Lobbying and Lobbyists

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    Business Lobbyists Scramble to Kill $100 Billion ‘Revenge Tax’

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    Critics contend that the measure will scare off the foreign investment that President Trump wants to attract.Business lobbyists are working to kill a measure in the Republican tax policy legislation that would punish companies based in countries that try to collect new taxes from American firms.The push comes as Senate Republicans are preparing to unveil their domestic policy bill on Monday, which will ultimately need to be passed and merged with the legislation that the House passed last month. That bill imposes a so-called revenge tax on foreign companies that try to enforce the terms of a 2021 global minimum tax agreement or impose digital services taxes on American technology companies.The legislation would substantially increase the tax bills for many foreign companies that operate in the United States, raising more than $100 billion over a decade. Critics argue that the provision would chill foreign investment at a time when the Trump administration is trying to attract international money.“I think the president has been pretty unequivocal on where he stands on wanting more investment into the U.S. from international companies,” said Jonathan Samford, chief executive of the Global Business Alliance, which lobbies on behalf of international businesses in the U.S.Mr. Samford added that the measure “directly contradicts the president’s investment vision.”The legislation is poised to reignite international tax and trade wars that have been on hiatus as policymakers around the world grapple with how to overhaul the global tax system. It has also stoked anxiety among Wall Street investors and is expected to be a topic of discussion as leaders of the Group of 7 countries gather in Canada this week for a summit.Since taking office, President Trump has made clear that he wants nothing to do with a 2021 deal brokered by the Biden administration that aimed to rewrite the rules of how the world’s largest companies would be taxed around the globe. That deal, which was agreed to by the G7, created a new global minimum tax rate of at least 15 percent that companies would have to pay, regardless of their headquarter location. The aim was to prevent countries from lowering their tax rates as a way to attract multinational corporations, creating a “race to the bottom” in taxation that left nations with fiscal shortfalls.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Commutes Sentence of Imaad Zuberi, Major Donor to 2017 Inauguration

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      Imaad Zuberi had been a major donor to Democrats, including former President Barack Obama and Hillary Clinton, before shifting his support to Mr. Trump after his 2016 victory.President Trump on Wednesday commuted the sentence of a California venture capitalist and major political donor who had been sentenced to 12 years in prison for violating lobbying, campaign finance and tax laws, and obstructing an investigation into Mr. Trump’s 2017 inaugural committee.The donor, Imaad Zuberi, 54, had been a major supporter of Democrats, including former President Barack Obama and Hillary Clinton, before shifting his support to Mr. Trump after his 2016 victory.In the three months after the 2016 presidential election, Mr. Zuberi donated more than $1.1 million to committees associated with Mr. Trump and the Republican Party, scoring coveted invitations to a pair of black-tie dinners celebrating Mr. Trump’s inauguration. In the process, he posted photos of himself with the president, as well as Mr. Trump’s first chief of staff, Reince Priebus and various cabinet nominees.In 2020, Mr. Zuberi pleaded guilty to obstructing a federal investigation into the source of a $900,000 donation he made through his company to Mr. Trump’s inaugural committee in late December 2016.In 2019, Mr. Zuberi pleaded guilty to making illegal campaign donations during the Obama administration, including some funded by foreign sources, as part of a scheme to gain access to American politicians for foreign clients.He also pleaded guilty to falsifying records filed with the Justice Department under the Foreign Agents Registration Act to conceal his lobbying work on behalf of Sri Lanka to help burnish the country’s reputation in Washington amid human rights concerns. And he pleaded guilty to failing to report and pay taxes on $5.65 million he was paid for the Sri Lankan lobbying campaign, much of which, prosecutors say, he diverted for personal use.During some of the criminal proceedings, Mr. Zuberi was represented by David Warrington, who is now Mr. Trump’s White House counsel.A senior White House official said Mr. Warrington recused himself from deliberations about the commutation.Part of Mr. Zuberi’s defense involved arguing that some of the activity with which he was charged stemmed from his work as a longtime intelligence source for the Central Intelligence Agency.Mr. Zuberi was sentenced in 2021. In addition to the prison term, he was ordered to pay nearly $16 million in restitution and $1.75 million in fines. He had been held at a low-security federal correctional institution in California and was scheduled to be released in 2030, according to the Bureau of Prisons website. More

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      Indicted ‘Bitcoin Jesus’ Pays Roger Stone $600,000 to Lobby for Him

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      The longtime Trump ally is lobbying Congress to change the law that the crypto entrepreneur Roger Ver was charged with violating.Roger J. Stone Jr., the longtime associate of President Trump’s, has been lobbying for a pioneering cryptocurrency investor known as “Bitcoin Jesus” who is facing federal fraud and criminal tax charges, according to congressional filings.Mr. Stone filed paperwork last month indicating that he had been retained by Roger Ver, an early Bitcoin investor who was charged last year and accused of shielding his cryptocurrency holdings from $48 million in taxes.Mr. Stone noted in a filing last week that he had been paid $600,000 by Mr. Ver since early February to help his client’s case, partly by trying to abolish the tax provisions at the heart of the charges.Mr. Ver, a former California resident who renounced his U.S. citizenship in 2014, was arrested last year in Spain, according to the Justice Department, which announced plans at the time to extradite him.Mr. Ver disputed the charges, claiming in a video posted on social media in January that he was being threatened with a possible sentence of more than 100 years in prison because of his political views and his role in promoting cryptocurrency.In the video, which was framed as an appeal to Mr. Trump, Mr. Ver linked his case to the president’s grievances about the weaponization of the justice system.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Wants to Kill Carried Interest. Wall Street Will Fight to Keep It.

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      President Trump has been trying to eliminate the tax loophole, which benefits Wall Street, but Congressional Republicans may stand in the way.Nearly a month has passed since President Trump last spoke publicly of his desire to kill the carried interest loophole. (Yes, we know, some of you don’t consider it a “loophole.”) And yet the private equity industry, which stands to lose big if the president upends the tax break, is still bracing for a fight.This is the biggest challenge to the provision since it was nearly neutered three years ago under former President Joe Biden, Grady McGregor writes for DealBook.A reminder: the carried interest rule means that executives at hedge funds and P.E. and venture capital firms pay roughly 20 percent tax on their profits, a rate that’s so low it’s drawn criticism from Warren Buffett and from progressive senators like Elizabeth Warren, Democrat of Massachusetts.One Washington lawyer described the lobbying effort to DealBook as “significant,” a sign of the escalating stakes.Consider what’s happened in the past month: The American Investment Council, the private equity lobbying group, is reportedly circulating memos on Capitol Hill reminding lawmakers that private equity is a jobs creator. Venture capitalists, seemingly omnipresent in Trump’s Washington, grumble that they have to keep returning to Congress to “educate lawmakers” about the rule’s benefits. So-called free market groups, meanwhile, have banded together to ask Congress to maintain the status quo.“They’ll fight tooth-and-nail on any sort of change,” said Jessica Millett, a tax partner at Hogan Lovells.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Bondi Worked as Lobbyist in Recent Years, With Clients Including Amazon, G.M., Uber and Qatar

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      President-elect Donald J. Trump’s pick to be attorney general, Pam Bondi, is a lobbyist for a powerhouse Republican firm, for which she represented major corporations and foreign governments with interests before the U.S. government.Ms. Bondi joined the lobbying firm of the Republican fund-raiser Brian Ballard after finishing her second term as Florida attorney general in January 2019.Among the clients for which she was registered to lobby were major companies, including Amazon, General Motors and Uber, as well as the Qatari government and various financial firms.Those registrations are no longer active, but Ms. Bondi is currently registered as a lobbyist for law enforcement-related clients, including an association representing some of the country’s largest sheriff’s offices and another group representing sheriffs in Florida, as well as the Florida sheriffs’ self-insurance program.A person familiar with the firm confirmed that Ms. Bondi was still affiliated with it and those clients as of Thursday.The firm’s website indicates that she is the chairwoman of its corporate regulatory compliance practice, focusing on helping Fortune 500 companies implement policies to fight human trafficking, opioid abuse and data breaches.Another veteran of Mr. Ballard’s firm, Susie Wiles, was tapped by Mr. Trump to be the White House chief of staff. Ms. Wiles will be the first woman to hold that job. Mr. Ballard helped to bring in more than $50 million for committees supporting Mr. Trump’s campaign. More

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      When Will Democrats Learn to Say No?

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      When Donald Trump held a rally in the Bronx in May, critics scoffed that there was no way he could win New York State. Yet as a strategic matter, asking the question “What would it take for a Republican to win New York?” leads to the answer, “It would take overperforming with Black, Hispanic and working-class voters.”Mr. Trump didn’t win New York, of course, but his gains with nonwhite voters helped him sweep all seven battleground states.Unlike Democrats, Mr. Trump engaged in what I call supermajority thinking: envisioning what it would take to achieve an electoral realignment and working from there.Supermajority thinking is urgently needed at this moment. We have been conditioned to think of our era of polarization as a stable arrangement of rough parity between the parties that will last indefinitely, but history teaches us that such periods usually give way to electoral realignments. Last week, Mr. Trump showed us what a conservative realignment can look like. Unless Democrats want to be consigned to minority status and be locked out of the Senate for the foreseeable future, they need to counter by building a supermajority of their own.That starts with picking an ambitious electoral goal — say, the 365 electoral votes Barack Obama won in 2008 — and thinking clearly about what Democrats need to do to achieve it.Democrats cannot do this as long as they remain crippled by a fetish for putting coalition management over a real desire for power. Whereas Mr. Trump has crafted an image as a different kind of Republican by routinely making claims that break with the party line on issues ranging from protecting Social Security and Medicare to mandating insurance coverage of in vitro fertilization, Democrats remain stuck trying to please all of their interest groups while watching voters of all races desert them over the very stances that these groups impose on the party.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      After Fierce Lobbying, Regulators Soften Proposed Rules on Banks

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      A top Federal Reserve official said that blowback to proposed rules on capital requirements led him to “relearn the lesson of humility.”Regulators on Tuesday watered down an effort to layer new oversight on banks to protect against losses, which led to a fierce outcry from big banks and their lobbyists.The new standards, known as “Basel III endgame,” had been debated for years. They would have raised the amount of capital banks were required to maintain, funds intended to ensure stability and provide a financial cushion. Banks argued that the stricter rules would force them to crimp lending.The newly proposed rules will largely erase extra requirements on banks with between $100 billion and $250 billion in assets. It also slashes in half the capital reserve requirements on the largest, so-called systematically important lenders.Michael S. Barr, the Federal Reserve vice chair who is no favorite of the bank lobby, acknowledged the blowback in a speech laying out the changes: “Capital has costs, too,” he said in a speech at the Brookings Institution in Washington. In its statements pushing against the rules over the years, the banks’ main lobbying organization has said that “capital isn’t free.”“Life gives you ample opportunity to learn and relearn the lesson of humility,” Mr. Barr said.This is a developing story. Check back for updates. More

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      Prosecutors Preview Aggressive Strategy in Hunter Biden’s Tax Case

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      They stopped short of accusing Mr. Biden of violating foreign lobbying laws but said they would show how foreign interests paid him to influence the government while his father was vice president.Prosecutors signaled in a court filing on Wednesday that they intended to mount an aggressive strategy in Hunter Biden’s tax trial in California, saying they would show how foreign interests paid him to influence the U.S. government while his father was vice president.The special counsel in the case, David C. Weiss, has wrangled for weeks with Mr. Biden’s lawyers over what evidence can be introduced when he is to be tried in September on charges of evading taxes on millions in income from foreign businesses. Already, Mr. Weiss has overseen Mr. Biden’s conviction tied to the purchase of a gun in Delaware in 2018.Mr. Biden’s team had moved to disqualify evidence about his lucrative foreign business activities and lifestyle from a time when he was addicted to crack cocaine and alcohol. Mr. Weiss’s deputies rejected those arguments on Wednesday, in a preview of what promises to be a bare-knuckled courtroom strategy.Prosecutors stopped short of accusing Mr. Biden of violating foreign lobbying laws, which are not among the charges for which he faces trial. While they intend to introduce evidence that Mr. Biden and his business partners contacted government officials, they said they did not plan to accuse him of having “improperly coordinated with the Obama administration.”Instead, they plan to cite evidence related to his foreign business dealings to prove how he willfully engaged in a scheme to obtain vast amounts of cash without paying taxes.To that end, prosecutors said they would introduce testimony from an American business associate of Mr. Biden’s to detail a lucrative arrangement with a Romanian real estate magnate who faced corruption charges at home.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Tom Korologos, Sherpa of Republican Nominees, Dies at 91

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      As a White House official and later as a lobbyist, he guided about 300 nominees through their confirmation hearings, including Supreme Court justices.Tom Korologos, an influential Republican lobbyist and adviser whose specialty was shepherding presidential nominees through their Senate confirmation hearings, died on July 26 at his home in Washington. He was 91.His son, Philip, confirmed the death.Mr. Korologos (pronounced core-a-LOW-gus) was a strategist, hand-holder and stage manager for about 300 nominees to the United States Supreme Court, the cabinet and other positions in the federal government. He coached them in the politics of the confirmation process, which grew more contentious over the course of his lifetime; squired them to meetings with senators; counseled them to speak with caution; and conducted tough mock hearings that he called “murder boards.”“I fire the rottenest, most insulting questions in the world at them,” he told The New York Times in 1986.He was the successful sherpa for major figures like William H. Rehnquist and Antonin Scalia when they were nominated to the Supreme Court, and once again for Judge Rehnquist when he was named chief justice; Nelson A. Rockefeller as vice president; Edwin Meese III as attorney general; Alexander M. Haig Jr. as secretary of state; and Donald H. Rumsfeld both times he was nominated for secretary of defense.Mr. Korologos developed his expertise in Senate confirmations while working from 1971 to 1975 as special assistant to President Richard M. Nixon, and later as deputy assistant for legislative affairs under both Mr. Nixon and President Gerald R. Ford. He continued that work, without pay, as the president of Timmons & Company, a lobbying firm he helped start, whose clients included Eastern Airlines, Major League Baseball and Anheuser-Busch.Mr. Korologos, right, conferred with Senator Bob Dole of Kansas, President Gerald R. Ford’s running mate, at a platform committee meeting in advance of the 1976 Republican National Convention in Kansas City, Mo.George Tames/The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More