After being $35 million in debt last year, Kanye West has credited God for his $68 million tax refund this year.
“God is using me as a human being,” West said during an October 29 segment produced by The Late Late Show With James Corden. “As humbly as I can put it, he’s using me to show off. Last year I made $115 million and still ended up $35 million in debt. This year I looked up, and I just got $68 million returned to me on my tax returns.”
“People need to hear someone that has been put into debt by the system talk about these kinds of numbers now that they’re in service to Christ,” West said.
However, some have questioned West’s claim. The online publication Consequence of Sound said in an October 29 report that West’s refund came from the enactment of the Tax Cuts and Jobs Act, and that he was also likely benefiting from running a tax-exempt church.
Two CPAs interviewed by Billboard on October 30 indicated that there aren’t enough facts to draw firm conclusions about West’s statements. For instance, West could have grossed $115 million but spent so much that he ended up in debt, but he may also have a lot of money in the bank and simply hasn’t fully paid off previous debts, one said. West could have gotten the refund because he operated at a large loss for the year, the CPA also suggested.
“There might have been a lot more expenses associated with this debt that gave rise to this surprising tax refund,” the other CPA told Billboard, concluding that West might consider working more closely with his tax advisers.
Brady Offers to Host FedEx-NYT Debate
Kevin Brady, R-Texas, the House Ways and Means Committee ranking member, has volunteered the use of the committee’s room to host a tax debate between the CEO of FedEx and the chair of The New York Times.
FedEx CEO Fred Smith challenged New York Times publisher A.G. Sulzberger and the paper’s business section editor to a debate against Smith and FedEx’s corporate vice president of tax after the paper published an article November 17 headlined “How FedEx Cut Its Tax Bill to $0.” The article said FedEx didn’t increase investment despite its tax cut following enactment of the TCJA.
Brady posted a Twitter message November 19 in which he offered the use of the committee’s room for the debate. He also highlighted Smith’s assertions that the Times paid zero federal income taxes in 2017 despite earning $111 million and that the paper nearly halved its investments in 2018.
Smith concluded his challenge by saying, “The focus of the debate should be federal tax policy and the relative societal benefits of business investments and the enormous intended benefits to the United States economy, especially lower and middle class wage earners.”
Ex-Finance Counsel in Race for House Seat
Former Senate Finance Committee counsel Rosemary Becchi has raised $387,712 in her campaign to become a Republican representative for New Jersey, the New Jersey Globe reported October 15.
Becchi is challenging Democratic Rep. Tom Malinowski. Other Republicans in the running are state Sen. Thomas Kean Jr. and Tom Phillips, who have raised almost $1 million and $1.78 million, respectively, according to the Globe.
“I’m very excited about this overwhelming display of support and the grass-roots energy that is carrying my campaign,” Becchi said.
While working for the Finance Committee, Becchi focused on tax issues concerning corporations, tax-exempt groups, and accounting, and worked on section 529 college savings account legislation. She previously was an attorney-adviser with the IRS Office of Chief Counsel.