The Full Belmonte, 12/21/2022
House Panel Votes to Release Donald Trump’s Tax Returns
Additional details about the former president’s taxes to be released in next few days, lawmakers say
“The House Ways and Means Committee voted Tuesday to release former President Donald Trump’s tax returns, capping a yearslong legal and political fight.
The committee released reports and some documents that revealed details about Mr. Trump’s tax returns and audits on Tuesday, showing that he and his wife, Melania Trump, reported negative adjusted gross income in four of the six years from 2015 through 2020. The Trumps paid some form of federal taxes every year, but reported income-tax liability of $750 or less in three of the six years. A full set of tax documents is expected to become public in subsequent days.
The Internal Revenue Service hasn’t completed the Trumps’ audits for any of those years, and Democrats contended that the agency was too slow and timid in how it handled the complex, sensitive tax returns of Mr. Trump, particularly during his presidency.
The committee used a provision of the tax code that lets lawmakers on the tax-writing panel review otherwise confidential documents and make them public in a report.
‘I voted to reinforce this critical principle: No person is above the law, not even a president of the United States,’ said Rep. Brendan Boyle (D., Pa.), a committee member.
Democrats said the returns showed that the IRS program of automatic audits of presidents wasn’t working effectively. They released analyses that included lists of transactions, deductions and claimed losses that committee staff members say deserve further scrutiny from the IRS as it continues the audits of the Trumps.
Rep. Richard Neal (D., Mass.), the panel’s chairman, said the committee only reached the point of releasing the former president’s tax details after the Trump administration denied Congress’s request to learn more about the audit program. Lawmakers said they settled on release in the interest of transparency.
‘A president is no ordinary taxpayer,’ he said. ‘They hold power and influence unlike any other American. And with great power comes even greater responsibility.’
The IRS program for mandatory audits of presidents and vice presidents isn’t codified in the tax law but it is policy.PHOTO: ERIC LEE FOR THE WALL STREET JOURNAL
Mr. Neal said the committee expected that mandatory audits of Mr. Trump were being conducted promptly, and anticipated the audits would account for the complex nature of the former president’s financial situation. The committee ‘found no evidence of that,’ he said. ‘This is a major failure of the IRS under the prior administration.’
The IRS started two audits of Mr. Trump’s tax returns while he was in office, with the first one starting on the day that House Democrats asked for his tax returns in 2019, according to a report released Tuesday by the committee.
An IRS letter also released by the committee offered a different timeline, saying that it started an audit in January 2018. And while the committee said only one of the audits was labeled as a ‘mandatory’ presidential audit, acting IRS Commissioner Douglas O’Donnell said in the letter that the 2016 to 2019 returns were filed when Mr. Trump was president and so the audits were considered mandatory.
The IRS hasn’t completed its audits of Mr. Trump’s tax returns from 2015 to 2019, Mr. O’Donnell’s letter said. Mr. Trump’s 2020 tax filing is ‘not yet’ under audit, the letter said. A separate report from the Joint Committee on Taxation indicated that the 2015 audit isn’t complete in part because the IRS and the Trumps haven’t settled all the issues from the years before that….” Read more at Wall Street Journal
Zelensky Will Meet With Biden in Washington and Address Congress, Officials Say
President Volodymyr Zelensky of Ukraine is set to accept American military assistance from President Biden during his visit.
“WASHINGTON — President Volodymyr Zelensky of Ukraine will meet with President Biden at the White House on Wednesday and later deliver a prime-time address to a joint session of Congress, a daring trip abroad intended to reaffirm American support for his country, White House officials announced late Tuesday night.
‘Three hundred days ago, Russia launched a brutal assault against Ukraine,’ Karine Jean-Pierre, the White House press secretary, said in a statement confirming Mr. Zelensky’s trip to Washington. ‘The visit will underscore the United States’ steadfast commitment to supporting Ukraine for as long as it takes, including through the provision of economic, humanitarian and military assistance.’
Senior administration officials, who spoke on the condition of anonymity because of concerns about Mr. Zelensky’s safety, said the risks involved in such a visit — with the wartime leader leaving his country for the first time since Russia invaded Ukraine in February — were high, and that planning for his arrival had been conducted under intense secrecy.
Mr. Zelensky will arrive in the United States almost 10 months after President Vladimir V. Putin ordered Russian troops into Ukraine and as Congress considers approving nearly $50 billion in aid to help Ukraine’s forces battle Russia next year. That would bring the total amount of American aid to more than $100 billion….” Read more at New York Times
Fentanyl overload
A bag of assorted pills and prescription drugs dropped off for disposal on April 24, 2021, in Los Angeles. Photo: Patrick T. Fallon/AFP via Getty Images
“Drug enforcers say they seized enough fentanyl this year to kill every person in America, Axios' Shawna Chen reports.
Why it matters: The synthetic opioid is 50 times more potent than heroin and is considered the deadliest drug threat in the United States.
The DEA seized over 379 million doses in 2022, it said today.
The agency has documented a sharp nationwide increase in the lethality of fentanyl-laced fake prescription pills, in particular.
‘Just two milligrams of fentanyl, the small amount that fits on the tip of a pencil, is considered a potentially deadly dose,’ the agency noted in a press release.
The bottom line: Fentanyl is now the leading cause of death for people in the U.S. ages 18–49, a Washington Post investigation found.
The epidemic poses a growing threat to teens, who officials say may more frequently encounter the drug disguised in unexpected forms.” Read more at Axios
Congress compromises on $1.7 trillion spending bill
Greg Nash-Pool/Getty Images
“Congress released a roughly $1.7 trillion federal spending bill to fund the government through the 2023 fiscal year and avert a shutdown.” (Vox) Read more at CNN /Tami Luhby and Katie Lobosco
“The legislation, which comes after weeks of negotiations, appropriates $858 billion in defense spending — a 10 percent increase over last year.” (Vox) Read more at Roll Call / Lindsey McPherson and Aidan Quigley
“It provides about $45 billion for Ukraine to fend off Russia’s ongoing invasion, and $40 million to help US communities recover from extreme weather events.” (Vox) Read more at Politico
“To prevent another January 6, the legislation clarifies the role of the vice president in certifying elections. It also bans TikTok on government devices over concerns about Chinese spying.” (Vox) Read more at The Hill / Aris Folley
“It doesn’t include some of the social spending many Democrats pushed for, including an expanded child tax credit for low-income families or additional money for coronavirus relief.” (Vox) Read more at Washington Post / Tony Romm
“Both chambers are likely to vote for the package this week and send it to President Joe Biden for final approval.” (Vox) Read more at Reuters / Richard Cowan and Gram Slattery
Photo: Caltrans District 1 via AP
“Northern California suffered a 6.4 magnitude earthquake early this morning, cutting off power to residents and damaging infrastructure like Fernbridge, a 1,320-foot-long concrete arch bridge that spans the Eel River near Fortuna.” Read more at Axios
As Covid Deaths Climb, Even Seniors Skip the Latest Booster
Nearly all Americans over 65 got their initial Covid vaccines. But that immunity is waning, and this time, the government is offering far less support for new shots.
“PLEASANT HILL, Calif. — Bonnie Ronk is something of a public health matriarch at the Mt. Diablo Center for seniors in this liberal Northern California suburb.
When Ms. Ronk, a great-grandmother whose red walker bears a sticker saying ‘El Jefe’ (The Leader), tells her peers to pull their masks over their noses, they oblige. When she received both doses of the Covid vaccine and a booster and told others to do the same, they did.
But even Ms. Ronk, 79, has not gotten the latest Covid booster, which was updated to protect against the Omicron variant and has been available since September. She said she didn’t know about it.
Across the United States, where about 94 percent of people 65 and older had their initial Covid vaccines, only 36 percent have received the updated shot, known as the bivalent booster, according to data from the Centers for Disease Control and Prevention. Seniors have offered an array of explanations: They were unaware of it, unable to find it or unconvinced of its value….” Read more at New York Times
In Public Schools, the N.R.A. Gets a Boost From Junior R.O.T.C.
Instructors in military-sponsored J.R.O.T.C. classes have offered to promote the N.R.A. in high schools in exchange for money for their marksmanship programs.
“CAPE CORAL, Fla. — Beneath the fluorescent lights of a high school gym, dozens of teenagers took turns firing air rifles at a series of bull's-eye targets, part of a marksmanship competition that drew students from schools all along the Florida Gulf Coast.
The event was better outfitted than many high school competitions, with lights that illuminated the targets, scopes for spotting downrange and a heavy curtain to keep pellets from going astray, thanks to the help of a key sponsor: the charitable arm of the National Rifle Association.
‘A lot of the equipment that you see behind me comes from N.R.A. grants,’ Bryan Williams, a retired Army major who teaches in the Junior Reserve Officers’ Training Corps program at Mariner High School in Cape Coral, told the contestants.
That tip of the hat was no casual remark. In order to win N.R.A. sponsorships, records show, military instructors who lead J.R.O.T.C. marksmanship teams at public high schools have repeatedly promised to promote the organization at competitions and in newsletters, post N.R.A. banners at their schools or add the N.R.A. logo to apparel worn by students….” Read more at New York Times
Taliban bar women from university education in Afghanistan
“KABUL, Afghanistan (AP) — Afghanistan’s Taliban rulers on Tuesday banned female students from attending universities effective immediately in the latest edict cracking down on women’s rights and freedoms.
Despite initially promising a more moderate rule respecting rights for women’s and minorities, the Taliban have widely implemented their strict interpretation of Islamic law, or Sharia.
They have banned girls from middle school and high school, restricted women from most employment and ordered them to wear head-to-toe clothing in public. Women are also banned from parks and gyms.
The Taliban were ousted in 2001 by a U.S.-led coalition for harboring al-Qaida leader Osama bin Laden and returned to power after America’s chaotic departure last year.
The decision was announced after a government meeting. A letter shared by the spokesman for the Ministry of Higher Education, Ziaullah Hashmi, told private and public universities to implement the ban as soon as possible and to inform the ministry once the ban is in place...” Read more at AP News
World Cup Homecoming Brings Argentina to a Halt
Millions of fans thronged the streets of Buenos Aires to welcome home Argentina’s national team in what may be the biggest open-air party in the capital’s history.
“As Argentina’s national soccer team touched down in Buenos Aires on Tuesday after winning the World Cup, millions of Argentines flocked to greet the players. The government declared their homecoming a national holiday, and the team began a 50-mile victory parade through the capital.
The team toured the city on an open-top bus flanked by security guards, and players were seen beating drums and sipping viajeros, a local drink that combines Coca-Cola with Fernet, an Italian spirit, downed from a cutoff plastic bottle. So many Argentines turned out to welcome the team, at least four million, according to local media, that the parade was stopped early because the streets were overflowing with people. Some fans threw themselves off bridges to try to get into the open-top bus carrying the players, and one supporter died after falling from a monument downtown during celebrations Sunday night.
The tour ended with team members flying across the city in helicopters instead. The celebrations have been constant since Sunday, when Argentina won its third World Cup title. The night of the victory, more than a million people streamed into Avenida 9 de Julio, in the heart of the capital, chanting songs, blaring car horns and setting off fireworks.” Read more at New York Times
“China appears to be seeing an increase in Covid deaths across a swath of the country that aren’t being reported in government figures, according to a flurry of social media posts. It is fueling renewed skepticism that Chinese officials are hiding the full impact of their abrupt shift away from Xi Jinping’s ‘Covid-zero’ restrictions. The skepticism stems from the rest of the world’s experience with a pathogen that’s killed at least 6 million people, and a studies that warn the new wave in China could kill a million more.” Read more at Bloomberg
A temporary fever clinic in a Beijing sports center Photo: Bloomberg
“Bank of Japan shocked markets by doubling a cap on 10-year yields, sparking a jump in the yen and a slide in government bonds. Many economists interpreted the move as laying the groundwork for exiting a decade of extraordinary stimulus policy. In the US, Treasuries slumped, but stocks snapped a four-day losing streak.” Read more at Bloomberg
“It’s the golden age of cocaine. The illicit industry produces about 2,000 tons per year, almost double the amount being made a decade ago. And thanks to those massive cargo ships sailing the seas, markets everywhere are being flooded, bringing violence, corruption and huge profits.” Read more at Bloomberg
A farmer holds cocaine paste in Colombia. Colombia’s Putumayo province is a key source of the unprecedented increase in cocaine production. Photographer: Esteban Vanegas/Bloomberg
“Wells Fargo reached a $3.7 billion settlement with US regulators—including a record $1.7 billion fine—over allegations it mistreated millions of customers. For years, the San Francisco-based bank has illegally repossessed vehicles, bungled record-keeping on payments and improperly charged fees and interest, the government alleged. ‘Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,’ Consumer Financial Protection Bureau Director Rohit Chopra said. ‘The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.’” Read more at Bloomberg
“The US Federal Trade Commission is deepening an investigation into Twitter’s privacy and data security practices in the wake of the company’s takeover by Elon Musk. In the past few months, the regulator has interviewed several senior executives as part of a probe first opened when Twitter’s former cybersecurity head filed a whistleblower complaint.” Read more at Bloomberg
TikTok unveil
Illustration: Aïda Amer/Axios
“TikTok is demystifying its famous algorithm in its campaign to deter lawmaker scrutiny about its ties to China, Axios Media Trends author Sara Fischer reports.
The platform will soon let users tap a question mark icon called ‘Why this video.’
TikTok will list reasons a certain video was recommended to a user, using categories like the user's previous interactions, the accounts the user follows, content that's been posted recently, or content that's popular in a user's region.
Zoom out: U.S. lawmakers are skeptical that TikTok's data security and content recommendation practices are conducted independently of influence from the Chinese state.
Some states have begun to ban TikTok from government devices, and there's a new effort to pass such a ban nationally.” Read more at Axios
3M will stop making and using so-called forever chemicals by the end of 2025.
“CEO Mike Roman attributed the decision to increasing regulation of perfluoroalkyl and polyfluoroalkyl substances that take a long time to break down in the environment and a growing market for substitutes. PFAS are used to make nonstick cookware, food packaging and other consumer and industrial products. 3M, which said that it’s already reduced its use over the past three years, estimated its current annual sales of the chemicals at about $1.3 billion. According to the EPA, exposure to high levels of certain PFAS may lead to increased risk of certain cancers and other health problems.” Read more at Wall Street Journal
“In the aftermath of the 2008 financial crisis, major US banks promised to support more Black homebuyers, with giants like JPMorgan and Bank of America vowing to boost loans. But in 2021, JPMorgan underwrote just 122 additional mortgages for Black homebuyers. And then there’s Wells Fargo: The bank made the boldest pledge of all by saying in 2017 that it would loan $60 billion to create 250,000 Black homeowners within a decade. Last year, Wells Fargo hit a 15-year low in its lending to Black homebuyers.” Read more at Bloomberg
Terrance Jones outside his former family home in Baltimore, which was repossessed by Wells Fargo. Photographer: Nathan Howard/Bloomberg
University of Southern California Sued Over Education-School Rankings Claims
Suit alleges the school and contractor 2U knowingly used misleading ranking information to entice students to online-degree offerings
A legal advocacy group for students has sued the University of Southern California.PHOTO: AL SEIB/LOS ANGELES TIMES/GETTY IMAGES
“A legal advocacy group for students is suing the University of Southern California and 2UInc., alleging that the school and the company that runs its online graduate programs in education defrauded students by using misleading U.S. News & World Report rankings to promote the courses.
According to the suit, filed in Los Angeles County Court, USC’s Rossier School of Education used rankings that covered their in-person programs to highlight the strength of the online offerings, even though they had different selection criteria and student populations. The suit also says those rankings, even if they had been relevant to the online programs, were based on inaccurate information the school used to improperly boost the school’s score.
A USC spokeswoman said the school hadn’t yet reviewed the complaint. Representatives from 2U didn’t immediately respond to requests for comment.” Read more at Wall Street Journal
Masters Tournament Will Let LIV Golf Players Compete in 2023
The decision by Augusta National Golf Club is an interim victory for the upstart circuit, but other troubles loom.
“Augusta National Golf Club will allow members of the breakaway LIV Golf league to compete in the Masters Tournament, the first men’s golf major of 2023.
The decision by the private club, which organizes the invitational tournament and has exclusive authority over who walks its hilly, pristine course each April, is an interim victory for LIV, the upstart operation bankrolled by Saudi Arabia’s sovereign wealth fund to much of the golf establishment’s fury.
‘Regrettably, recent actions have divided men’s professional golf by diminishing the virtues of the game and the meaningful legacies of those who built it,’ Fred S. Ridley, Augusta National’s chairman, said in a Tuesday statement. ‘Although we are disappointed in these developments, our focus is to honor the tradition of bringing together a pre-eminent field of golfers this coming April.’
But the approach announced by the club on Tuesday — continuing to rely on qualifying categories that often hinge on performances in PGA Tour competitions or other majors, or on certain thresholds in the Official World Golf Ranking — threatens to limit access for LIV players as more years pass, which could ultimately make it more difficult for LIV to attract new golfers….” Read more at New York Times