IRS
Former President Donald Trump nothing in federal income taxes during his final year in the White House, according to the Joint Committee on Taxation. Newly released documents show that though Trump reported making tens of millions of dollars per year, he was able to avoid paying taxes by claiming large business losses and decreasing the taxable amount made. In 2015, Trump reported $105 million in losses. The following three years saw $73 million, $45 million and $23 million in claimed losses. In 2016 and 2017, Trump paid just $750 in federal taxes. In 2018, he didn’t pay anything. Though the J...
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The Biden administration is proposing a crackdown on unpaid taxes among wealthy Americans and businesses in order to raise revenue for its social spending bill. Experts estimate the country loses $7 trillion yearly in unpaid taxes. In the Democrat’s new budget bill, President Joe Biden is asking banks to release new details on customers’ accounts to the Internal Revenue Service. Biden wants banks to reveal data on accounts with total annual deposits or withdrawals totaling more than $600. Many Republican lawmakers object to this proposal, calling it a major potential security breach. Though ba...
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Letters signed by President Joe Biden from then Internal Revenue Service have been sent out to Americans across the country this week. The letters are to inform the beneficiaries of COVID-19 direct relief stimulus checks of the money they were entitled to. “My fellow American, on March 11, 2021, I signed into law the American Rescue Plan, a law that will help vaccinate America and deliver immediate economic relief to hundreds of millions of Americans, including you,” the letter reads. “This fulfills a promise I made to you, and will help get millions of Americans through this crisis.” The Amer...
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President-elect Joe Biden’s son Hunter Biden announced Wednesday that federal prosecutors are currently investigating his taxes. Hunter Biden said in a statement, “I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs.” “I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors,” he added. No further infor...
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