tax

Severe limitations on travel and the virtual shutdown of the hotel industry during the coronavirus pandemic is wreaking havoc on the treasuries of state and local governments, a sobering new report reveals. Tax revenues that hotels generate for New York’s state and local governments will crater by $1.3 billion this year, according to an analysis …

Supermodel Bar Refaeli on Tuesday signed a plea deal to perform nine months’ community service in Israel over tax evasion charges — while her mother will serve 16 months in prison, according to reports. The plea deal is part of a 17-month criminal probe into the 34-year-old model who was accused of lying that she …

Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a US government program that has provided emergency loans to millions of businesses hit by the coronavirus. The money was part of the $660 billion Paycheck Protection Program (PPP) — a linchpin of President Trump’s …

White House Economic Adviser Larry Kudlow on Friday floated the idea of cutting the corporate tax rate in half for US companies who bring their operations back from other countries. “Why not provide a 50 percent discount for the corporate tax rate if you’re moving from outside the US to the US?” Kudlow told reporters …

The US government has paid nearly $1 million to President Trump’s company since he took office, including 1,600 nightly room rentals at Trump’s hotels and golf clubs, according to records observed by the Washington Post. The whopping $970,000 bill was racked up almost entirely by trips taken by the president, his family and his top …

A secretive hedge fund that has become the biggest owner of New York City taxi medallion loans is showing signs that it may come to the table for an emergency deal to save the city’s cash-strapped cabbies, city officials say. Marblegate Asset Management — a Greenwich, Conn.-based fund that owns roughly 4,300 taxi medallions and …

A new plan to solve New York City’s taxi crisis is brewing — and it’s coming from a pair of local tech entrepreneurs. A pair of former Wall Street traders who have created a ride-hailing app for yellow cabs are teaming up with a city councilman with an idea to not only slash the debts …

Senate Republicans expressed skepticism of President Trump’s proposal of a payroll tax cut for the next coronavirus relief bill, citing litigation protection as a much higher priority. “Right now, not much,” Senate Finance Committee Chairman Chuck Grassley (R., Iowa) told Politico when asked what he thought of the president’s proposal. “I’m going to give it …

The Trump administration on Tuesday revealed it is considering a capital gains tax cut as well as other tax-cut proposals as part of a future coronavirus relief bill. President Trump and his allies are also pushing for liability protection for businesses affected by the coronavirus pandemic. “Well run States should not be bailing out poorly …

President Trump says he prefers that businesses struggling because of the coronavirus pandemic work with lenders — including using bankruptcy protection — to keep afloat, rather than take government aid. Trump told The Post in the Oval Office on Monday that he thought it was “very good” that J.Crew was able to reach a deal …