Share to facebook Share to twitter Share to linkedin The suit targets the Manhattan district attorney and Trump’s own accounting firm. (AP Photo/Evan Vucci) ASSOCIATED PRESS Topline: In response to a subpoena for his tax returns, President Trump filed suit against the Manhattan district attorney, Cyrus Vance Jr. and also Trump’s own long-time accounting firm,
In 2017, revenue from personal income taxes made up 23.9 percent of total tax revenue across OECD countries. Countries tax labor income in various ways through payroll taxes, personal income taxes, and, in some cases, surtaxes. From 2017 to 2019, seven European countries in the OECD changed their top personal income tax rates. Of these
If Tesla has your car-loving heart, it now wants your auto insurance business, too. The electric auto manufacturer has waded into the insurance business with a program in California — its largest market — and plans to expand to other states in the future. While the company says its rates could be as much as
Federal Reserve Chairman Jerome Powell said on Wednesday that the Fed may have to resume the organic growth of its balance sheet sooner than expected to help ease money markets. “Going forward, we’re going to be very closely monitoring market developments and assessing their implications for the appropriate level of reserves,” Powell said in a
California Gov. Gavin Newsom signed a sweeping new law that could force gig companies like Uber and Lyft to reclassify their workers as employees. Yet even before he signed the bill into law, it was already clear that lawsuits will abound. On September 11, 2019, Uber’s top lawyer announced that new law or not, Uber will not treat its
Shutting down the government comes at a price. A new report from the Senate Permanent Investigations Subcommittee concludes the last three government shutdowns cost taxpayers $4 billion. Much of the cost came from paying federal workers for time that they were barred from working. At least $338 million went to costs directly associated with the
Lacy O’Toole | CNBC Berkshire Hathaway‘s executive Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett’s business model. Cool, who joined Berkshire in 2009 as Buffett’s financial assistant, said she’s building an investment vehicle that acquires companies “too small for Berkshire,” The Wall Street Journal reported.
Tereza | Twenty20 As the Federal Reserve lowers rates, it’s a good idea to make sure your savings are still getting the biggest boost. The central bank cut its benchmark short-term interest rate by a quarter of a point. In July, the bank cut rates for the first time since the Great Recession. As a
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses denial of a restricted application for spousal benefits only, whether benefits for an ex impact a decision to remarry, the possibility of voluntarily ending disability, reinstating retirement benefits at
Countries around the world often design their tax policies to become attractive targets for foreign investment. These policies can be anything from a system with special preferences for certain industries to a well-designed tax system based on principles of sound tax policy. Systems that are rife with special preferences and complexities can create distortions in
Robert Bakish, chief executive officer of Viacom International Media Networks, speaks during a Bloomberg Television interview at the Mobile World Congress in Barcelona, Spain, on Tuesday, March 3, 2015. The event, which generates several hundred million euros in revenue for the city of Barcelona each year, also means the world for a week turns its
It’s the night before a school field trip, and your son or daughter suddenly remembers they need cash for the next day. Do you have the money in your wallet? Or do you need to make a light-night stop at an ATM or have another child temporarily lend them the money? Nicholas Prior | Getty
Calvin Johnson’s recent paper A Wealth Tax is Constitutional, 38 ABA Tax Times No. 4 is timely as my senator, Elizabeth Warren’s proposal for a wealth tax of 2% on fortunes over $50 million and 3% on fortunes over $1 billion is attracting a lot of attention. I don’t know what the source of those percentages is although
New York State prosecutors seek 8 years of President Trump’s personal and corporate tax returns. The prosecutors have subpoenaed the records from Trump’s accounting firm. They acted in late August after opening a criminal investigation into the role that the president and his family business had in hush-money payments made before the 2016 election to
Simon Dawson | Bloomberg | Getty Images Saudi oil production will be fully back online by the end of September, the kingdom’s Energy Minister Prince Abdulaziz bin Salman told media during a press conference in Jeddah on Tuesday, sending oil prices down by nearly 6% just a day after their biggest jump in history. The
Personal finance website WalletHub has ranked 182 U.S. cities for their “fun” factor, weighing entertainment, recreation and nightlife options against local costs. Fun is no joke when it comes to household budgets. According to the Bureau of Labor Statistics, the average American spent $3,226 on entertainment in 2018, a 0.07% rise over 2017. From 2016
Getty Nobody likes getting a tax bill in the mail. It’s especially concerning when your tax bill is a bit higher than you anticipated. But what happens when it’s hundreds of millions of dollars more than you were expecting? Just ask Donna Smith from Aurora, Colorado. Smith, a part-time worker at a local thrift store,
An interview and Q&A with billionaire activist investor and founder of Elliott Management Corporation, Paul Singer, and billionaire Private Equity titian and co-founder of The Carlyle Group, David Rubenstein. In this interview, the gentlemen discuss their thoughts on the US economy and the impact of monetary policy on inequality. They also talk about the path
Although the word is often applied to any difficult decision, a dilemma, properly speaking, arises when one is forced to choose exclusively from bad options. The two bad options are termed the “horns” of the dilemma. As Chicago contemplates how to close a revenue shortfall and potentially generate additional revenue for new spending priorities, however,
The IRS is opening the application period for the 2020 Compliance Assurance Process program, and for the first time since 2015 new corporate applicants who meet eligibility requirements can apply. The application period runs Sept. 16 to Oct. 31. The IRS will let applicants know if they’re accepted into the program around the end of
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