taxes

President Trump is asking the U.S. Supreme Court to block New York prosecutors' subpoenas for his tax records, setting the stage for a legal showdown over the separation of powers and his personal finances.

The president's private lawyers are asking the high court to block New York County District Attorney Cyrus Vance Jr.'s efforts to get eight years of Trump's tax records. A New York grand jury issued a subpoena directed not to the president personally, but to an accounting firm that has long dealt with his personal finances, Mazars USA.

President Trump has lost another legal fight in his efforts to keep his tax returns private. The 2nd U.S. Circuit Court of Appeals ruled Monday that Trump's accounting firm must turn over the returns to Manhattan District Attorney Cyrus Vance Jr.

The president will appeal the ruling to the Supreme Court, said Jay Sekulow, one of Trump's outside attorneys.

Updated at 12:10 p.m. ET

U.S. employers added 128,000 jobs in October as the unemployment rate inched up to 3.6%.

Friday's report from the Labor Department suggests job growth remains resilient, despite the ongoing trade war and temporary setbacks such as the United Auto Workers strike at General Motors, which was settled a week ago.

Job gains for August and September were also revised upward by a combined 95,000.

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When you hear a big idea from a presidential candidate, do you ever want to ask: How would that work?

Two undecided voters John Zeitler, a 48-year-old attorney for an insurance company, and Hetal Jani, 36, who runs a nonprofit focused on education and mentorship, wanted to know more about the "freedom dividend" proposal from first-time presidential candidate Andrew Yang.

Douglas Hanks / MIAMI HERALD

Miami-Dade commissioners on Thursday briskly approved a $4.9 million subsidy package for a $224 million electric steel mill proposed by a partnership that includes a son of Mayor Carlos Gimenez, the largest award of its kind that the county has on record.

The proposal to rebate a portion of Esteel’s construction and equipment costs passed without discussion, including the two No votes from Esteban “Steve” Bovo and Daniella Levine Cava. Mayor Gimenez, who formally recused himself from decisions on son Julio Gimenez’s steel venture in 2017, was not present for the vote.

DANIEL VARELA DVARELA@MIAMIHERALD.COM

The pull of sunshine, designer living and lower taxes are attracting more home buyers to South Florida's high-end real estate market.

And Michael Goldstein, President of the Acqualina Brand, says the buyers are coming from one place in particular.

“Sixty-five percent of my buyers are coming from the northeast,” Goldstein says. "Most of the buyers that are coming in, they are not buying my small units, they are buying combination units, penthouses, single-family homes.”

Los Angeles' city attorney is suing tax-preparation software companies H&R Block and TurboTax-maker Intuit, alleging that they "defrauded the lowest earning 70 percent of American taxpayers" by impeding public access to an IRS program. The IRS Free File program is intended to help people who make less than $66,000 a year file their taxes free using commercial services.

Senate Cool To Tax Changes For Hospitals, Charter Schools

May 2, 2019

The Florida Senate could eliminate controversial proposals about charter schools and hospitals from a tax package that was approved last week by the House. 

Ryan Dailey / WFSU

Sen. Manny Diaz Jr., who represents Hialeah and is chairman of the Senate Education committee, says South Florida charter schools shouldn’t be excluded from money generated by voter-approved property tax hikes.

“Those referendum that say they’re going to be used for public school teachers should go to all public school teachers, not only union school teachers,” Diaz told WLRN Thursday.

Jessica Bakeman / WLRN

The speaker of the Florida House is stepping in to help charter school teachers get a share of the revenue from Miami-Dade County’s recently approved property-tax increase.

Republican House Speaker Jose Oliva, of Miami, accused the leaders of Miami-Dade County Public Schools of “deception,” writing in a letter Friday that “an illusion was created that the additional taxes would be used to benefit all schools.”

Updated at 11:33 a.m. ET

The U.S. economy expanded at a solid 2.6 percent rate during the last three months of 2018, but growth was significantly lower than it had been earlier in the year, the government said Thursday.

For 2018 as a whole, the economy grew 2.9 percent, a touch below the Trump administration's projected target of 3 percent.

Updated at 4:39 p.m. ET

President Trump promised that his tax changes, passed in 2017, would give most Americans a tax cut.

However, as the first federal returns for 2018 come in, some taxpayers are discovering an unpleasant surprise: Their refunds are smaller than expected. In fact, as of Feb. 1, the average refund is down by about 8 percent from the same time last year, according to the IRS.

One of the agencies affected by the partial government shutdown — now in its third week — is the Internal Revenue Service. While many taxpayers may not feel this is a great loss, they'll still have to pay their taxes — and the shutdown has created a good deal of uncertainty for everyone planning to file their tax returns in the coming months.

But fear not, the White House says; tax refund checks will be sent out, even though the IRS, part of the Treasury Department, is for the most part closed.

New changes to tax law will make deducting charitable giving from next year's taxes more difficult for taxpayers. This has come as an unwelcome surprise to many who counted on end-of-the-year donations to lower their overall taxes and to charities that counted on those donations.

For the past 30 years, Pam Green of Elkhart, Ind., has kept meticulous records and receipts of her donations — from clothing to Goodwill to furniture for Habitat For Humanity to large December donations to her favorite churches.

Emily Michot / Miami Herald

A lobbying group that represents charter schools in Florida wants its members' teachers in Miami-Dade County to get pay raises with some of the money that will be generated from a new tax increase approved by voters last month.

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