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Posts Tagged ‘taxes’

Sometime in the past few days, the first two pages of President Trump’s 2005 Form 1040 mysteriously landed in the mailbox of Pulitzer Prize-winning journalist and tax professor David Cay Johnston. In the interest of full disclosure, the same two pages showed up at my house late last week, but they were shipped C.O.D., and I’d be damned if I was going to shell out the 49 cents.

Johnston shared the documents with Rachel Maddow and MSNBC, setting off BREAKING NEWS sirens that inspired millions of Americans to flip on the TV to watch Maddow unveil the President’s intimate — and private — financial information.

Now normally, the opportunity to ogle the President’s tax returns would not create a stir; after all, every sitting president since Nixon has published their returns as part of an unwritten agreement with the American people to be transparent and forthright. President Trump, quite famously, has deviated from that long-held practice, first refusing to release his returns during his campaign because he was “under constant IRS audit,” and then pointing to his subsequent election as a referendum that “no one other than journalists” cares about his taxes.

Of course, people DO care: over 1 million individuals signed an online petition insisting that Trump publish the missing returns, but to date, the President has resisted. This of course, has only added to the intrigue, and in today’s world, when there’s enough intrigue, there will eventually be a leak.

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Time’s up.

On February 9th, President Donald Trump made the following promise:

“We’re going to be announcing something over the next, I would say, two or three weeks that will be phenomenal in terms of tax.”

Now, say what you will about Trump’s presidency, but to date, he’s followed through on his promises. He said we’ll have a wall? We’re getting a wall. He said he’d keep terrorists out? He’s enacted sweeping — and potentially unconstitutional — immigration reform. Twice. He said he’d drain the swamp? He…well, two out of three ain’t bad.

But where’s the tax plan? Drastic individual and business tax cuts were a huge part of Trump successful campaign, but in the first 50 days of his presidency, he has produced nothing.

What’s the holdup?

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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In President Trump’s recent speech to Congress, he said very little about his much-anticipated plan for tax reform. One thing he did say was this:

We will provide massive tax relief for the middle class.

This promise was surely met by cheers from coast to coast, as it should have been. But it raises an interesting question: how does a middle-class taxpayer measure whether the President delivers on his promise? Do you simply view the tax cuts for the middle class in isolation? Or must the cuts be viewed in their larger context, relative to those bestowed upon the richest Americans?

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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I’ve made no secret in this space of my unabashed admiration for Howard Stern. Long a polarizing figure, whether you love or hate Stern, I would strongly encourage you to consider what he’s been tasked with over the last thirty years: waking up each morning and providing four hours of largely commercial-free entertainment for millions of listeners as they endure their soul-crushing daily commute.

Throughout Stern’s run atop the radio world, one thing has remained constant: he is more than happy to allow those same listeners to provide their own content, as he’ll routinely afford large swaths of air time to his loyal cadre of callers. It’s part of what makes the show unique: as opposed to the sports radio world — where callers are quickly ushered off so as not to take up too much valuable air time before the next break — Stern will engage callers for as long as necessary to extract entertainment value. And those listeners reward Stern for their momentary taste of stardom with undying loyalty.

Stern Show producers are likely on the lookout for new and interesting callers. And perhaps they thought they found just that on May 19, 2015, when “Jimmy from Long Island ” called into the show. But taking that call was one Stern may come to regret.

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Donald Trump is soon to become a very busy man. Building a wall, renegotiating trade deals, and trying the cast of Hamilton for treason all require significant man-hours. As a result, if he intends to make America great again, he’ll have to hand over the keys to his real estate empire to a temporary replacement. And unfortunately for the President-elect, this re-directed focus will cost him millions in tax dollars.

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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There is one clear victor in the 2016 President Election results and that is those who loathe the current tax law and long for reform. President-elect Trump’s tax proposals align nicely with those previously posited by Republican tax writers like Paul Ryan and Kevin Brady, and with last Tuesday’s events resulting in a consolidation of power in the hands of the Republican party, it has been said that tax reform within Trump’s first 100 days in office is a “priority.”

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Donald Trump was elected the 45th President of the United States last night, and while I allow that to sink in for a bit, it’s also worth nothing that Republicans retained control over the House and Senate. As a result, the GOP has unfettered control over the future of tax policy, meaning we may be in for some big changes. What can you expect?

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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