Donald Trump built a business empire and 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. “I built what I built myself,” the president has repeatedly said. But an investigation by The New York Times has revealed that Donald Trump received the equivalent today of at least $413 million from his father’s real estate empire. What’s more, much of this money came to Trump through dubious tax schemes he participated in during the 1990s, including instances of outright fraud, The Times found. In all, the president’s parents transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate on gifts and inheritances that was in place at the time. Helped by a variety of tax dodges, the Trumps paid $52.2 million, or about 5 percent, tax … [Read more...] about 11 takeaways from The New York Times’s investigation into Trump’s wealth
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Marcy Gordon and Geoff Mulvihill Associated Press Published 2:38 p.m. UTC Aug 24, 2018 Washington – The Trump administration has laid down rules aimed at preventing residents in high-tax states from avoiding a new cap on widely popular state and local tax deductions. The action under the new Republican tax law pits the government against high-tax, heavily Democratic states in an election-year showdown. The Treasury Department’s rules released Thursday target moves by states like New York, New Jersey and California – where residents could see substantial increases in their federal tax bills next spring because of the $10,000 cap on state and local deductions. The cap was put in as a compromise to eliminating the deductions completely, as part of the massive GOP tax package pushed by President Donald Trump and enacted late last year. Experts say the issue likely will have to be resolved by the federal courts. But the new rules’ … [Read more...] about Govt acts to stop high-tax states from ducking $10K cap
An Under Armour investor sued company founder Kevin Plank in federal court, accusing him of breaching his fiduciary duty to the company and shareholders and unjustly enriching himself through his Port Covington development, hundreds of acres along the Patapsco River in South Baltimore slated to become a $5.5 billion mini-city and Under Armour’s global headquarters.Patricia Mioduszewski, a shareholder from New Jersey, filed the suit in U.S. District Court in Baltimore on behalf of the sports apparel brand, also naming two board members and Under Armour as defendants. She alleges Plank profited from the sale of land to Under Armour and that millions of dollars in tax incentives and public financing that will go to Plank’s development firm belonged to Under Armour. She is seeking damages for the company.Plank, Under Armour’s CEO and controlling stockholder, stands to make billions of dollars from the development through his real estate firm, Sagamore Development, the … [Read more...] about Under Armour investor sues Kevin Plank over Port Covington deal
Democracy Dies in Darkness Sections Home Subscribe Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Share on Google Plus Share on Facebook Share on Twitter Share on Google Plus Share via Email Share on LinkedIn Share on Pinterest Share on Tumblr Resize Text Print Article Comments The inside track on Washington politics. Be the first to know about new stories from PowerPost. Sign up to follow, and we’ll e-mail you free updates as they’re published. You’ll receive free e-mail news updates each time a new story is published. You’re all set! Sign up *Invalid email address Got it Got it Post Nation by Eli Rosenberg by Eli Rosenberg Email the author … [Read more...] about He says he bought two Mega Millions tickets in his life. The second won him $533 million.
Maryland sometimes gets knocked for a hostile business climate, but in one corner of the corporate world its reputation is just the opposite.For real estate investment trusts — tax-preferred firms focused on real estate — Maryland is the legal home of choice."We didn't even consider another state," said John Good, president and chief operating officer of Jernigan Capital Inc., a Florida-based firm that organized in Maryland when it went public in March. "It was always going to be a Maryland REIT."The REIT (rhymes with "beet") preference for the Old Line State is partly a quirk of history, a result of Maryland's legislators moving early to codify real estate investment trusts after Congress approved tax privileges for property businesses in 1960.Decades of case law, as well as board-friendly clarifications and other amendments to the code, solidified the state's lead."Maryland really has the benefit of a long history, over 40 years, of REITs being formed under Maryland law," … [Read more...] about For some businesses, Maryland is actually very friendly