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Trump Faces Potential $100 Million Tax Bill After Alleged Double-Dipping

In a bombshell report by The New York Times, former President Donald Trump is under scrutiny for potentially owing the IRS over $100 million due to questionable tax breaks related to his Chicago skyscraper. Here are the key details: Double-Dipping Allegations: Trump’s 2008 tax return revealed that he reported losses of up to $651 million on his Chicago tower project. However, the IRS audit now suggests that he may have attempted to write off the same losses twice, leading to the substantial tax liability. The Chicago Tower, completed in 2009, remains a focal point in this investigation. IRS Audit and Legal Implications: Trump’s tax returns have been a subject of controversy for years. The recent revelations indicate that he has not paid income taxes in 10 out of the past 15 years, primarily due to reported losses. The ongoing decade-long IRS audit centers around a $72.9 million tax refund Trump received, which could ultimately cost him more than $100 million. Public Perception: The rel
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S&P 500 Inches Closer to Record High Amid Optimism About Fed’s Policy and Year-End Effect

 

The S&P 500 index closed just shy of a new record high on Thursday, with the broad index gaining 0.04%. The tech-heavy Nasdaq Composite fell 0.03%, while the Dow Jones Industrial Average rose 0.1%. Markets are ending 2023 on a hot streak, with all three indexes on pace for a ninth consecutive weekly gain. For the S&P 500, that would mark the longest streak since January 2004. The index is now within 0.3% of its all-time high, set in January 2022. With one trading session remaining in 2023, the S&P 500 is up 25%.

Investors are optimistic that the Federal Reserve can successfully cool inflation without inducing a major economic slowdown, which has powered the market’s recent advance. Now, some investors say the looming end of the calendar year is giving markets an extra boost. “Nobody who has caught this rally wants to incur a taxable event,” said Michael Green, chief strategist at Simplify Asset Management. “If nobody wants to sell, prices will push higher on low volume”.

The jobless claims data released by the Labor Department on Thursday indicated a gradual cooling of the economy. Initial jobless claims, considered a proxy for layoffs, were 218,000 in the week ending Dec. 23, slightly more than the 215,000 that economists expected.

Bond yields rose as prices fell, reflecting expectations of higher inflation and interest rates. The yield on the benchmark 10-year Treasury note rose to 3.849%, up from 3.7%.

Some investors are increasing their exposure to energy and industrial stocks, which could benefit from a strong economic recovery. Matt Dmytryszyn, chief investment officer at Telemus Capital, said his fund is boosting its position in shares of energy and industrial firms.


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