• Politics
    The 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 Democratic Sen. Joe Manchin backs Supreme Court delay tactics since 'we don't do anything around here anyway' 5 outrageously funny cartoons about Trump's election scheming Report: Trump's tax write-offs range from Trump Jr.'s Russia-related legal fees to Apprentice haircuts

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  • Lifestyle
    MarketWatch

    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.’

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  • Politics
    Rolling Stone

    With 200K Dead, Trump Spews Lies Then Golfs for the 298th Time During His Presidency

    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

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  • Business
    MoneyWise

    Forget Congress. Here's how to get a 2nd stimulus check by DIY

    Find relief on your own — and stop waiting for Washington to get its act together.

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  • Politics
    The Week

    Democratic Sen. Joe Manchin backs Supreme Court delay tactics since 'we don't do anything around here anyway'

    While Democrats on the Senate Judiciary Committee reportedly do not intend to boycott the confirmation hearing for President Trump's Supreme Court nominee, Amy Coney Barrett, the party's senators will likely do whatever they can to slow the process, Politico reports.Some of the tactics available for Democrats, who believe Republicans set a precedent for blocking Supreme Court nominations in the lead up to a presidential election in 2016, that Politico lists include: invoking the "two-hour" rule — which Senate Minority Leader Chuck Schumer (D-N.Y.) has already done — slowing down legislative business, objecting to recess, denying a quorum, raising points of order, enlisting the aid of the Democratic-controlled House, and delaying the final committee vote. Politico goes into more detail about each tactic here.Politico also reports that there is broad, overwhelming support for pulling out all the stops among Democrats, including those, like Sen. Doug Jones (D-Ala.), who face tough re-elections and may get pulled off the campaign trail during a potentially lengthy process, as well as typically more conservative lawmakers like Sen. Joe Manchin (D-W.V.).Jones accused Republicans of a "power grab," so even though Democrats don't have the votes to block the confirmation, "you do what you can to call attention to it." As Manchin put it, since "we don't do anything around here anyway, we've got plenty of time to do meetings." Read more at Politico.More stories from theweek.com 5 outrageously funny cartoons about Trump's election scheming Report: Financial records appear to show Ivanka Trump got 'consulting fees' to reduce father's tax bill Report: Trump's tax write-offs range from Trump Jr.'s Russia-related legal fees to Apprentice haircuts

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  • Business
    Motley Fool

    What's the Average Social Security Benefit at Age 62?

    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.

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