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Politics Former NYC council member sentenced to 3 months for tax evasion

04:46  30 july  2021
04:46  30 july  2021 Source:   thehill.com

Tax returns show Caitlyn Jenner's income has fallen sharply

  Tax returns show Caitlyn Jenner's income has fallen sharply SACRAMENTO, Calif. (AP) — Caitlyn Jenner's earnings have fallen precipitously in the last several years from a high of $2.5 million in 2016 when she had her own reality TV show to $550,000, tax filings show. Jenner is among those running in California’s upcoming recall election of Gov. Gavin Newsom. All candidates were required to release their tax returns for the past five years by last Friday, though Jenner and many of the other hopefuls only submitted four years because they haven't yet filed their 2020 returns. Newsom signed a law in 2019 requiring candidates for president and governor to release their tax returns to be on the California ballot.

A former New York City Council member on Thursday pleaded guilty to tax evasion, earning him a short prison stint, The Associated Press reports.

a close up of a table: Former NYC council member sentenced to 3 months for tax evasion © istock Former NYC council member sentenced to 3 months for tax evasion

Chaim Deutsch, a Brooklyn Democrat, was sentenced to three months for failing to pay over $82,000 in taxes and filing a false tax return for the 2015 tax year. In addition to the prison time, Deutsch was ordered to pay $107,000 in restitution to the Internal Revenue Service, as well as a $5,500 fine.

The former city council member was first elected to the legislative body in 2013. He was booted from the council in April after pleading guilty to filing a tax return that "included false and fraudulent information concerning his income and business expenses" in connection with his real estate management corporation, according to the Department of Justice.

Caitlyn Jenner's tax returns show that her income has slid over the years and she's nowhere near as rich as people think she is

  Caitlyn Jenner's tax returns show that her income has slid over the years and she's nowhere near as rich as people think she is Jenner was required to release her tax returns as part of her bid to run for governor of California.Insider saw copies of Jenner's tax returns from 2016 to 2019, which indicated that her income has fallen to a fifth of what she earned in 2016.

Deutsch was facing a maximum sentence of one year in prison, one year of supervised release, a fine of $100,000 and an order of restitution.

"As an elected official and community leader, Deutsch had a particular responsibility to follow the law," said U.S. Attorney Audrey Strauss in an April statement shared by the DOJ. "Instead, over a multi-year period, Deutsch concealed his true business income to avoid paying his fair share of taxes."

Deutsch admitted his fault in remarks to US Magistrate Judge James Cott.

"I want to apologize to the court, my family, my former staff from the City Council's office, and most of all, my former constituents of District 48," he said, according to Brooklyn Paper. "I apologize for the conduct that brings me to my sentencing today."

He added, "I was wrong for what I did. I should never have tried to avoid paying my fair share of taxes. I'll have to live with these bad decisions for the rest of my life."

Cryptocurrency industry fears big tax hit in infrastructure bill .
Lawmakers want people facilitating trades in Bitcoin and other digital assets to be subject to reporting rules similar to those governing the sale of stocks and other securities.Buried in the still-unreleased bipartisan infrastructure package is a sweeping crackdown on cryptocurrency transactions that could generate significant tax revenue for the government and major anxiety in a financial technology industry that thrived during the coronavirus pandemic.

usr: 1
This is interesting!