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NYT Report Says Trump Lost Over $1 Billion in a Decade

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  • The New York Times released a report that said President Donald Trump’s businesses accumulated nearly $1.2 billion in losses between 1985 and 1994. 
  • The report also said that Trump got out of paying taxes for eight years and lost more than almost any other taxpayer in the country within those years.
  • All of this comes amid escalating calls for Trump’s tax returns, particularly from Democrats.
  • The House Ways and Means Committee is working on a request to get ahold of them while the New York State government works on legislation that allows Congress to ask for New York State tax documents.

New York Times Report

The New York Times published information that they claim comes from President Donald Trump’s tax returns, which shows over a $1 billion in losses over the course of a decade.

In the report published Tuesday, the Times said that they did not receive actual copies of the president’s tax documents, but got information from someone with legal access to them. They then verified the information using IRS documents and other figures they collected from a prior investigation into his taxes. The data the paper uncovered spanned from 1985 to 1994.

During this timeframe, Trump reportedly saw $1.17 billion in losses. These losses, which stemmed from businesses like his hotels, casinos, and retail space in apartments, were so severe that he did not pay any income taxes for eight out of those ten years.

The Times wrote that within those years, Trump “appears to have lost more money than nearly any other individual American taxpayer.” Specifically, in 1990 and 1991, he saw losses totaling $250 million each year. According to the Times, this is more than double the losses of the nearest taxpayer.

Trump Responds

The Times spoke to one of Trump’s lawyers, Charles J. Harder, who called these numbers “demonstrably false.”

“I.R.S. transcripts, particularly before the days of electronic filing are notoriously inaccurate,” he added, speaking to the Times in their piece.

A former IRS employee who also spoke to the Times for the investigation countered this. He claimed that this data has gone through intensive quality control and is trusted by many sources.

On Wednesday morning, Trump took to Twitter to explain the losses by saying they were tied to write-offs used by real estate professionals in the 1980s and ’90s. He also called the report “highly inaccurate.”

Congress Fights For Trump’s Taxes

The Times’ report comes as the fight for Trump’s tax returns escalates. Debates over their release began sparking conversation when Trump chose not to disclose them when he became the Republican nominee. That decision broke a strong precedent set by nominees before him.

On Monday, Treasury Secretary Steve Mnuchin declined the House Ways and Means Committee’s request to see Trump’s tax information between the years of 2013 and 2019.

In a letter to Committee Chairman Richard Neal, he said that the request “lacks a legitimate legislative purpose, and pursuant to section 6103, the Department is therefore not authorized to disclose the requested returns and return information.”

Though many are debating Mnuchin’s right to decline this, as section 6103 of U.S. Internal Revenue Code implies that the Treasury Secretary has obligations to give the Committee tax returns when requested.

“Upon written request from the chairman of the Committee on Ways and Means of the House of Representatives, the chairman of the Committee on Finance of the Senate, or the chairman of the Joint Committee on Taxation, the Secretary shall furnish such committee with any return or return information specified in such request,” the section states.

Still, Mnuchin has fought back, saying you would need a legitimate policy reason, which he does not believe Congress has.

Chairman Neal has said that he will be meeting with the House Council to discuss the next steps. He has even suggested taking the matter right to federal court, as opposed to issuing a subpoena.

“There doesn’t have to be any intermediary step,” he told reporters on Tuesday. “They seem not to be paying a lot of attention to the subpoenas, so take it from there.”

He anticipates having a plan by the end of the week.

Vote in New York State Senate

The fight for Congress’ right to obtain the president’s tax returns is also ongoing in New York. On Wednesday, the New York State Senate passed a bill that would allow Congress to request Trump’s state tax returns in New York. It will advance to the State Assembly next week, which has a Democratic majority. It is also expected to pass there.

New York State Senator Brad Hoylman tweeted on Wednesday morning, saying that the state responsible for Trump’s taxes has to act because “Washington has failed.”

The bill was first introduced in April, and Governor Andrew Cuomo has indicated support for it.

As far as whether or not we will ever see Trump’s tax returns, there is still a lot of skepticism despite Democratic efforts. Trump has refused to release them at every turn, and regularly claims that he cannot because he is under audit.

On Sunday, acting White House Cheif of Staff Mick Mulvaney said that he doesn’t think a release will ever happen.

When asked by Fox News host Bill Hemmer if he believed that Democrats will never see the president’s tax returns, Mulvaney responded, “No, never.”

“Nor should they,” he added.

While the interview was conducted before the Times’ article, his statement suggests that Trump and his Administration are committed to keeping public eyes off those documents.

See what others are saying: (Politico) (The Hill) (Fox News)

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Biden Calls on Congress To Extend Eviction Moratorium

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The move comes just two days before the federal ban is set to expire.


Eviction Freeze Set To Expire

President Joe Biden asked Congress on Thursday to extend the federal eviction moratorium for another month just two days before the ban was set to expire.

The request follows a Supreme Court decision last month, where the justices ruled the evictions freeze could stay in place until it expired on July 31. That decision was made after a group of landlords sued, arguing that the moratorium was illegal under the public health law the Centers for Disease Control and Prevention had relied on to implement it.

While the court did not provide reasons for its ruling, Justice Brett Kavanaugh issued a short concurring opinion explaining that although he thought the CDC “exceeded its existing statutory authority,” he voted not to end the program because it was already set to expire in a month.

In a statement Thursday, White House Press Secretary Jen Psaki cited the Supreme Court decision, as well as the recent surge in COVID cases, as reasons for the decision to call on Congress. 

“Given the recent spread of the delta variant, including among those Americans both most likely to face evictions and lacking vaccinations, President Biden would have strongly supported a decision by the CDC to further extend this eviction moratorium to protect renters at this moment of heightened vulnerability,” she said. 

“Unfortunately, the Supreme Court has made clear that this option is no longer available.”

Delays in Relief Distribution 

The move comes as the administration has struggled to distribute the nearly $47 billion in rental relief funds approved as part of two coronavirus relief packages passed in December and March, respectively.

Nearly seven months after the first round of funding was approved, the Treasury Department has only allocated $3 billion of the reserves, and just 600,000 tenants have been helped under the program.

A total of 7.4 million households are behind on rent according to the most recent data from the Census Bureau. An estimated 3.6 million of those households could face eviction in the next two months if the moratorium expires. 

The distribution problems largely stem from the fact that many states and cities tasked with allocating the fund had no infrastructure to do so, causing the aid to be held up by delays, confusion, and red tape. 

Some states opened portals that were immediately overwhelmed, prompting them to close off applications, while others have faced technical glitches.

According to The Washington Post, just 36 out of more than 400 states, counties, and cities that reported data to the Treasury Department were able to spend even half of the money allotted them by the end of June. Another 49 —  including New York — had not spent any funds at all.

Slim Chances in Congress

House Speaker Nancy Pelosi (D-Ca.) urged her colleagues to approve an extension for the freeze Thursday night, calling it “a moral imperative” and arguing that “families must not pay the price” for the slow distribution of aid.

However, Biden’s last-minute call for Congress to act before members leave for their August recess is all but ensured to fail.

While the House Rules Committee took up a measure Thursday night that would extend the moratorium until the end of this year, the only way it could pass in the Senate would be through a procedure called unanimous consent, which can be blocked by a single dissenting vote.

Some Senate Republicans have already rejected the idea.

“There’s no way I’m going to support this. It was a bad idea in the first place,” Senator Patrick Toomey (R-Pa.) told reporters. “Owners have the right to action. They need to have recourse for the nonpayment of rent.”

With the hands of the CDC tied and Congressional action seemingly impossible, the U.S. could be facing an unprecedented evictions crisis Saturday, even though millions of Americans who will now risk losing their homes should have already received rental assistance to avert this exact situation.

See what others are saying: (The Washington Post) (The New York Times) (The Associated Press)

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Mississippi Asks Supreme Court To Overturn Roe v. Wade

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The Supreme Court’s decision to consider Mississippi’s restrictive abortion ban already has sweeping implications for the precedents set under the landmark reproductive rights ruling, but now the state is asking the high court to go even further.


Mississippi’s Abortion Case

Mississippi filed a brief Thursday asking the U.S. Supreme Court to overturn Roe v. Wade when it hears the state’s 15-week abortion ban this fall.

After months of deliberation, the high court agreed in May to hear what will be the first abortion case the 6-to-3 conservative majority will decide.

Both a district judge and a panel of the U.S. Court of Appeals for the 5th Circuit had ruled that Mississippi could not enforce the 2018 law that banned nearly all abortions at 15 weeks with exceptions for only “severe fetal abnormality,” but not rape and incest.

If the Supreme Court upholds the Mississippi law, it would undo decades of precedent set under Roe in 1973 and upheld under Planned Parenthood v. Casey in 1992, where the court respectively ruled and reaffirmed that states could not ban abortion before the fetus is “viable” and can live outside the womb, which is generally around 24 to 28 weeks.

When the justices decided to hear the case, they said they would specifically examine the question of whether “all pre-viability prohibitions on elective abortions are unconstitutional.”

Depending on the scope of their decision on the Mississippi law, the court’s ruling could allow other states to pass much more restrictive abortion bans without the risk of lower courts striking down those laws.

As a result, legal experts have said the case will represent the most significant ruling on reproductive rights since Casey nearly three decades ago, and the Thursday brief raises the stakes even more.

When Mississippi asked the justices to take up its case last June, the state’s attorney general, Lynn Fitch (R), explicitly stated that the petition’s questions “do not require the Court to overturn Roe or Casey.”

But that was before the court’s conservatives solidified their supermajority with the appointment of Justice Amy Coney Barrett — who personally opposes abortion — following the death of liberal Justice Ruth Bader Ginsburg.

New Filing Takes Aim at Roe

With the new filing, it appears that Fitch views the high court’s altered makeup as an opportunity to undermine the constitutional framework that has been in place for the better part of the last century.

“The Constitution’s text says nothing about abortion,” Fitch wrote in the brief, arguing that American society has changed so much that the previous rulings need to be reheard.

“Today, adoption is accessible and on a wide scale women attain both professional success and a rich family life, contraceptives are more available and effective, and scientific advances show that an unborn child has taken on the human form and features months before viability,” she added, claiming the power should be left to state lawmakers. 

“Roe and Casey shackle states to a view of the facts that is decades out of date,” she continued. “The national fever on abortion can break only when this Court returns abortion policy to the states.”

The Center for Reproductive Rights, which represents Mississippi’s sole abortion provider in the suit against the state’s law, painted Fitch’s effort as one that will have a chilling effect on abortion rights nationwide.

“Mississippi has stunningly asked the Supreme Court to overturn Roe and every other abortion rights decision in the last five decades,” Nancy Northup, the president and CEO of the group said in a statement Thursday. “Today’s brief reveals the extreme and regressive strategy, not just of this law, but of the avalanche of abortion bans and restrictions that are being passed across the country.”

The Supreme Court has not yet said exactly when during its fall term it will hear oral arguments on the Mississippi case, but a decision is expected to come down by next June or July, as is standard.

An anticipated ruling just months before the 2022 midterms will almost certainly position abortion as a top issue at the ballot box.

See what others are saying:  (The New York Times) (The Washington Post) (Politico)

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Republicans Boycott Jan. 6 Committee After Pelosi Rejects Two of McCarthy’s Picks

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The House Minority Leader said that unless House Speaker Pelosi reinstated the two members, Republicans will launch their own investigation into the insurrection.


Pelosi Vetoes Republicans

Republicans are boycotting the select committee to investigate the insurrection after House Speaker Nancy Pelosi (D-Ca.) rejected two of the five GOP members Minority Leader Kevin McCarthy (R-Ca.) picked to serve on the panel Wednesday.

In a statement, Pelosi cited the “statements and actions” of Rep. Jim Jordan (R-Oh.) and Jim Banks (R-In.), whose nominations she said she was opposing “with respect for the integrity of the investigation.”

Jordan and Banks — both staunch allies of former President Donald Trump — have helped propagate the previous leader’s false election claims, opposed efforts to investigate the insurrection, and voted not to certify the election for President Joe Biden. 

A senior Democratic aide also specifically told The Washington Post that Democrats did not want Jordan on the panel because he reportedly helped Trump strategized how to overturn the election and due to the fact he spoke to the then-president on Jan. 6, meaning there is a possibility he could be called to testify before the very same committee.

The aide also said that Democrats opposed Banks’ selection because of a statement he issued after McCarthy chose him.

In the statement, the representative compared the insurrection to the racial justice protests last summer, implied that the rioters were just normal American’s expressing their political views, and claimed the committee was a political ploy “to justify the Left’s authoritarian agenda.”

Notably, Pelosi did say she would accept McCarthy’s three other nominees — including Rep. Troy Nehls (R-Wi.), who also voted against certifying Biden’s win.

McCarthy Threatens Separate Investigation

McCarthy, however, refused to select new members, and instead opted to remove all his appointees from the would-be bipartisan committee.

In a statement condemning the move, the minority leader said that Pelosi’s action “represents an egregious abuse of power.” 

“Denying the voices of members who have served in the military and law enforcement, as well as leaders of standing committees, has made it undeniable that this panel has lost all legitimacy and credibility and shows the Speaker is more interested in playing politics than seeking the truth,” he said.

“Unless Speaker Pelosi reverses course and seats all five Republican nominees, Republicans will not be party to their sham process and will instead pursue our own investigation of the facts.”

Pelosi defended her decision during a press conference Thursday, where she said that Banks and Jordan were “ridiculous” choices for the panel. 

“When statements are ridiculous and fall into the realm of, ‘You must be kidding,’ there’s no way that they’re going to be on the committee,” she added.

See what others are saying: (The Washington Post) (The New York Times) (CNBC)

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