Daily Archives: April 16, 2016

Trump won’t release his tax return to the public until after the completion of an IRS audit

Syracuse.com:

Trump, in an interview with Syracuse.com ahead of his planned Syracuse visit on Saturday, said he will make the tax documents public after the completion of an IRS audit.

“I actually look forward to giving the tax returns, but as soon as the audit is complete,” Trump said. “And everybody understands that. You know, when you’re doing even a routine audit, you just don’t release your tax returns. You release them when they’re completed.”

John Kasich releases his tax returns

John Kasich website:

Between 2008 and 2014 John and Karen Kasich filed joint tax returns indicating:

  • Income over that seven-year period of $5,096,000 from sources including John Kasich’s work as governor of Ohio, a public speaker, board member, author, Lehman Brothers employee, FOX News commentator and their investments.

  • They paid more than $1.3 million in federal tax and $376,272 in state taxes.

  • They paid an average annual effective federal tax rate of 24.29 percent (sum of 2008-2014 rates/7).

A summary of their income and tax information is provided in this table and links to their individual returns for each year are below.

JOHNK-PR-OH-MGT-047 - March (1)

Click here for a larger version of the image2008 TAX RETURN

2009 TAX RETURN2010 TAX RETURN

2011 TAX RETURN

2012 TAX RETURN

2013 TAX RETURN

2014 TAX RETURN

TED CRUZ RELEASES HIS TAX RETURNS

Ted Cruz website:

Citing the importance of transparency and accountability in electing the next President, Sen. Ted Cruz released four additional years of tax returns to the public. During his run for Senate, Cruz released his returns for years 2006 through 2010, and today he released returns for 2011 through 2014.

Hillary Clinton releases her financial records and health

Hillary Clinton website:

Reforming our tax code to promote strong, fair, long-term growth is a centerpiece of my campaign, and I will continue outlining specific new ideas in the months ahead.

Today, I’m releasing my own family’s tax returns from 2007 to 2014, adding those years to previous releases going back to 1977. Since 2007, we have paid $43,885,310 in federal taxes and made $14,959,450 in charitable contributions. We’ve also paid $13,625,777 in state and local income taxes. Last year, we paid an effective federal tax rate of 35.7 percent and a combined federal, state, and local effective rate of 45.8 percent. We contributed 10.8 percent of our income to charity. In 2013, the numbers were similar. We paid an effective federal tax rate of 35.4 percent and a combined rate of 44.6 percent, and donated 11.4 percent of our income to charity.
Hillary Clinton 2013 speech income

President Clinton 2013 speech income

2014 tax return

2014 signature page

2013 tax return

2013 signature page

2012 tax return

2012 signature page

2011 tax return

2011 signature page

2010 tax return

2010 signature page

2009 tax return

2008 tax return

2007 tax return

 

 

Winding Down: Citigroup Plans to Eliminate Shrinking Citi Holdings Unit

Bloomberg:

Citigroup Inc. said it will no longer break out results for Citi Holdings after this year. The so-called bad bank was created in 2009 by then-Chief Executive Officer Vikram Pandit to house about $600 billion of troubled businesses and toxic assets. The company has since whittled that to $73 billion. “Winding down Holdings has been a longtime goal and shows Citi’s progress in becoming a simpler, smaller, safer and stronger institution,” CEO Mike Corbat, who ran the unit before succeeding Pandit, said Friday in a statement.

FDIC, Fed Rulings Could See Five “Too-Big-to-Fail” Wall Street Firms Broken Up by 2018

Truthout:

Federal regulators announced Wednesday morning that Dodd-Frank-mandated resolution plans of five “too big to fail” banks were “not credible,” setting in motion a process that could see them broken up in thirty months.

The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve on Wednesday announced that plans outlined by the quintet — Bank of America, JP Morgan Chase, Wells Fargo, New York Mellon, and State Street — were inadequate.

Because of the joint ruling, the firms are under pressure to revise their so-called “living wills.” The FDIC and Fed may subject the five banks to more strict regulations and reserve requirements on Oct. 1, if they fail to submit a satisfactory scheme by then. And if they haven’t submitted proper living wills by October 2018, the two agencies “may jointly require the firm to divest certain assets or operations to facilitate an orderly resolution of the firm in bankruptcy,” as the Fed noted onWednesday.

Elizabeth Warren calls out JP Morgan CEO Jamie Dimon

Dimon is damned if he does and damn if he doesn’t. Warren gives Dimon nightmares and Sanders gives Dimon an ulcer.

Boston Globe:

And Massachusetts Senator Elizabeth Warren wasn’t all that pleased with the tone JPMorgan Chase CEO Jamie Dimon was taking in the wake of a federal finding this week that his bank is still considered to be too big to fail.

“We have thousands of people working this stuff,” Dimon said in a TV interview with Yahoo News, referring to efforts to comply with federal rules.

“So I sent a note out to them this morning saying, ‘You know, while we’re disappointed, I want you all to know that you did an unbelievable job.’

Warren didn’t like the part where Dimon seemed to be applauding his staff. “You can’t make this stuff up,” she said in a brief interview with The Boston Globe.

“The Jamie Dimon statement is a reminder that much of Wall Street still hasn’t gotten the message that they can not design their business to take all of the profits on the upside and plan to push off all the risk to taxpayers,” Warren said.

She also posted a scathing note Thursday night on Facebook.

………………………………………………………………………………

The problem is, Dimon didn’t really tell his staff they’d done an unbelievable job. In the Yahoo News interview, he seems to have mischaracterized his own note. A copy of the four paragraph e-mail, obtained by the Globe, was heavier on contrition and never used the word “unbelievable.”

Dimon described the news from the regulators as “disappointing.”

“As part of the regulators’ feedback, they detailed specific items and areas for us to address and improve upon in a resubmission later this year,” Dimon wrote. “You can be assured that we will do everything we can to meet all of their conditions and requirements.”

He did praise his employees as “a truly outstanding group of people who make me proud to come to work every day,” though it seemed more of a pep talk than a congratulatory message.

Here’s a copy of Dimon’s e-mail — with the name of one employee redacted.