taxes

Avenatti Exposed: Stormy’s Lawyer Owes IRS $5 Million, 45 Lawsuits Over Failed Venture, May Face Disbarment

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( Zero Hedge ) After appearing on CNN 59 times to claim the moral high ground over President Trump’s alleged decade-old affair with Daniels, skeletons in Avenatti’s closet are now beginning to pour out.

Questions have emerged over who’s funding Avenattihow he was privy to Trump attorney Michael Cohen’s bank recordsand how exactly did he obtain banking transactions for two men also named Michael Cohen, who he wrongly accused in a seven-page “dossier” released this week. 

Other questions have come to light over a bankrupt coffee chain Avenatti left in smoldering ashes with $5 million in unpaid taxes to the IRS, an alleged $160,000 owed for unpaid coffee, and over 45 lawsuits filed in connection with the failed venture.

Bitter coffee deal

As outlined in a legal complaint seeking Avenatti’s disbarment, the balding provocateur “bought a company out of bankruptcy and then used it for a “pump and dump” scheme to deprive federal and state taxing authorities of millions of dollars,” which left over $5 million in unpaid taxes to the IRS.

Avenatti purchased Tully’s out of bankruptcy in 2013, in partnership with actor Patrick Dempsey, who is best known for his role as Derek “McDreamy” Shepherd in the TV show “Grey’s Anatomy.” Dempsey sued Avenatti in August 2013 to break off the partnership.

Since then, Tully’s has significantly struggled. More than 45 lawsuits have been filed against the chain’s parent company, which Avenatti says he no longer owns. In 2017, the company owed roughly $5 million in unpaid taxes to the Internal Revenue Service. And, in March, the coffee chain abruptly closed all locations. –Business Insider

 

Read more: Avenatti Exposed: Stormy’s Lawyer May Face Disbarrment, Legal Action As Past Catches…

Trump: Tax Preparers Won’t Be Happy With Next Year’s Simplified Tax Forms

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( CNS News ) “Tomorrow’s tax day,” Trump said, adding “Remember this. This is the last time you’re going to fill out that long, complicated, horrible tax return. I would say that some of these tax, some of these companies that do all that work and getting a lot of money for doing your tax returns, they’re not going to be too happy with us, but that’s about the only business that won’t be.

“So tomorrow last day, very importantly, next year, it’s going to be a simple, for the most part one page. It may get a little bit bigger, but it’ll be a simple and easy to do and very importantly, you’re going to have a lot of money left over from what you have,” he said.

Trump noted that not one Democrat voted for the tax cut plan said if the Democrats are voted in, they’ll raise taxes.

Read more: Trump: Tax Preparers Won’t Be Happy With Next Year’s Simplified Tax Forms

AMAZON PAID ZERO FED TAXES IN 2017 DESPITE OF MAKING $5.6B IN U.S. PROFITS

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Jeff Bezos is the richest person in the world, with a personal net worth of $108 billion. In 2017, Bezos’ company, the internet retail giant Amazon, reportedly took in $5.6 billion in U.S. profits.

So, how much did Amazon pay in income tax on that bounty? Hang on, we’re getting some news…what? What’s this? Amazon effectively paid zero dollars in federal income taxes in 2017? Oh.

Amazon is projecting a $789 million windfall from Republicans’ tax bill, according to the Institute on Taxation and Economic Policy, which may have factored into its reason for witholding taxes this year. Bezos—like many other nominally liberal capitalists—claims to disagree with Donald Trump’s policies, while quietly lapping up the Republicans’ regressive tax breaks.

You may be asking: How is this legal? Isn’t Amazon an American company? Aren’t companies required to pay federal income tax? Hello?

Amazon’s global headquarters is not in Seattle, but in the tiny landlocked nation of Luxembourg (Amazon employs more than 40,000 people in Seattle, compared to 1,500 people in Luxembourg.). The European Union has accused Luxembourg of giving illegal tax breaks to Amazon and has ordered the country to recover $295 million in back taxes from Amazon.

 

Read more: AMAZON Made $5.6 Billion in Profits Last Year, Paid ZERO in Federal Taxes?

Loesch: Democrats Are Legally ‘Free to Pay More to Gov’t’ If They Don’t Like Tax Cuts

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( Fox News ) Commentator Dana Loesch reacted to liberals and the media criticizing the Republicans’ tax bill.

“This is the wrong tax cut at the wrong time,” MSNBC’s Joe Scarborough, a former Republican Florida congressman, said.

House Democratic Caucus Chair Joseph Crowley (D-N.Y.) called it a “classic bait and switch.”

NBC’s Savannah Guthrie asked Speaker Paul Ryan (R-Wis.) if he was “living in a fantasy world.”

Loesch said Democrats and the media “wanted to increase and keep high Americans’ taxes for Christmas.”

ECONOMY: U.S. GDP ANOTHER 3% INCREASE; TOP 20% PAY 95% OF TAXES – HIGHEST EVER

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( Reuters ) The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.

Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.

Economists polled by Reuters had forecast the economy growing at a 2.5 percent pace in the third quarter.

Read more: GREAT AGAIN: GDP 3.0%…

OMB: Top 20% pay 95% of taxes, middle class ‘single digits’

 

( Washington Examiner ) It came in a discussion before students of the school’s Institute of Politics and Public Service at the McCourt School of Public Policy. The discussion was directed by Cathy Koch, a tax expert and former Senate aide.

When the two turned to the taxes the rich pay, Mulvaney declared, “The top 20 percent of folks who file a tax return, the top 20 percent, pay 95 percent of the taxes.”

That may be the highest ever. Just two years ago, it was 84 percent, according to the Wall Street Journal.

 

Read more: TOP 20% PAY 95% OF ALL INCOME TAX…

HIGHEST EVER…

BANKRUPT ILLINOIS SLAMS CITIZENS WITH 32% INCOME TAX HIKE, MORE TO COME

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  • Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.

 

After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.

Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.

 

The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.

On Thursday, Illinois Democratic House leader Michael Madigan only needed three Republicans to jump ship and vote his way, but not only did he get a whopping ten to do so, he also got five others who didn’t even bother to vote. An additional five joined him in the early rounds of deliberations, so Democrat Madigan knew he had the Republican votes going into the matter.

 

Read more: Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come

YOUNG REPUBLICAN USES HILLARY’S BENGHAZI LINE WHEN ASKED ABOUT TRUMP’S TAX RETURNS: ‘WHAT DIFFERENCE DOES IT MAKE?’

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From Red Alert Politics :

In the wake of nationwide protests from liberals demanding that President Trump release his tax returns, a young Republican named Jeff Halm took it upon himself to troll his local CBS News affiliate when he was reached for comment.

“I wanted something that conveyed my disdain for the line of questioning,” Halm told Red Alert Politics in an email. “I wanted to push a little to see if they knew I was messing with them.”

Halm, who is president of the Chicago Young Republicans (CYR; a chapter of the Young Republican National Federation), is a regular guest of CBS 2 for giving the conservative perspective on politics. When they tried to get a reaction from him on the Trump tax protests, Halm lifted a line directly out of Hillary Clinton’s playbook and said, ” What difference at this point does it make?”“

Halm posted the video to Twitter writing that the reporter had no idea he used a Hillary quote.

Hillary infamously said this line during a House Oversight Committee hearing in May 2013 to testify about her role in the 2012 Benghazi attack that left four Americans dead, including US Ambassador to Libya J. Christopher Stevens.
Read more: Red Alert Politics

 

 

 

Chicago Young Republican President Jeff Halm is both the hero we need and deserve. (Photo via WGN-TV)