$750 (5)

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AP - President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House, according to a report Sunday in The New York Times.

Trump, who has fiercely guarded his tax filings and is the only president in modern times not to make them public, paid no federal income taxes in 10 of the past 15 years.

The details of the tax filings complicate Trump’s description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from abroad that could come into conflict with his responsibilities as president. The president’s financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss.

The tax filings also illustrate how a reputed billionaire could pay little to nothing in taxes, while someone in the middle class could pay substantially more than him. Nearly half of Americans pay no income taxes, primarily because of how their low incomes are. But IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times more than what the president paid.

The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and weeks before a divisive election against Democrat Joe Biden.

Speaking at a news conference Sunday at the White House, Trump dismissed the report as “fake news” and maintained he has paid taxes, though he gave no specifics. He also vowed that information about his taxes “will all be revealed,” but he offered no timeline for the disclosure and made similar promises during the 2016 campaign on which he never followed through.

In fact, the president has fielded court challenges against those seeking access to his returns, including the U.S. House, which is suing for access to Trump’s tax returns as part of congressional oversight.

During his first two years as president, Trump received $73 million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3 million from the Philippines, $2.3 million from India and $1 million from Turkey, among other nations. The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. income taxes. The Times said the tax records did not reveal any unreported connections to Russia.

Trump found multiple ways to reduce his tax bills. He has taken tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed “The Apprentice.” Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in “The Apprentice” and other entities with multiple owners.

During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. The Times said $9.7 million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to reduce his income and pay just $750 each in 2016 and 2017.

Income tax payments help finance the military and domestic programs.

Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said a ruling against Trump could cost him $100 million or more. He also has more than $300 million in loans due to be repaid in the next four years.

Richard Neal, D-Mass., the chair of the House Ways and Means Committee who has tried unsuccessfully to obtain Trump’s tax records, said the Times report makes it even more essential for his committee to get the documents.

“It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes,” Neal wrote in a statement. “Now, Donald Trump is the boss of the agency he considers an adversary. It is essential that the IRS’s presidential audit program remain free of interference.”

A lawyer for the Trump Organization, Alan Garten, and a spokesperson for the Trump Organization did not immediately respond to a request for comment from The Associated Press on the report.

Garten told the Times that “most, if not all, of the facts appear to be inaccurate.”

He said in a statement to the news organization that the president “has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”

The New York Times said it declined to provide Garten with the tax filings in order to protect its sources, but it said its sources had legal access to the records.

During his first general election debate against Democrat Hillary Clinton in 2016, Clinton said that perhaps Trump wasn’t releasing his tax returns because he had paid nothing in federal taxes.

Trump interrupted her to say, “That makes me smart.”

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Video After The Jump

Michael Jackson's estate has agreed to sell it's 50 percent share of Sony/ATV Music Publishing for $750 million to Sony, giving the company sole ownership of works by Taylor Swift, Eminem, The Beatles, 50 Cent, Rihanna, Willie Nelson, Snoop Dogg, Stevie Nicks, Santana, the Rolling Stones, LL Cool J, Mary J. Blige, R. Kelly, Lady Gaga, Jay Z, Coldplay and many others.

The joint venture between Jackson and Sony began 21 years ago.

Jackson's estate will retain the rights to his masters, as well as the 10 percent interest it holds in EMI Music Publishing, as well as Mijac Music, the publishing company that owns the songs written by Jackson as well as songs written by other writers, according to Billboard.

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"This transaction further allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children," Jackson estate co-executors John Branca and John McClain said in a statement. "It also further validates Michael's foresight and genius in investing in music publishing. His ATV catalogue, purchased in 1985 for a net acquisition cost of $41.5 million, was the cornerstone of the joint venture and, as evidenced by the value of this transaction, is considered one of the smartest investments in music history."

When Jackson passed away in 2009, he was $500 million in debt. Posthumous sales of his music and merchandise have since shot through the roof. Coupled with proceeds from this deal with Sony, the estate is now in the black.

Michael's three children, Paris, Blanket and Prince Jackson, have trusts that assure they will be well taken care of financially.

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From left: Blanket, Paris and Prince Jackson

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TMZ

 

What does the woman who has everything get the man who has everything for his birthday? If you're Kim Kardashian, you buy your boyfriend Kanye West a rare $750,000 Lamborghini. Ball so hard!

 

Sources close to the couple tell TMZ ... Kim purchased the Lamborghini Aventador LP 700-4 in L.A. for her new BF, who's celebrating his 35th birthday today. But Kanye can't play with it yet because he's in Ireland on the Watch the Thronetour.

 

So we're told Kim wanted to give him a taste of his gift -- so she took a video of the car to show him ... and we're told she's screening the video in person tonight on the Emerald Isle.

 

So it's probably safe to say the car won't be Kanye's only present this year.

 

 

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Beanie Sigel will have to wait a couple more months before he knows his fate in his tax evasion trial because the sentencing date has been pushed back to July 12 according to Contact Music.

 

Sigel was originally accused of owing $350,000 in back taxes after failing to report his earnings from 2003 and 2005. He pleaded guilty to a charge of failing to report $1.5 million.

 

The hip-hop star was due to face sentencing at a Philadelphia, Pennsylvania court on Thursday (Apri1 12) but a judge pushed back his hearing until July 12 after Internal Revenue Service agents filed new claims, alleging Sigel actually owes upwards of $750,000.

 

He now has until April 26 to surrender additional financial documents in a bid to solve the dispute.

 

If convicted, Grant faces up to three years behind bars.

 

 

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TIGER WOODS is banned from letting girlfriends near his kids in a divorce deal netting his ex a record $750 million.

The love-cheat golfer has agreed to keep single women away from daughter Sam, three, and son Charlie, one.

He can bring a new flame into their lives only if he has MARRIED her.

In return, former wife ELIN NORDEGREN, 30, gets the biggest payout ever seen in a celebrity divorce.

But she can NEVER publicly speak out over his flings with socialite RACHEL UCHITEL, reality star JAIMEE GRUBBS, porn queen JOSLYN JAMES and up to 17 others, who will work out costing him $30 million each.


A pal said: "Elin is desperate to protect the children from the womanising side of their father.

"Tiger's main fear is her telling her story after he's rebuilt his reputation, sending him back to the gutter."

Swedish ex model Elin ended up with double the sum she originally sought, after her lawyers proved Tiger, 34, was worth much more than the $1billion (£660m) she thought.

Elin Keeps $4.5 MM Windermere Family Home


Her friend explained: "Elin's legal team have done a great job digging up all sorts of assets

"The price of the huge sum is her silence: no interviews, tell-all books, or TV appearances about this for the rest of her life - even if Tiger dies first - or she'll lose the lot."

Swedish Property Also Goes To Elin


Elin keeps their main home in Windermere, Florida, and a nearby property - jointly worth $4.5 million - plus an apartment in Stockholm and her island farmhouse nearby.

Tiger gets a $75 million estate in Jupiter Island, Florida, where they had been building a new mansion.

He will also keep their $3 million apartment in Los Angeles, when the six-year marriage officially ends.

The pal said: "Everything's signed. Elin is ready to file for divorce at Orlando County Court. She expects to in the next seven days."

Elin gets sole physical custody of their kids but they will split legal custody.

That means Tiger will share decisions about their future - so Elin will not be able to permanently relocate them to her native Sweden.

Tiger - believed to be building a golf resort in Dubai and investing in the Bahamas - will be able to see the kids for up to half of each week.

He can renegotiate the custody agreement in five years.

The pal said: "Elin admits that despite everything, Tiger loves his kids and has been a decent dad.
"She is confident he will not pursue seeing the children that much, due to his work and lifestyle."


Under the no-girlfriends deal, only married women not romantically linked to Tiger will be allowed around the children - plus female members of staff known to Elin.

The pair threw separate birthday parties for daughter Sam last week.

Tiger took his office manager Kathy to his. Elin also went along.

A source said: "Elin made an effort not to make it uncomfortable. They handed out goodie bags to the kids together. That was a nice moment."

The previous most costly celebrity divorce was $168 million, paid by basketball star MICHAEL JORDAN to his wife JUANITA in 2007.

Tiger Keeps $75 Million Dollar Jupiter Estate


Source: The Sun

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