Even celebrities embarrass their kids
- PoliticsThe Week
Report: Financial records appear to show Ivanka Trump got 'consulting fees' to reduce father's tax bill
Tax records obtained by The New York Times appear to show that President Trump reduced his taxable income by treating his eldest daughter, Ivanka Trump, as a consultant, then deducting this as a business expense.The Times reports that Trump Organization tax records show between 2010 and 2018, President Trump wrote off as business expenses $26 million in "consulting fees." The consultants are not listed by name, but the Times compared the tax records to financial disclosures Ivanka Trump filed when she started working at the White House in 2017 as a senior adviser to her father. Ivanka Trump reported receiving $747,622 in payments from a consulting company she co-owned — the same exact amount in consulting fees the Trump Organization claimed as tax deductions for hotel projects in Hawaii and Vancouver.As an executive officer with the Trump Organization, Ivanka Trump managed the Hawaii and Vancouver hotel projects, "meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father's business," the Times said. Ivanka Trump earned a salary of about $480,000 while serving as an executive with the Trump Organization, and the amount jumped up to $2 million after her father became president, the Times reports; since leaving to work in the White House, she has not received a salary from the company.The tax filings also show that Trump collected $5 million for a hotel deal in Azerbaijan and reported $1.1 million in consulting fees and made $3 million in Dubai while reporting a $630,000 consulting fee. People with direct knowledge of the deals told the Times they were not aware of any consultants or third parties who would have been paid in connection with the projects. When asked about the matter, Alan Garten, a lawyer for the Trump Organization, did not comment.The Internal Revenue Service said for consulting fees to be deducted as an expense, they must be an "ordinary and necessary" part of running a business, and the recipient must still pay income tax.More stories from theweek.com 5 outrageously funny cartoons about Trump's election scheming Democratic Sen. Joe Manchin backs Supreme Court delay tactics since 'we don't do anything around here anyway' Trump apparently paid 200 times more in taxes to India and the Philippines than U.S. income tax in 2017
- U.S.USA TODAY Opinion
While we vary about how to best interpret statutes and the Constitution, we agree on this: The nation could not ask for a more qualified candidate.
My daughter won’t speak to me. Her therapist said we’re a toxic family. Should I stop paying her college tuition to force her into family counseling?
‘My daughter was in an outpatient program and outpatient family therapy. The therapist said that we were a toxic family and we had parentified our kids.’
- PoliticsLos Angeles Times Opinion
Op-Ed: Democrats can't stop Amy Coney Barrett's confirmation. They can show how she would take away our rights
The Democrats have no way to stop Amy Coney Barrett's Supreme Court confirmation. But they should use the hearings to show how she would take away rights.
- PoliticsRolling Stone
The president seemingly does not care about the 200,000 Americans who have lost their lives as a result of the coronavirus, but we do know one thing he cares deeply about – his golf game
- BusinessMotley Fool
You may not realize it now, but there's a very good chance that, when you retire, you're going to be reliant on Social Security income to make ends meet. In the latest national Gallup poll of nonretirees, a record 88% of respondents expected their Social Security payout to be a necessary part of their retirement income. This strongly suggests that there isn't a more important decision to be made by our nation's seniors than deciding when to take Social Security benefits.