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Estate Tax

Politics
Billions In New Taxes On Wealthy New Yorkers Proposed Billions In New Taxes On Wealthy New Yorkers Proposed
Billions In New Taxes On Wealthy New Yorkers Proposed New York’s lawmakers have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the rich. Over the weekend, both houses of the state legislature proposed the tax hike on New York’s wealthiest to help close the record $15 billion financial shortfall the state faces due to the COVID-19 pandemic. Though New York is due to receive an influx of cash from President Joe Biden’s COVID-19 relief bill, legislators believe that the gap still needs to be closed and that the tax on the rich could aid that effort. New York is expected to receive approximately $23.5…

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by Zak Failla
Politics
Trump Engaged In 'Dubious Tax Schemes,' 'Outright Fraud,' NY Times Investigation Finds Trump Engaged In 'Dubious Tax Schemes,' 'Outright Fraud,' NY Times Investigation Finds
Trump Engaged In 'Dubious Tax Schemes,' 'Outright Fraud,' NY Times Investigation Finds President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, according to this investigation by The New York Times. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help. Related story: New Forbes Rankings Of 400 Wealthiest Americans: Trump Takes Another Plunge However, the Times’s investigation, based on a trove of confidential tax retur…

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by Jon Craig