Tag: taxes

Stuart Zimmerman

Marketplace recently tapped Olin Executive in Residence Stuart Zimmerman to discuss Donald Trump’s tax returns and “the sticky situation on income tax for real estate developers.”

Zimmerman, who has more than 40 years of wealth management experience, is the retired co-founder of the Buckingham Family of Financial Services, and current Chairman and CEO of Audubon Associates LLC.

When asked about Trump’s returns, Zimmerman told Marketplace reporter Adam Allington, “I would expect that his taxable income is zero.”

Allington continues:

Because of the way the tax code is written, developers are allowed to deduct millions of dollars for depreciation, even if their property is appreciating in value.

“And if it ever gets to the point where it looks like there is going to be some taxable income and they’re going to have to pay some tax because they’re running out of depreciation, just start another project,” Zimmerman said. “It’ll show losses in those first years.”

Hong Liu, Olin finance professor, was interviewed on China Central Television, CCTV-America, about China’s recent hike in taxes on tobacco. The new 11% tax on wholesale cigarettes, up from 5%, has led to a 10% jump in retail prices. But according to Prof.Liu the price increase won’t deter China’s millions of smokers. Liu says China needs to boost the tax rate to 70% to reduce tobacco consumption. Liu also tells CCTV that China is far behind other countries on curbing smoking. Bans on indoor and public area smoking are not enforced and there is little education on the the health hazards of tobacco.

Watch video by clicking on image above.

That’s Lucy Ke, MAAC student giving her first client a high five after helping prepare her tax return. The photo appeared on the front page of the business section of the Sunday, Feb. 15 edition of the St. Louis Post-Dispatch.  A few weeks ago, accounting students were taking a special course to participate in the volunteer program that offers free tax prep for low- and moderate-income people in St. Louis.

Read my earlier blog post on the Gateway Earned Income Tax Credit (EITC) Community Coalition Volunteer Income Tax Assistance (VITA) program here.