Posts tagged with "Tax records"

Supreme Court rejects Trump effort to shield tax records from NY prosecutors

February 23, 2021

The Supreme Court on Monday rejected a last-ditch bid by former President Donald Trump to keep his financial records—including years of his tax returns—out of the hands of the Manhattan District Attorney, Cyrus Vance Jr., CNBC reports.

The decision—the second time the nation’s highest court has refused to block a grand jury subpoena for those confidential records—was announced in an order with no noted dissents. The news further imperils the ex-president, who is facing investigations in New York and elsewhere.

The legal battle over Trump’s financial records, including personal and business documents dating back to 2011, comes in connection with an investigation by Vance’s office into potential tax violations involving the Trump Organization.

Vance’s probe originally appeared to have been focused on hush money payments made on Trump’s behalf to two women who have said they had affairs with him. Trump has denied their claims. But, CNBC reports, court records and news reports suggest prosecutors are now examining more serious allegations.

A court filing last summer by Vance indicated that the probe could be eyeing possible “insurance and bank fraud by the Trump Organization and its officers.” In another filing, a month later, prosecutor suggested they might be investigating Trump for potential tax crimes.

Indeed, Trump’s former personal lawyer, Michael Cohen, told Congress in 2019 that Trump improperly inflated and deflated the value of his real estate assets for tax and insurance purposes.

Vance’s filings appeared to reference Cohen’s testimony. One filing by prosecutors cited a  New York Times report Trump engaged in “dubious tax schemes during the 1990s, including instances of outright fraud.”

In a statement, Cohen said: “The Supreme Court has now proclaimed that no one is above the law. Trump will, for the first time, have to take responsibility for his

In a statement posted to Twitter, Vance wrote: “The work continues.”

Research contact: @CNBC

NRA dropped $55M in income in 2017

November 28, 2018

According to tax records obtained exclusively by the Daily Beast, the National Rifle Association (NRA)—the nation’s leading gun rights organization—saw its income dip by $55 million last year, after a record-breaking 2016 in which the group and its political affiliates spent unprecedented sums to elect President Donald Trump.

As an American nonprofit organization, the NRA reported $98 million in contributions in 2017—down from nearly $125 million in 2016—according to new tax records accessed by The Daily Beast. Nearly 20% of its contributions last year came from a single anonymous donor, who gave almost $19 million to the group.

However, more noteworthy than its drop in contributions, the news outlet reported on November 27, was its decline in membership dues. The NRA took in more than $128 million in dues last year—down considerably from the $163 million it took in the year prior. That decline, more than the drop in direct contributions, appears to indicate a dwindling, if still formidable, base of public support.

Asked for comment on the decline, an NRA spokesperson pointed to reporting showing that the organization’s magazine subscriptions have shot up this year, interpreted as an indicator of an accompanying membership surge.

Nonetheless, 2017 did not see a financial windfall for the group. In all, the NRA reported just under $312 million in total income, down from nearly $367 million the year before.

That loss in funding comes at a tricky political moment for the organization, the Daily Beast said: Rarely has the NRA had so staunch an ally in the White House. But the group, which built significant political heft on the back of Obama-era threats to key gun rights priorities, also has become a lightning rod in the debate over gun control and mass shootings nationwide.

In 2017, about $27 million of the NRA’s expenditures went to its political advocacy arm, the Institute for Legislative Action. But that was down considerably from 2016, when the NRA-ILA spent more than $76 million. The exception: The NRA did pass along large sums to another key political organization, donating $775,000 (up from $110,000 in 2016) to the Republican Attorneys General Association, a coalition of states’ top law enforcement officers.

The bulk of the NRA’s contributions to RAGA last year came just weeks after the largest mass shooting in U.S. history at a Las Vegas country music concert. A month later, 24 of the 27 attorneys general who belonged to RAGA teamed up to push concealed carry legislation, a top NRA priority. Both parties insisted that the financial contributions were unrelated to the push, the Daily Beast reported.

Research contact: lachlan.markay@thedailybeast