Jared Kushner, whose net worth is nearly $324 million, appears to have paid almost no income taxes from 2009 to 2016, The New York Times reported Saturday.The President's son-in-law and adviser's low tax bills resulted from a common tax-minimizing maneuver, and nothing in the documents suggests Kushner or his company at the time broke the law, the Times reported, citing confidential documents that it reviewed.A spokesman for Kushner's lawyer told the Times Kushner "paid all taxes due."The U.S. tax code allows real estate investors like Kushner, whose family company, Kushner Companies, has spent billions of dollars on real estate over the past decade, to write off depreciation, or a property's devaluation because of use or wear and tear.Kushner stepped down as CEO of Kushner Companies in January 2017 after Trump was sworn in as President, and has sold his stakes in some of the firm's projects as well as other investments. The documents obtained by the Times show that, year after year, … [Read more...] about Jared Kushner likely paid almost no federal income taxes for years, New York Times reports
Federal income tax
How Amazon and Entrepreneurs Can Pay Zero Federal Income Tax, and Do So Legally
To learn how they, too, can pay no taxes, entrepreneurs should closely review all the things the government wants them to do. Tom Wheelwright Published 9:00 am, Tuesday, May 15, 2018 Photo: Virojt Changyencham | Getty Images Image 1of/1 CaptionClose Image 1 of 1 Photo: Virojt Changyencham | Getty Images How Amazon and Entrepreneurs Can Pay Zero Federal Income Tax, and Do So Legally 1 / 1 Back to Gallery With the recent news that Amazon paid zero federal taxes for 2017, every entrepreneur should be asking, :"How can my company pay no taxes, and legally, too?" According to the Institute on Taxation and Economic Policy, Amazon "paid no U.S. income taxes on $5.6 billion in domestic profits last year." But companies in a position like Amazon's are just doing what the government wants them to do; their action is neither … [Read more...] about How Amazon and Entrepreneurs Can Pay Zero Federal Income Tax, and Do So Legally
Kobach: States, Too, Should Cut Their Income Taxes
On Tax Day 2018, millions of Americans filed their tax returns, looking forward to a much better Tax Day in 2019 due to the Trump Tax Cut. They are already enjoying the smaller federal tax withholdings from their paychecks. But Tax Day isn’t just about paying federal income taxes. It’s also about paying state income taxes. Despite the relief at the federal level, it remains a day when too many Americans fork over an increasingly large amount of their earnings to their states.Every year at this time the American Legislative Exchange Council publishes its annual Rich States, Poor States report comparing the tax environment and business climate in all 50 states. At the state level, the differences between the low tax states and the high tax states are extremely stark. At the good end of the spectrum, there remain nine states that do not impose any income tax at all. They are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Almost … [Read more...] about Kobach: States, Too, Should Cut Their Income Taxes
Amazon paid no US income taxes for 2017
Seattle-based online giant 'doesn't appear to be a company that's excessively burdened by the workings of the tax system' By Stephen Cohen, SeattlePI Updated 3:17 pm, Tuesday, February 27, 2018 window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-5', placement: 'Interstitial Gallery Thumbnails 5', target_type: 'mix' }); _taboola.push({flush: true}); window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-10', placement: 'Interstitial Gallery Thumbnails 10', target_type: 'mix' }); _taboola.push({flush: true}); window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-15', placement: 'Interstitial Gallery Thumbnails 15', target_type: 'mix' }); _taboola.push({flush: true}); window._taboola = window._taboola || []; _taboola.push({ mode: … [Read more...] about Amazon paid no US income taxes for 2017
What Americans pay in state income taxes, ranked from highest to lowest
caption Seven states don’t tax income at all. source REUTERS/Shannon Stapleton Taxes are due by April 17. Most Americans should file a state income tax return in addition to a federal income tax return. State income tax rates range from zero to 13.3%, depending on which state you live in and your income. Tax day is April 17 this year, but the Internal Revenue Service began accepting tax returns on January 29. Most Americans file returns for both state income tax and federal income tax. You can do that through H&R Block or TurboTax – both of which offer free tax filing for eligible taxpayers – or an accountant. Nearly everyone is subject to federal income taxes. How much you pay depends on how much you earn, also known as your tax bracket. Though President Donald Trump signed the Republican tax bill into law at the end of December, new federal tax brackets will affect only … [Read more...] about What Americans pay in state income taxes, ranked from highest to lowest