WTO approves European tariffs on Boeing jets and other U.S. goods
The World Trade Organization (WTO) ruled Tuesday that the European Union can impose tariffs worth $4 billion a year on a list of U.S. goods, including Boeing jets sold in Europe.The result parallels an earlier ruling against the EU allowing U.S. tariffs that for the past year have increased the price of many European products sold here, including Airbus jets.The ruling raises the possibility that, just as Boeing scrambles to ramp up 737 MAX jet deliveries early next year, the EU could slap a 15% tariff on MAXs delivered to Ryanair and other European airlines.It’s unlikely the European Commissi...
The Seattle Times
Still slammed by unemployment, states try to avoid tax hikes
As a historic wave of layoffs continues, states are grappling with evaporating funds for unemployment benefits that could force cuts to those payments or hikes in business taxes.Thirty-one states already are dipping into federal CARES Act dollars or seeking federal loans to keep money in the unemployment coffers. Those and other states also are considering legislation or other actions to fend off business tax increases triggered by high jobless payouts.Unemployment insurance trust funds are paid for by business taxes and pay out benefits to laid-off workers. If the funds start to run out of mo...
Editorial: Don't overlook the mystery of Trump's taxes
The stunning and exhaustive investigation by The New York Times into President Donald Trump’s tax records deserves not to be lost in the unending onslaught of news on this president and administration.Based on thousands of individual and business tax records spanning more than 20 years, along with hundreds of interviews, the stories revealed some essential features that voters should consider with care. The picture that emerges is distinctly at odds with Trump’s self-portrait of a fabulously successful businessman with unerring instincts. Instead, they show a long record of massive losses, res...
Star Tribune (Minneapolis)
Proposition 19 would expand California homeowner tax breaks
Ellie and Jack Rosebush lost their Paradise home in the Camp Fire two years ago.The last thing the couple wanted to worry about after deciding to rebuild downtown was a jump in property taxes based on their new construction, Ellie Rosebush said.The Rosebush’s are using a one-time exemption to carry their old property tax rate to their new Butte County home but worry about neighbors being ineligible for the tax break because they’ve moved multiple times. Rosebush, a real estate agent, believes Proposition 19 on the November ballot would grant relief to homeowners struck by natural disaster.“We ...
The Mercury News
Susan Tompor: Donald Trump's tax returns has many wondering what they're doing wrong
If a billionaire who has his name on a bunch of golf courses and buildings can get away with paying just $750 in federal income taxes in 2016 and just $750 again in 2017, well, anyone cranking out a 1040 on TurboTax has got to be wondering what they’re doing wrong.It’s a natural question after reading the New York Times’ extensive report based on President Donald Trump’s tax return data that spanned more than two decades. The Times obtained the years of records from sources. Times Executive Editor Dean Baquet said in a note to readers that the Times would not make the records themselves public...
Detroit Free Press
Part of President Trump's tiny tax bill: Big losses at his golf resort in Doral
MIAMI — Behind the $750 that Donald Trump owed the Internal Revenue Service in 2017 looms a much larger number from Miami: $162 million in reported losses at the Trump Doral golf resort.The New York Times cited both figures in a report Sunday based on tax filings that the president has declined to make public. The article laid out how reported business losses from Trump Organization ventures helped wipe away reported profits from Trump investments, leaving the president paying less in income taxes than it would cost to spend this weekend in a suite at his Doral hotel ($834, with taxes).The del...
Susan Tompor: Wait, it's September and you still haven't received your tax refund? Here's why
By Labor Day and the roll out of pumpkin spice lattes at Starbucks, you’d think, maybe, that you’d finally have your hands on your federal income tax refund.For most people, after all, tax refund cash has come and gone. They spent that money months ago. Others are waiting and waiting, much like Carol Wilke who filed a tax return the day after the Super Bowl and still had not seen her tax refund of $1,406 seven months later.The 2020 tax season isn’t running short of frustrating scenarios even as the calendar inches closer to 2021. COVID-19 shutdowns threw a monkey wrench into the tax system.And...
Detroit Free Press
Fair tax or tax hike? Voters set to decide what could be Illinois' biggest taxation shift in decades
CHICAGO — Before Illinois voters consider any candidate on the Nov. 3 ballot — the presidential contenders, a member of Congress, a state lawmaker or a local judge — they will be asked to cast a simple yes or no vote on what could become the biggest change in state taxation in decades.The question at the top of the ballot is whether the Illinois Constitution should be amended to replace a mandated flat-rate income tax with a graduated-rate tax structure that increases the levy as income rises.More than any candidate being voted on, the proposed graduated-rate tax amendment represents what coul...
Pandemic's toll on tourism hits Duluth hard
DULUTH, Minn. — The Callan family finished their Northern Waters Smokehaus sandwiches and strolled along the Lakewalk a few hours after they arrived in town the Friday before Labor Day. The parents and their young girls were heading back to Roseville that night, but they hoped to catch a quick glimpse of a ship before heading north to explore Gooseberry Falls.“We decided we weren’t going to stay up here this year just because we didn’t want to be in a lodge or a hotel,” Chris Callan said.Duluth’s tourism industry is way down this year, as visitors are opting for day trips and avoiding coronavi...
Star Tribune (Minneapolis)
Brother of ex-Poway synagogue leader pleads guilty in fraud scheme
SAN DIEGO — The brother of former Chabad of Poway Rabbi Yisroel Goldstein pleaded guilty in federal court Monday to evading taxes by hiding $700,000 in a bank account controlled by the organization, a sign that the stunning fraud case unveiled in July against the religious leader is not over.Mendel Goldstein, 63, owner of a videography business in Brooklyn, pleaded guilty to tax evasion charges. He entered his plea in front of U.S. District Judge Cynthia Bashant in San Diego Monday afternoon.Prosecutors said he worked with his brother from 2012 to 2018 to conceal more than $700,000 in income f...
The San Diego Union-Tribune