DIRS.INFO The most relevant business & tech news

☆ Top GOP Tax Legislator Says He’ll Boost Workers, Probe Companies
▼ + stars: | 2023-02-06 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Rep. Jason Smith, who represents southeastern Missouri, said his policies will focus on ‘real Americans’ over large corporations. Jason Smith (R., Mo. ), the House’s new top tax writer, is promoting an approach he says would favor working-class Americans over large corporations, a shift in tone from his predecessors that raises questions about companies’ ability to push tax cuts through Congress. In speeches, interviews and a 10-year voting record in Congress, Mr. Smith has been a steady supporter of Republican tax cuts, and he says that basic approach isn’t changing. As chairman of the Ways and Means Committee, he says the needs of farmers, small businesses and working-class Americans should come first when setting policy.

☆ Perfect Storm for Some Companies: Fewer Interest Deductions, Rising Rates
▼ + stars: | 2023-02-06 | by ( Mark Maurer | ) www.wsj.com time to read: +9 min

For some firms, the move shrank the amount of taxable income that can be offset by interest expenses. Higher interest rates generally lead to higher interest expenses tied to companies’ variable-rate debt, new borrowings and refinancings. The cap can hit companies’ cash flows immediately, though not necessarily their financial statements, due to timing differences in claiming the deductions. Aluminum maker and recycler Novelis plans to allocate less cash toward its venture-capital arm due to the higher interest expenses. Leveraged loans have variable rates that typically reset every one to three months, based on short-term interest rates.

☆ Trump's Scottish golf courses recorded more losses in 2021
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 2 (Reuters) - Former U.S. President Donald Trump's two Scottish golf courses lost 4.4 million pounds ($5.44 million) in 2021, according to accounts released on Thursday, continuing a consistent run of red ink at the clubs under his ownership. SLC Turnberry Ltd., which manages the famed Turnberry golf resort, said closure for part of the year due to the COVID-19 pandemic contributed to pre-tax losses of 3.7 million pounds. Trump International Golf Club Scotland Ltd, which operates a club Trump built north of Aberdeen, reported a pre-tax loss of 697,000 pounds. The results were helped by the companies receiving just over 1 million pounds in COVID payroll support from the UK government. ($1 = 0.8081 pounds)Reporting by Tom Bergin; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Ways & Means Committee Chair: Delivering for working-class families is our top priority
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWays & Means Committee Chair: Delivering for working-class families is our top priorityRep. Jason Smith (R-Mo. ), the new Ways & Means Committee chair, joins 'Squawk Box' to discuss the top priorities for the committee, Smith's position on the debt ceiling, and more.

☆ How the market is rating the risk of debt ceiling default and a divided, dysfunctional Congress
▼ + stars: | 2023-01-27 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +13 min

That would be the worst-case outcome, of course, but even the best case will probably see the sort of brinksmanship that occurred in the 2011 debt ceiling crisis." From the Senate, Mitch McConnell recently said it's an issue for Biden and the House GOP to work out. Kevin Brady , the former top Republican on the House Ways and Means Committee, dismissed talk of debt default as "fear mongering." Narrowness of GOP House majority does matterJPMorgan also referred to the path for a political agreement as being "narrow." In 2013, the Federal Reserve ran a simulation of a debt default by the U.S. government.

WASHINGTON — Republicans, newly empowered with a House majority, are demanding spending cuts as a price for lifting the debt ceiling and averting a catastrophic default on U.S. debt. Republicans are divided over whether Medicare and Social Security spending should be on the chopping block. Jose Luis Magana / APLuna said she wants to do it without tax increases or Social Security or Medicare cuts. The White House has vowed that Biden won’t grant concessions on the debt limit and that paying the country’s bills is non-negotiable. But I think we’ve got to also honor our commitment to Americans when it comes to Social Security and Medicare,” Garcia continued.

☆ GOP Rep. Steube sustains 'several injuries' after accident on his property
▼ + stars: | 2023-01-19 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +1 min

Rep. Greg Steube, R-Fla., sustained "several injuries" Wednesday after he was involved in an accident at his property, his office said. The severity of the injuries and how they occurred were not immediately clear. "Congressman Steube was involved in an accident on his property late this afternoon and has sustained several injuries," his office tweeted. NBC News has asked Steube's office for details. Rep. Vern Buchanan, who represents the 16th District, tweeted that it was "horrible" to hear for Steube's accident and that he wished his fellow Republican a speedy recovery.

☆ GOP Rep. Greg Steube sustains 'several serious injuries' after falling 25 feet off a ladder, his office says
▼ + stars: | 2023-01-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Representative Greg Steube, a Republican from Florida, listens during a House Judiciary Subcommittee hearing in Washington, D.C., U.S., on Wednesday, July 29, 2020. Rep. Greg Steube is "making progress" but remained hospitalized Thursday with "several serious injuries" he sustained after a 25-foot fall off a ladder at his Florida home, his office said. Steube's injuries "are still under assessment but not life threatening at this time," his office said. A third-term congressman from Florida's 17th Congressional District, Steube had recently been named to the powerful House Ways and Means Committee. "Our family's prayers go out to Congressman Steube this morning," tweeted Joe Scarborough, a former Florida Republican congressman turned MSNBC morning host and frequent GOP critic.

☆ Did Trump donate his presidential salary in 2020? Tax returns don’t tell full story
▼ + stars: | 2023-01-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

When former President Donald Trump's tax returns were issued publicly Dec. 30, some news reports suggested he didn't donate his salary in 2020 — thereby breaking a campaign pledge — because the tax returns showed $0 of charitable gifts. However, it's unclear from the available data if he did or didn't break his promise, due to how certain information is reported on tax returns, accountants said. He didn't pay federal income tax because he didn't have any taxable income. But that's not the case if you report negative income and don't pay income tax; you can't get a tax deduction if there's no income from which to deduct. However, taxpayers can "carry forward" that unused tax break to future years — effectively using past charitable donations to reduce their tax bill later.

☆ Rep. Jason Smith Picked to Lead House Ways and Means Committee
▼ + stars: | 2023-01-10 | by ( Richard Rubin | Siobhan Hughes | ) www.wsj.com time to read: 1 min

Rep. Jason Smith of Missouri had been the top Republican on the House Budget Committee. WASHINGTON—House Republican leaders chose Rep. Jason Smith (R., Mo.) to run the House Ways and Means Committee, giving him a prime perch to shape the party’s approach to tax, trade and health policy. As chairman, Mr. Smith will lead a committee with broad power over economic policy and healthcare that is poised to receive an influx of new Republican members. He will help guide the party’s oversight work as the Internal Revenue Service starts spending the $80 billion it received last year.

☆ House Republicans vote to strip IRS funding, following pledge to repeal nearly $80 billion approved by Congress
▼ + stars: | 2023-01-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year. The measure doesn't have the support to pass in the Democratic-controlled Senate, and the White House opposed the bill in a statement released Monday. The bill comes less than two weeks after Democratic members of the House Ways and Means Committee released six years of former President Donald Trump's tax returns, angering many Republican lawmakers. Known as the Family and Small Business Taxpayer Protection Act, the new House Republican measure would increase the budget deficit by more than $114 billion through 2032, according to the Congressional Budget Office.

☆ When George Santos moves into the office next door, ‘it’s like being in a cartoon,’ Hill staffer says
▼ + stars: | 2023-01-04 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +4 min

Rep.-elect George Santos moved into his new Capitol Hill office, surprising his next door neighbors. "I was like, 'Why is there a press stakeout right outside our office?'" Then he turned a corner and saw a press stakeout with more than a dozen reporters and two cameras. "I was like, 'Why is there a press stakeout right outside our office? Sure, there's times when you may not want a huge stakeout outside your doors, Fritschner said, but Hill staffers are like anyone else.

☆ Trump’s Tax Law Echoed Through His Finances During White House Years
▼ + stars: | 2022-12-31 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The tax law that Donald Trump signed in late 2017 echoed through his finances in the following years, limiting some tax benefits for him and opening some tax-planning opportunities, according to the former president’s tax returns. Like many other taxpayers from high-tax states such as New York, Mr. Trump was affected by the $10,000 limit on deducting state and local taxes that was imposed by the wider tax law he championed. In 2018, for example, while he was in the White House, he reported paying over $10 million in state and local taxes but could only deduct the $10,000. The House Ways and Means Committee released six years of Mr. Trump’s tax returns Friday.

☆ The Trump Tax Return Precedent
▼ + stars: | 2022-12-31 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

House Democrats released Donald Trump’s tax returns to the public on Friday, four days before they lose their majority, and in the process did more harm to their reputation than to the former President’s. The dump is a violation of taxpayer privacy with no legislative purpose, and it could open an ugly new battlefield in American politics. The Ways and Means Committee released Mr. Trump’s individual and business filings from 2015 to 2020. The release caps Chairman Richard Neal ’s yearslong campaign, which he claims is meant to expose the Internal Revenue Service for slow-footing mandatory audits of the President. “Our review found that under the prior Administration the program was dormant,” Mr. Neal said in defense of the document dump.

Friday’s release of former President Donald Trump’s tax returns from his four years in the White House and two years prior is an important and long overdue public service. It also would have been a warning shot to any future presidents who may want to keep their tax returns private. ), chairman of the tax-writing House Ways and Means Committee, asked the agency for information related to Trump’s tax returns. Ultimately, though, it’s on House Democrats that the Trump tax documents release on Friday were so limited. So they couched their court case as looking into the effectiveness of mandatory IRS audits of tax returns of all sitting presidents.

☆ Newly released tax returns reveal Trump paid more in foreign taxes than US income tax for years
▼ + stars: | 2022-12-31 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Trump's tax returns were released by the House Ways and Means Committee after years of legal battles. They reveal details about years he paid more in foreign taxes than US income tax. In several years, according to AP, he paid more in foreign taxes related to his international business dealings than he did in income tax to the United States. AP reported Trump paid $641,931 in federal income taxes in 2015, as he began his campaign for president, but paid just $750 in 2016 and 2017. While the recently released tax documents reveal previously unknown information about the former president's finances, they are not proof of legal wrongdoing.

☆ It's pretty rare for Americans to claim negative income on their taxes like the Trumps did for 4 years between 2015 and 2020
▼ + stars: | 2022-12-31 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

An IRS report shows it's not that common for taxpayers to report adjusted gross income below $1. In 2020, the total income was -$4,694,058 and adjusted gross income was -$4,795,757. Trump's tax return isn't the only one in 2020 that shows a negative adjusted gross income. The following chart shows how many individual income tax returns there were for tax year 2020 by adjusted gross income. In contrast, there were over 30 million returns with adjusted gross income from $50,000 to under $100,000 and just about 30 million returns with adjusted gross income of $30,000 to under $50,000.

New York CNN —After years of legal battles, pontificating and theorizing, former President Donald Trump’s tax returns from 2015 to 2020 are now part of the public record. However, Trump’s tax returns raise numerous questions about the former president’s finances, his business activities, foreign ties and his charitable donations, among other issues. The tax returns do not show what the bank account was used for or how much money passed through it or to whom. The tax returns don’t say how much he lent them or why he gave them loans in the first place. Since 1977, the Internal Revenue Service has had a policy of auditing every president’s personal tax returns while they are in office.

☆ U.S. House committee releases Trump tax returns he sought to keep secret
▼ + stars: | 2022-12-30 | by ( Moira Warburton | ) www.reuters.com time to read: +5 min

[1/2] Donald Trump departs Trump Tower two days after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, New york, U.S., August 10, 2022. The nearly 6,000 pages of records include over 2,700 pages of personal returns from Trump and his wife Melania Trump, plus more than 3,000 pages of returns from his businesses. Trump, a businessman who held public office for the first time when he entered the White House in 2017, was the first presidential candidate in decades not to release his tax returns. Neal first requested the returns in 2019, arguing that Congress needed them to determine if legislation on presidential tax returns was warranted. Representative Kevin Brady, the House panel's top Republican, warned that future committee chairmen will have "nearly unlimited" power to make public the tax returns of private citizens, including "political enemies".

☆ U.S. House committee releases Trump tax returns, capping years-long battle
▼ + stars: | 2022-12-30 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

[1/2] Donald Trump departs Trump Tower two days after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, New york, U.S., August 10, 2022. REUTERS/David 'Dee' Delgado//File Photo/File PhotoDec 30 (Reuters) - A Democratic-controlled U.S. House of Representatives committee released six years of former President Donald Trump's tax returns to the public on Friday in an extraordinary move days before Republicans are due to take control of the chamber. House Ways and Means Committee Chairman Richard Neal requested the returns in 2019, arguing that Congress needed them to determine if legislation on presidential tax returns was warranted. Trump, who took office in 2017, was the first presidential candidate in decades not to release his taxes. They show Trump and his wife Melania Trump claimed large deductions and losses and paid little or no income tax in several of those years.

☆ Donald Trump’s Tax Returns Released by House Committee
▼ + stars: | 2022-12-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The House Ways and Means Committee released six years of Donald Trump‘s tax returns Friday, pushing documents into the public sphere that the former president had long tried to keep confidential. The panel’s move, days before Democrats lose control of the House on Jan. 3, caps years of political and legal wrangling. House Democrats said they needed the material to oversee the Internal Revenue Service’s annual audits of presidential tax returns, while Mr. Trump and Republicans called it an invasion of taxpayer privacy for political reasons.

☆ Donald Trump’s Taxes Show Wide Use of Real-Estate Losses
▼ + stars: | 2022-12-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The House Ways and Means Committee released six years of Donald Trump’s tax returns Friday, showing that his charitable contributions varied widely year to year and that he used reported losses at many real-estate investments including the Trump International Hotel in Washington, D.C., to his advantage. The panel’s move came days before Democrats lose control of the House on Jan. 3, and it capped years of political and legal wrangling while adding details to a set of reports that the committee made public last week.

☆ Donald Trump's tax returns have been released after a years-long battle. Read them in full.
▼ + stars: | 2022-12-30 | by ( Charles R. Davis | Madison Hall | ) www.businessinsider.com time to read: +2 min

Former President Donald Trump's tax returns were released on Friday morning. In November, the Supreme Court rejected Trump's last attempt to block the release. Prior to 2016, it was customary for presidential candidates to release their tax returns, allowing voters and media to assess a candidate's possible conflicts of interest and, of course, how much in taxes they actually end up paying. Despite Trump's efforts through the years, some of his previous tax returns had already been made public. Friday's tax records included the years that Trump was president.

☆ Trump tax returns show former president was subject to $10,000 SALT cap — but experts say he may have sidestepped the limit
▼ + stars: | 2022-12-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

A 2017 tax law capped SALT deductions at $10,000The House Ways and Means Committee's release of six years of Trump's tax returns follows a lengthy fight over making them public. New state rules provide a SALT workaroundHowever, the income tax returns don't provide the full picture, experts said. Here's why: Many states issued rules after 2017 that offer a workaround to certain business owners impacted by the $10,000 SALT cap. The workarounds would apply to business income Trump derived from partnerships, S corporations and some LLCs after 2017. While it's likely Trump leveraged these tax rules, it's impossible to know without additional information like business tax returns if he did and the extent to which he may have benefited, experts said.

☆ Congressman says Donald Trump 'abused his power' to hide his finances on a scale not seen since Nixon
▼ + stars: | 2022-12-30 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

Rep. Don Beyer said Donald Trump "abused his power" to hide his finances. A House committee published six years' worth of Trump's tax returns on Friday after a years-long legal fight. Six years of Trump's personal and business tax returns were released by the House Ways and Means Committee on Friday. Beyer accused the former president of having "something to hide" as he refused to release tax documents as presidents since Nixon had done and fought Congress' attempts to access them. Beyer noted that tax laws in the US are "often inequitable, and that enforcement of them is often unjust."

Search resuls for: "Means Committee"

25 mentions found