Tax Notes
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Tax Notes
Democratic lawmakers are seeking clarity on whether a payment given to a politician in exchange for future contract awards could be deducted as a qualified tip under the new tax bill.
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3 days ago (edited) | [YT] | 3
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Tax Notes
Bessent Warns Newsom Over Tax Withholding Threat
Treasury Secretary Scott Bessent has argued California Gov. Gavin Newsom (D) would be committing tax evasion if he followed through on his threat to curb federal tax payments.
Newsom, in response to reports that the Trump administration was considering cutting funding for California universities, said in a June 6 post on X that he was considering withholding federal tax receipts. He cited California’s role as a “donor state” that pays more than $80 billion more in taxes than it receives in funding from the federal government.
Bessent, in a series of posts on X, said Newsom is “threatening to commit criminal tax evasion” and suggested there would be legal consequences. Newsom’s office didn’t respond to a request for comment by press time.
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7 months ago | [YT] | 2
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