Trump Lawyer Ronald Fischetti On Charges: This Is All They Have
Ronald Fischetti, a lawyer for Mr. Trump, said in response to the unsealed indictment from New York prosecutors that it is a “sad day” for the Manhattan District Attorney’s Office.
“After years of investigation and the collection of millions of documents and devoting the resources of dozens of prosecutors and outside consultants, this is all they have?” he said in a statement. “In my 50 years of practice, I have never seen this office bring a case like this and, quite frankly, I am astonished.”
Fischetti claimed the district attorney is proceeding with its case because it involves the former president’s company.
“As far as we are concerned, this case is over,” he continued.
No Fourth Stimulus Check In Sight But Is Your State Still Handing Out Covid Cash
Dont hold your breath waiting for the federal government to issue a fourth pandemic stimulus check for a wide swath of Americans.
The government is tied up with President Biden’s budget and other issues, showing no signs of reacting to several grassroots efforts to petition Washington for more regular stimulus infusions.
However, some states are issuing their own stimulus checks for residents including one mailing new checks right now. Here’s the list of places making payments that can go toward household expenses or to pay down debt as the pandemic lingers.
Prosecutors Say New York City Apartment Was At The Center Of Tax Scheme
In their criminal indictment, prosecutors accused Weisselberg of undertaking a complex scheme to conceal nearly $1.8 million in compensation from tax authorities. Central to the scheme, they said, was a New York City apartment on the west side of Manhattan in a building complex previously known as “Trump Place,” though the Trump Corporation did not own the building, prosecutors said. The Trump Corporation is the main corporate entity of the Trump Organization.
From 2005 to 2017, prosecutors said, the Trump Corporation paid for rent, utility bills and monthly garage expenses at this New York City apartment which has been Weisselberg’s primary residence since 2005 but concealed the payments from tax authorities, allowing Weisselberg to avoid paying taxes on approximately $1,174,018 in income.
Prosecutors said the company marked and deducted the payments in their general ledger as “rent expenses,” rather than employee compensation. As a result, the payments were omitted from Weisselberg’s personal tax returns, and Weisselberg did not report the indirect compensation to tax authorities, prosecutors said.
Prosecutors also said that between 2005 and 2013, Weisselberg avoided paying an additional $210,923 in New York City income taxes by falsely claiming he was not a New York City resident.
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Why You Could Get Some Of That Money Back
Keep in mind that if your employer doesnt specify that the extra cash is a bonus and just lumps it all in with your regular pay, itll be taxed at the same rate your regular paycheck would be, without any fancy mathematical acrobatics.
And although the bonus is subject to specific tax rules when its paid, when Tax Day comes, its treated just like any other kind of income. That means you could earn some of your bonus back in the form of a refund if your tax return shows too much was withheld for your total taxable income level, after accounting for deductions and credits.
No matter how its taxed, a bonus is basically free money you werent expecting. And you dont have to worry about your bonus catapulting you into a higher tax bracket, either because even if it does, only the money above that bracket threshold will be taxed at the higher rate.
Although it can be frustrating to see part of that check disappear into the ether, focus on the positive: the sudden cash infusion!
Jamie Cattanach is a writer whose work has been featured at Fodors, Yahoo, SELF, The Motley Fool and other outlets. Her focuses include personal finance, travel, body image and more. She writes to find the best ways to live intentionally, adventurously and happily.
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How The $1000 Trump Tax Bonuses Have And Havent Affected Workers Lives
In late 2017, companies such as Home Depot, AT& T and Best Buy made headlines for promising their workers lump-sum bonuses of around $1,000 if and when Congress passed the Trump administrations massive corporate tax cut. Republicans held up these potential bonuses as proof that the presidents tax bill would be more than a handout to big business: Ordinary people would benefit too, just as swiftly and surely as if they had hit on a lucky scratch-off ticket.
For a time, the promised bonuses injected a dash of Oprah-style giveaway excitement into the normally staid tax debate. Which is why some conservatives seized on them as a metonymous stand-in for the Trump tax plan despite the fact that the bonuses werent part of the bill.
Nothing fires the imagination like the prospect of a windfall: You get a bonus! You get a bonus! Everybody gets a bonus! If you were a worker, you couldnt help but wonder: How would I spend an extra thousand bucks if it fell into my lap?
After the tax bill was signed into law in December 2017, its critics derided the bonuses as a publicity stunt meant to distract from larger payouts to corporate elites. Most memorably, House Speaker Nancy Pelosi described the bonuses as crumbs compared with the money that companies would save on taxes and give out to investors as share buybacks.
As Bell put it, Theres no stock-option plan here. Nobody owns the company besides me and my wife and my kids. There will never be a stock-option plan.
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Push For More Stimulus
Democratic lawmakers are pushing the White House to introduce further relief checks to keep Americans out of poverty as household spending slows.
The calls for recurring payments come as consumer spending stalled nationwide, rising by only one percent in April compared to a 4.7 percent increase in March.
Seven Democrats from the powerful House Ways and Means Committee support another round of stimulus checks.
In a letter addressed to President Joe Biden, the lawmakers said: “The pandemic has served as a stark reminder that families and workers need certainty in a crisis.
“They deserve to know they can put food on the table and keep a roof over their heads. They should not be at the mercy of constantly shifting legislative timelines and ad hoc solutions.”
The lawmakers claim recurring checks could keep as many as 12million Americans out of poverty.
An amount has not been specified but some politicians have called for checks worth up to $2,000 to be introduced.
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Wait For Direct Deposit Or A Paper Check
Direct-deposit payments started going out April 13 and will continue throughout the month. Paper checks start going out the week of April 20. Read here to find out when your stimulus payment is coming.
Once the IRS has delivered your payment, either by direct deposit or mail, you should receive a notice within 15 days at your last known address confirming how and when the money was sent to you.
This post was updated on April 17, 2020 to include new information from the IRS.
A Thousand Dollars For Everyone
Sen. Mitt Romney, R-Utah, said this week that he wants the government to send every adult $1,000.
Details on how big the checks the Trump administration hopes to deploy have not been disclosed.
The Treasury Department is proposing sending two rounds of payments to taxpayers on April 6 and May 18, NBC News reported on Wednesday. Both checks would be the same size. How much you receive would be determined by your income and the size of your family, according to the report.
Of course, any plans would need a green light from Congress.
“The basic idea of getting money into the economy very quickly is a good idea,” said Leonard Burman, institute fellow at the Urban Institute, a non-partisan think tank, and co-founder of the Tax Policy Center.
It is also an improvement over potential payroll tax cuts, another idea that has been touted by the Trump administration and others in recent weeks.
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Why Are Teachers And School Staff Getting More Stimulus Money
Some state governments and local school boards have made the decision to send stimulus money to teachers as a thank you for the efforts they made during the COVID-19 pandemic. Many teachers risked exposure by offering in-person instruction, while many others had to scramble to transition to online coursework during an unprecedented global public health crisis.
Although some question whether this is an appropriate use of federal aid, there’s reason to believe that many other states will follow the lead of Georgia, Florida, and Michigan. In fact, a bill in Hawaii would’ve provided teachers with a one-time $2,200 payment, but the governor vetoed it. And California, Colorado, Tennessee, and Texas have also considered providing stimulus payments to teachers.
For those in the education field, it’s a good idea to keep tabs on whether your state authorizes another stimulus check for you. And if you aren’t a teacher, you should also see what programs your state may be offering that you could take part in. States received millions of dollars in federal coronavirus relief funds, and this money will need to be spent over time to help citizens.
Here’s Why Some People Are Being Sent A Bonus $1000 Stimulus Check
by Christy Bieber | Published on July 29, 2021
Many or all of the products here are from our partners that pay us a commission. Its how we make money. But our editorial integrity ensures our experts opinions arent influenced by compensation. Terms may apply to offers listed on this page.
Are you eligible for the money?
Most Americans have received three stimulus checks from the federal government since the start of the COVID-19 pandemic. This included two payments authorized by the Trump Administration in 2020 as well as a $1,400 stimulus payment that President Biden made a top priority when he came into office in January of 2021.
For most people, this money has long been spent, and the wait is on for a fourth stimulus check to be deposited into American’s bank accounts. But despite having broad support and despite the fact close to three million people have signed a petition requesting ongoing stimulus checks during the pandemic, a fourth check is likely not going to happen for everyone.
Some Americans, though, are being sent a bonus fourth stimulus check — which could be valued at up to an additional $1,000.
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State And Local Aid Funding Not This Time
The bipartisan law splits off $160 billion for state and local aid into another package with liability guards that has not been voted on. The intention is that Congress could consider the two areas of conflict separately from the bill focused just on economic relief.
What If Your State Isnt Giving Any Extra Stimulus
If your state doesnt offer a stimulus check or you don’t qualify for one, you still have options to create your own financial relief.
Pay down your debt. Finding out how to lower your interest rate on credit cards is a good start to reducing your debt. Look at your monthly statements to see how much youre paying. A lower rate can help you pay off what you owe faster. Some credit cards have offers for zero- or low-interest balance transfers. Another way to deal with your debt is to fold your bills into a single debt consolidation loan to pay it off at a more affordable interest rate.
Lower your insurance bills. You may be able to save hundreds of dollars a year by switching to a different company. Many car insurance companies offer a variety of discounts that can cumulatively lower what youre currently paying. Compare rates to look for the best deal on your auto premiums. Shopping around is also a good way to find a cheaper rate on homeowners insurance.
Make every dollar you spend count. Can you do without your online movie streaming services? Can you buy more of your shopping in bulk? Are you getting the best deals online? By using a free browser add-on that automatically scours the internet for better prices and coupons, you can spend less on your shopping.
Put your spare change to work. You can put aside your extra cash into investing in the stock market. A popular app can help you invest your “spare change” from everyday purchases into a diversified portfolio.
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Dependents Aged 17 And Older
The CARES Act also excludes dependents aged 17 and older from receiving a stimulus check. This means college students aged 19 to 24 who are being claimed by their parents as a dependent aren’t expected to receive a dime. Furthermore, the parents of children over the age of 16 won’t be receiving the $500-per-child stimulus kicker, even if their kids still legally qualify as a dependent on their income-tax filing.
What’s more, disabled adults and seniors who are claimed as dependents won’t be receiving a stimulus check.
Based on calculations from the Urban-Brookings Tax Policy Center, the CARES Act rule disallowing college-age dependents and disabled dependent adults from receiving a Trump stimulus check will reduce the number of potential payouts by approximately 30 million.
Trump Organization Indicted On Tax
The Trump Organization was indicted by a grand jury in Manhattan for alleged tax-related crimes on Wednesday, sources familiar with the matter told CBS News.
The charges remained under seal as of Thursday morning. Attorneys for the Trump Organization are expected to appear in court for arraignment on the charges.
Ronald Fischetti, a lawyer representing Mr. Trump, told CBS News on Tuesday that he did not foresee charges against the former president himself. During a virtual meeting with prosecutors last week, Fischetti said he asked Manhattan District Attorney Cyrus Vance Jr. for details on the charges that were under consideration.
“I asked specifically, ‘Are any of these charges related to Donald Trump?’ And the answer was no,” Fischetti told CBS News on Tuesday.
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