausz, Hausz, There's Organizations: Reuters, IRS, ERC, Finance, CMH, CMH Advisors Locations: Worth, Dallas
The United States established diplomatic ties with China in 1979 and broke off formal relations with Taiwan. Since then, every U.S. administration has tried to maintain an ambiguous position on Taiwan based on the “One China” policy. Usually, U.S. administrations strike tax treaty agreements with other countries that are ratified by the Senate. The Biden administration has expressed support for ending double taxation with Taiwan. Senator Ron Wyden, Democrat of Oregon, who chairs the Senate Finance Committee, said on Thursday that the legislation would help make those plans possible.
Persons: Biden, Ron Wyden Organizations: United, Senate, House, Lawmakers, Democrat, Finance Locations: States, Taiwan, United States, China, U.S, Oregon
Jim Lo Scalzo/Pool via REUTERS Acquire Licensing RightsSept 11 (Reuters) - The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday. Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs. "None of us thinks it makes sense to subsidize energy companies in light of how they're doing in this country. But there are probably other subsidies and other things we can do to make the budget more efficient." Adeyemo said he hoped to engage with Republicans in the House of Representatives about the issue, without giving any further details.
Persons: Wally, Adeyemo, Jim Lo Scalzo, Wally Adeyemo, Joe Biden's, Donald Trump's, Republican Ronald Reagan, Bill Clinton, Andrea Shalal, Deepa Babington Organizations: Senate, Treasury, Washington , D.C, REUTERS Acquire, Economic, of New, Big Oil, Republican, Thomson Locations: Dirksen, Washington ,, United States, New York, of New York, Ukraine
REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.
Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico
In the meantime, the Biden campaign plans to focus its message on warnings about Trump — which campaign officials hope will energize the party's grassroots and spur more donations. Some campaign officials see an opportunity for an influx of contributions when Trump's legal trials begin. A Biden campaign official who softened expectations for the coming fundraising disclosure said Republican candidates may have also had a slow summer. The Biden campaign will try to galvanize rank-and-file Democrats with new merchandise and ways for contributors to "engage" with the president, two sources said. Recently the Biden campaign began a fundraising contest to win dinner with Biden and former President Barack Obama.
Persons: Joe Biden, Joe Biden's, Donald Trump, Biden, Chris Korge, Korge, Biden's, Harris, Kevin Munoz, Biden isn't, hasn't, Kamala Harris, Minyon Moore, Trump, Barack Obama Organizations: White, WASHINGTON, Biden, Fund, Democratic Party, NBC News, Harris coalition, Republican, Democratic, Trump, Convention, U.S . Capitol Locations: Washington ,, Georgia, Chicago
Mexico's Election Year Deficit Plan Fuels Fear Over Finances
  + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com   time to read: +3 min
By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.
Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City
CNN —In an urgent appeal to wealthy Republicans who had assembled in Milwaukee ahead of the first GOP presidential primary debate, top brass for the super PAC backing Florida Gov. Ron DeSantis told donors they needed an injection of $50 million over the next four months, according to leaked audio obtained by CNN. The tension spilled into the open just days before the Milwaukee event, when the super PAC released a memo with debate pointers for DeSantis. The pitch appeared structured to convince donors the super PAC had a plan for their dollars if they would open up their pocketbooks. Many Republican strategists and campaign veterans have questioned the arrangement between DeSantis’ campaign and the super PAC, pointing to the limitations of running a political operation from the outside.
Persons: Ron DeSantis, , , Chris Jankowski, DeSantis, I’m, Jankowski, Kristin Davison, Jeff Roe, Trump, Casey DeSantis, ” Roe, , Roy Bailey, Davison, , Robert Bigelow, Roe, Donald Trump, “ Donald Trump, ” Davison, we’re, Puerto, “ Trump, ” —, , Casey, ” Jankowski, We’ve Organizations: CNN, PAC, Florida Gov, DeSantis, Dallas, Trump, Reuters, Labor, GOP, White, US House, Puerto Rico’s, Super, , ” Navy, JAG, Republican, Federal, Commission, Campaign Locations: Milwaukee, Iowa, Florida, DeSantis, Nevada, New Hampshire, Puerto Rico, Georgia
The Miami Police Department sent over a hundred guns and 148,000 bullets to Ukraine. Ukrainian President Volodymyr Zelenskyy is pressing the US to send more long-range weapons. The "Guns 4 Ukraine" scheme provides vouchers ranging from $50 to $150, depending on the type of weapon handed in. But last month Ukrainian President Zelenskyy made another plea for military assistance, urging the US to supply it with long-range weapons and modern aircraft. "I would really draw attention to long-range armaments," he said, adding: "We have been waiting for this for quite some time."
Persons: Volodymyr Zelenskyy, Ken Russell, Marian Zablotskyi, Biden, Zelenskyy Organizations: Miami Police Department, Service, Miami, Miami New Times, Ukrainian, Committee of America, Ukraine's Finance, Biden Administration, State Department Locations: Ukraine, Wall, Silicon
More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.
Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo
They said the GOP wants to slash earned benefits and hand out tax cuts for the wealthy. For instance, the Republican Study Committee released a report on spending priorities and reforms that would, among other measures, adjust the Social Security retirement age. "We will not now or ever support cutting or delaying retirement benefits for any senior in or near retirement," it said. "While the GOP tries to cut its funding, Democrats are committed to protecting Social Security for all Americans." "It's Medicare, Social Security, interest on the debt."
Persons: Biden, Andrew Bates, Bates, reconvenes, that's, California Sen, Alex Padilla, Kevin McCarthy, McCarthy, Sen, Ron Wyden Organizations: House, Republicans, GOP, Service, Privacy, White, Republican, Security, Labor, Health, Human Services, Education, Social Security, Big, Democratic, Social, Fox News, Senate Finance, AP News Locations: Wall, Silicon, California
CNN —Billionaire investor Leon Black struck a multi-million dollar settlement with the government of the US Virgin Islands to avoid any legal claims tied to a Jeffrey Epstein sex-trafficking investigation. According to a settlement document obtained by CNN, Black agreed in January to pay the Virgin Islands government $62.5 million in cash. In exchange, the Virgin Islands released Black from any current and future legal claims related to Jeffrey Epstein. There is no suggestion in the USVI settlement that Mr. Black was aware of or participated in any misconduct.”Black has faced a number of accusations and lawsuits over his ties to Jeffrey Epstein. Last month, the Virgin Islands government said it is seeking $190 million in penalties and disgorgement from JPMorgan Chase, alleging that the bank benefited financially from Epstein’s sex trafficking operation.
Persons: Leon Black, Jeffrey Epstein, Black, ” Whit Clay, ” Black, Epstein, Epstein —, , , Clay, , JPM Organizations: CNN — Billionaire, CNN, Virgin, Virgin Islands, New York Times, , Apollo Global Management, Apollo, ” Forbes, Finance, US, US Virgin Islands, JPMorgan Chase, JPMorgan Locations: U.S, US Virgin
Chinese hackers accessed the Microsoft-powered email accounts of top China envoys, Commerce Secretary Gina Raimondo, and Secretary of State Antony Blinken. Wyden asked that the Justice Department examine whether Microsoft had violated federal law through its negligence; that CISA examine whether Microsoft violated best practices for securing the highly sensitive "skeleton key;" and that the Federal Trade Commission examine whether Microsoft violated federal privacy statutes. Both the State Department and the Commerce Department were targeted by Chinese hackers. Wyden noted it wasn't the first time that a foreign government had hacked government agencies by exploiting Microsoft vulnerabilities. Both Microsoft and federal officials have disclosed relatively little about the hack, though Microsoft has disseminated additional information and made concessions to customers to mitigate the impact of the exploitation.
Persons: Sen, Ron Wyden, Joe Biden's, Gina Raimondo, Antony Blinken, Wyden, Merrick Garland, Lina Khan, Jen Organizations: Democratic, Finance, Justice Department, Microsoft, Federal Trade Commission, Infrastructure Security Agency, Google, FTC, State Department, Commerce Department, Department's Locations: Washington, China
[1/2] Senator Ron Wyden (D-OR) speaks during the Senate Finance Committee hearing on the nomination of Chris Magnus to be the next U.S. Customs and Border Protection commissioner, in the Dirksen Senate Office Building on Capitol Hill in Washington, DC, U.S., October 19, 2021. In a letter released Thursday, Wyden said that "even with the limited details that have been made public so far, Microsoft bears significant responsibility for this new incident." The FTC, the Justice Department, and the Cybersecurity Agency - known as CISA - did not immediately respond to request seeking comment. Microsoft did not immediately return a request for comment. Reporting by Raphael Satter; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Persons: Ron Wyden, Chris Magnus, Mandel Ngan, Read, Wyden, Raphael Satter, Chizu Organizations: Senate, U.S . Customs, Border Protection, Federal Trade Commission, Infrastructure Security Agency, Department of Justice, Microsoft, FTC, Justice Department, Cybersecurity Agency, Thomson Locations: U.S, Dirksen, Washington , DC, Oregon, China
New York CNN —A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. A spokesman for Black, Whit Clay, echoed Estrich’s denial, saying the law firm “has an agenda” and that its credibility has been impugned by the dismissal of the previous suit. An internal Apollo investigation that documented his $158 million payment to Epstein found no wrongdoing. The latest suit is the third to publicly accuse Black of rape.
Persons: New York CNN —, Leon Black, Jeffrey, Jane Doe, , Black, Susan Estrich, ” Estrich, Whit Clay, , Jeanne M, Christensen, ” Black, Epstein, Cheri Pierson, ” Epstein, Jeffrey Epstein, Ghislaine Maxwell, Sen, Ron Wyden, ” Black’s, Doe, — CNN’s Elisabeth Buchwald, Ramishah Maruf Organizations: New, New York CNN, Apollo Global Management, New York Times, Street, CNN, Finance Locations: New York, Manhattan, New York City
New York CNN —The Senate Finance Committee is looking into whether billionaire investor Leon Black’s $158 million payment to disgraced financier Jeffrey Epstein was part of a greater strategy to avoid paying over $1 billion in federal gift and estate taxes. “The payments were inexplicably large; well in excess of what Black paid any other financial advisors and far higher than the median compensation of Fortune 500 CEOs at the time,” Wyden said in a statement released Tuesday. “At every stage of the committee’s investigation, Black has refused to answer questions or provide any documents that could demonstrate how Epstein’s compensation for tax and estate planning services was determined or justified,” Wyden said in the statement. Black has cooperated extensively with the Committee, providing detailed information about the matters under review,” Whit Clay, a spokesman for Black, said in a statement to CNN. An internal Apollo investigation that documented his $158 million payment to Epstein following the New York Times’ reporting, however, found no wrongdoing.
Persons: Leon Black’s, Jeffrey Epstein, Epstein, Ron Wyden, Wyden, Dechert, ” Wyden, , Black, Mr, Whit Clay, ” Epstein, Dechert didn’t, Joanna Rose, Organizations: New, New York CNN, Finance, Apollo Global Management, Oregon Democrat, Dechert LLP, Apollo, Fortune, CNN, New York Times Locations: New York
A Senate committee is investigating whether $158 million that the billionaire investor Leon Black paid the disgraced financier Jeffrey Epstein for tax and estate planning services should have been classified as a gift, as part of a broader inquiry into tax-avoidance schemes by ultrawealthy individuals, according to a letter reviewed by The New York Times. In addition to the fees that Mr. Black said he had paid Mr. Epstein, the Senate Finance Committee is looking into several trusts that Mr. Black used to save on taxes and advice that Mr. Epstein gave on art purchases, according to the letter, which the committee’s chairman, Senator Ron Wyden, sent to the private equity mogul on Monday. Mr. Wyden, Democrat of Oregon, wrote that the committee was dissatisfied with the information that Mr. Black, a co-founder of Apollo Global Management, had provided it to date and requested his cooperation. “A significant number of open questions remain regarding the tax-avoidance scheme you implemented with Epstein’s assistance, including whether the exorbitant amounts paid to Epstein should have been classified as a gift for federal tax purposes,” the senator wrote. Gifts exceeding an annual threshold in value are subject to federal taxes ranging from 18 to 40 percent.
Persons: Leon Black, Jeffrey Epstein, Black, Epstein, Ron Wyden, Wyden Organizations: The New York Times, Senate Finance, Mr, Democrat, Apollo Global Management Locations: Oregon
NEW YORK, July 25 (Reuters) - The billionaire investor Leon Black was sued on Tuesday by an autistic woman who says he raped her in the disgraced financier Jeffrey Epstein's mansion in Manhattan in 2002, when she was 16. Black co-founded private equity firm Apollo Global Management (APO.N), which he left in 2021. Black has denied other sexual abuse accusations, including in a dismissed lawsuit by former Russian model Guzel Ganieva, and a lawsuit by Cheri Pierson who also claimed he raped her in Epstein's home two decades ago. The billionaire has also reached a $62.5 million settlement with the U.S. Virgin Islands, where Epstein had a home, to avoid a possible lawsuit. The case is Doe v Black, U.S. District Court, Southern District of New York, No.
Persons: Leon Black, Jeffrey Epstein's, Jane Doe, Black, Epstein, Ghislaine Maxwell, Susan Estrich, Estrich, Doe, massages, Jeanne Christensen, Cheri Pierson, Jonathan Stempel, Kanishka Singh, Daniel Wallis Organizations: YORK, Apollo Global Management, Forbes, U.S ., Court, Southern District of, Washington , D.C, Thomson Locations: Manhattan, New York City, Russian, U.S . Virgin Islands, U.S, Southern District, Southern District of New York, New York, Washington ,
A Senate panel on Tuesday revealed a yearlong investigation into Apollo Global Management co-founder Leon Black's ties to the late disgraced financier Jeffrey Epstein, with a focus on $158 million Black allegedly paid Epstein for tax and estate planning services. The probe into Black's tax schemes is one of a series of investigations by the committee into how ultra-wealthy people skirt their tax bills, Wyden's letter said. The committee's latest round of questions are "inappropriately invasive" and potentially overstep the panel's oversight role, Black's memo contended. Overnight, the U.S. Virgin Islands lobbed new accusations against JPMorgan Chase in a lawsuit accusing the bank of enabling Epstein's criminal activity. Both the Virgin Islands and JPMorgan filed motions overnight for partial summary judgment in the lawsuit.
Persons: Leon Black, Leon Black's, Jeffrey Epstein, Epstein, Ron Wyden, Black, Wyden, Wealth Management David Brigstocke Organizations: Apollo Global Management, Milken Institute Global Conference, U.S . Virgin, JPMorgan Chase, JPMorgan, Asset, Wealth Management, Virgin Islands Locations: Beverly Hills , California, U.S, Slovakian
WASHINGTON, July 25 (Reuters) - The U.S. Senate's Finance Committee on Tuesday revealed an ongoing probe into private equity billionaire Leon Black's financial ties with disgraced late financier Jeffrey Epstein, and said the investigation "uncovered serious tax issues." The Senate panel said that a reported $158 million of payments in several installments from 2012 to 2017 by Black to Epstein for financial advice seemed "inexplicably large," given that Epstein was "neither a licensed tax attorney nor a certified public accountant." A spokesperson for Black said the billionaire had "cooperated extensively" with the panel's probe and provided detailed information. Black had previously acknowledged he paid Epstein for "legitimate financial advisory services." Last week, the New York Times reported that Black paid $62.5 million to the U.S. Virgin Islands to avoid any legal claims tied to an Epstein sex-trafficking investigation.
Persons: Leon, Jeffrey Epstein, Black, Epstein, Donald Trump, Bill Clinton, Kanishka Singh, Jonathan Oatis Organizations: Senate's Finance, New York Times, U.S . Virgin, Forbes, Apollo Global Management, Thomson Locations: U.S, Washington
The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.
Persons: TJN, , Alex Cobham, Cobham, Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States
Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, May 1, 2018. A federal lawsuit filed Tuesday accused Leon Black, the billionaire co-founder of Apollo Global Management, of raping a then-16-year-old girl with autism in 2002 at the Manhattan townhouse of disgraced financier Jeffrey Epstein. "Wigdor's prior case against Mr. Black was recently thrown out by the Court and this one will be too. "This sham proceeding will be promptly dismissed and will provide further ammunition for Mr. Black's pending sanctions motion against the Wigdor firm," the lawyer said. The bid for sanctions also references Guzel Ganieva, who was represented by Wigdor in a 2021 lawsuit accusing Black of sexual assault and defamation was dismissed in May.
Persons: Leon Black, Jeffrey Epstein, Epstein, Ghislaine Maxwell, Wigdor, Black, Jane Doe, Jeanne Christensen, Jane Doe's, " Christensen, Susan Estrich, Estrich, Black's, Cheri Pierson, Pierson, Guzel Ganieva, Ganieva Organizations: Apollo Global Management, Milken, Global Conference, Black, New York Times, U.S . Virgin, Senate Finance, New York Supreme, Wigdor Locations: Beverly Hills , California, Manhattan, U.S, New York, Epstein's Manhattan
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