29, September 2020
US: Five key takeaways from the report on Trump’s tax returns 0
A New York Times report that President Donald Trump paid just $750 in federal income tax the year he entered the White House — and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed — served to raise doubts about Trump’s self-image as a shrewd and successful businessman.
That Sunday’s report came just weeks before Trump’s re-election bid served to intensify the spotlight on Trump the businessman — an identity that he has spent decades cultivating and that helped him capture the presidency four years ago in his first run for political office. The Times’ report deepens the uncertainty surrounding a tumultuous presidential campaign set against the backdrop of a viral pandemic, racial unrest in American cities and a ferocious battle over the Supreme Court seat left vacant by the death of Justice Ruth Bader Ginsburg.
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden. The Times report suggests why that might have been so. It reported that many of Trump’s top businesses are losing money, even as those losses have helped him shrink his federal tax bill to essentially nothing.
Eugene Steuerle, a tax expert at the Urban Institute, said he wasn’t surprised that it turns out that Trump had paid almost no federal income tax. Most commercial real estate developers deduct large interest payments on their debts from taxable income, thereby lowering their tax bills. Typically, they also often avoid capital gains taxes by plowing profits from the sale of one building into the purchase of another.
“Most tax experts expected you would find little in the way of tax payments by President Trump,” said Steuerle, who served as a Treasury Department official under President Ronald Reagan.
The Times noted that Alan Garten, a lawyer for the Trump Organization, said of the Times report that “most, if not all, of the facts appear to be inaccurate” and asked for the documents on which the reporting was based, which the Times declined to provide in order to protect its sources. The Times said Garten then directly disputed only the amount of taxes Trump had paid.
Here are some key takeaways from the Times’ reporting:
Trump paid just $750 in taxes in both 2016 and 2017
The newspaper said Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
As a result of the refund, Trump paid an average $1.4 million in federal taxes from 2000 to 2017, the Times reported. By contrast, the average U.S. taxpayer in the top .001% of earners paid about $25 million annually over the same timeframe.
Trump has financed an extravagant lifestyle with the use of business expenses
From his homes, his aircraft — and $70,000 on hair styling during his television show “The Apprentice” — Trump has capitalized on cost incurred from his businesses to finance a luxurious lifestyle.
The Times noted that Trump’s homes, planes and golf courses are part of the Trump family business and, as such, Trump classified them as business expenses as well. Because companies can write off business expenses as deductions, all such expenses have helped reduce Trump’s tax liability.
Many of his best-known businesses are money-losers
The president has frequently pointed to his far-flung hotels, golf courses and resorts as evidence of his success as a developer and businessman. Yet these properties have been draining money.
The Times reported that Trump has claimed $315 million in losses since 2000 on his golf courses, including the Trump National Doral near Miami, which Trump has portrayed as a crown jewel in his business empire. Likewise, his Trump International Hotel in Washington has lost $55 million, the Times reported.
Foreign visitors have helped support Trump’s properties
Since Trump began his presidential run, lobbyists, foreign governments and politicians have lavished significant sums of money on his properties, a spending spree that raised questions about its propriety and legality.
The Times report illustrates just how much that spending has been: Since 2015, his Mar-a-Lago resort in Florida has taken in $5 million more a year from a surge in membership. The Billy Graham Evangelistic Association spent at least $397,602 in 2017 at Trump’s Washington hotel. Overseas projects have produced millions more for Trump — $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.
Trump will face financial pressure as debts come due
Trump seems sure to face heavy financial pressures from the enormous pile of debt he has absorbed. The Times said the president appears to be responsible for $421 million in loans, most of which will come due within four years. On top of that, a $100 million mortgage on Trump Tower in New York will come due in 2022.
Source: AP



















30, September 2020
November 6: President for life will mark 38 years in power facing protests as the Ambazonia crisis rumbles on 0
This Nov. 6 will mark 38 years president Paul Biya has clung on to power in Cameroon—making him Africa’s second longest-serving head of state, after his peer Teodoro Obiang of Equatorial Guinea.
Biya, 87, became president in 1982, long before the majority of the central African country’s 25 million people were born. His current mandate will expire in 2025 when he’ll be 92.
As has been tradition, Biya supporters and members of the ruling Cameroon People’s Democratic Movement (CPDM) party, often use the day to feast, pledge their “unalloyed and unconditional” support to the president and call on him to continue leading the country indefinitely. But this year’s anniversary will also be coming up at a particularly uncertain time as a campaign is to end his four-decade reign picks up steam.
Biya’s former ally, Maurice Kamto, now one of his sternest critics who leads the Cameroon Renaissance Movement (CRM) party, has been publicly calling for the president’s ouster.
On Sept. 22, mass protests were organized in the capital Yaounde, the economic hub Douala, and a few other localities across the country. But the popular uprising was met with force as security forces used water cannons and teargas to break up demonstrations. In what the Human Rights Defenders Network in Central Africa (REDHAC) described as “serious violations of human rights and fundamental freedoms,” the clampdown was so intense that hundreds of people were arrested and detained. At least eight journalists were also arrested while covering the protests and locked up.
Authorities have vowed to prosecute those arrested and go after others on the run. Rene Emmanuel Sadi, minister of communication, said any move at toppling the government, citing specifically the “insurrection” launched by the CRM party, will be crushed. He said the government will “resolutely pursue its salutary action to defeat all internal and external attempts at destabilization.”
Despite the government warming, the revolution organizers are keen on carrying on even as opposition leader Maurice Kamto remains under house arrest. “We are preparing for another one [protest], which will then become regular until the regime yields to our demands,” Fah Elvis Tayong, CRM deputy national communication secretary, told Quartz Africa.
Street protests seem to be the most viable option people have at their disposal for political change in Cameroon as there are no indications for reforms or the long-serving president quitting power, according to Jeffrey Smith, executive director of Vanguard Africa; a pro-democracy advocacy group. “Biya is a prime example of a leader who has stayed in power long beyond his political expiration date,” Smith says..
Making allusion to Zimbabwe and Algeria, Smith says sustained citizen protests that are held peacefully could lead to change. But he estimates it can’t be an easy task in Cameroon because the country is highly authoritarian. He suggested the CRM has to bring more opposition parties and civil society organizations on board in order to be successful.
The battle lines were drawn between Biya and his main challenger in the 2018 contentious election when the former on Sept. 7 convened the electoral college for the first-ever regional council election without heeding to the latter’s demands. Kamto had requested that there should be electoral reforms to ensure free and fair election before any voting can take place.
The CRM leader had also insisted that the government negotiates a ceasefire and organizes genuine dialog to end the drawn-out armed separatist conflict in the country’s English-speaking regions. Kamto has repeatedly blamed the Biya government for mishandling the crisis which erupted in 2016 as low-level protests over real and perceived marginalization of Anglophones by the Francophone-dominated government.
Back then, the government’s instinct was to respond with force to squash the protests. But four years into the conflict, government troops continue to have running battles with defiant armed separatists who remain resolute to establish their independent state called “Ambazonia.” The belligerent parties have both inflicted heavy casualties on each other, as well as on civilians. So far, 680,000 people have been internally displaced while a further nearly 60,000 have fled to neighboring Nigeria, according to UNHCR. Local rights groups say over 5,000 people have been killed.
In July, there was brief hope when jailed separatist leaders said they were in talks with government to negotiate an end to the crisis. But then, the government said the declaration was “not consistent with reality.”
The Boko Haram insurgency, humanitarian crisis, economic downturn, political upheavals, Anglophone crisis, coupled with the coronavirus pandemic which seemed to have grounded the president from his frequent trips abroad has made life difficult for Biya and his bloated government.
Culled from Quartz Africa