Before a ceremony to retire his jersey number at Citi Field, Darryl Strawberry, former New York Mets player, was pardoned by President Donald Trump. The pardon came after Strawberry pleaded guilty to tax evasion three decades ago, served time, and paid back taxes. Following his career, Strawberry embraced Christianity and has maintained sobriety for over a decade, becoming active in ministry and starting a recovery center. Strawberry, an eight-time MLB All-Star, helped lead both the New York Mets and Yankees to World Series victories.
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The G-7 nations have agreed to exempt US multinational companies from the global minimum tax, a move that aligns with the interests of President Trump’s government. This “side-by-side” solution allows US companies to be taxed only at home, on both domestic and foreign profits. The agreement was facilitated by proposed changes to the US international tax system, as part of Trump’s domestic policy bill. Ultimately, the OECD will determine the final exemption.
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Over the past decade, the wealth of the world’s billionaires has increased dramatically, prompting calls for wealth taxes to address the growing inequality. According to Oxfam, the richest 1% have accumulated a significant amount of wealth, while billionaires often pay very low effective tax rates. Several countries are advocating for a minimum tax on the super-rich, with the aim of generating revenue and combating tax evasion. These calls for increased taxation on the wealthy reflect public demand for wealth redistribution and the desire to fund public services.
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President Trump granted full pardons to Todd and Julie Chrisley, who were convicted in 2022 of bank fraud and tax evasion totaling over $30 million. The pardons, announced via a phone call to their daughter Savannah, come after the Chrisleys maintained their innocence and appealed their convictions. The White House cited an overly harsh sentence and unfair targeting by the justice system as reasons for the pardons. Todd Chrisley’s 12-year sentence and Julie Chrisley’s 7-year sentence will be immediately or shortly ended, pending travel arrangements.
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President Trump announced full pardons for Todd and Julie Chrisley, stars of *Chrisley Knows Best*, who were convicted in 2022 of bank fraud and tax evasion totaling over $30 million. Trump personally informed their daughter Savannah of the decision, adding to his history of granting clemency to high-profile allies. The pardons, which will void their sentences and financial penalties, have sparked debate regarding the use of presidential pardon powers and accusations of preferential treatment. The Chrisleys’ attorney hailed the decision as a correction of an injustice, while critics cited this as an example of white privilege.
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Credit Suisse Services pleaded guilty to conspiring to help wealthy US taxpayers evade taxes via undeclared offshore accounts, resulting in a $510 million fine. This involved falsifying records and processing undocumented transactions totaling over $1 billion, representing a breach of a prior 2014 plea agreement with the US government. The scheme concealed over $4 billion from the IRS across at least 475 accounts primarily held in Singapore. The guilty plea follows a 2023 Senate Finance Committee report finding continued tax evasion assistance after the 2014 settlement. As part of the agreement, Credit Suisse Services and its acquirer, UBS, will fully cooperate with ongoing investigations.
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Palm Beach Gardens healthcare executive Paul Walczak was sentenced to 18 months in prison for evading over $10.9 million in payroll taxes, funds used for lavish personal expenses including a $2 million yacht. Despite repaying the stolen taxes with his family’s assistance, the judge affirmed that wealth should not excuse criminal behavior. However, President Trump pardoned Walczak just twelve days after sentencing. This pardon directly contradicted the judge’s statement that wealth shouldn’t grant immunity from legal consequences. Walczak’s mother is a prominent Republican donor.
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Former Hawaii Representative Tulsi Gabbard, now a Trump administration official, purchased a Texas home and declared Texas residency last June, yet voted in Hawaii’s 2024 general election. This action, coupled with her claiming a Texas homestead tax exemption, raises questions regarding potential violations of both Hawaii voting laws and Texas property tax laws. Gabbard’s representatives maintain she remains a Hawaii resident, citing differing definitions of residency for voting and tax purposes. Legal experts, however, note inconsistencies and potential grounds for investigation into her voting and tax claims.
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Nine years after the Panama Papers leak revealed over 11 million files exposing billions in hidden assets and tax evasion, global tax agencies report recovering $1.86 billion in back taxes and penalties. While many countries contributed to this total, including Sweden ($300M+), France ($297M+), and Spain ($250M+), Canada’s CRA only reports assessed taxes, not actual collections, totaling $83 million from Panama Papers-related audits. Ongoing investigations and legal challenges continue to delay the full accounting of recovered funds, with some experts criticizing the low number of criminal charges pursued.
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The IRS’s Global High Wealth unit, responsible for auditing the ultrawealthy, has suffered a 38% employee loss this year, significantly impacting ongoing audits. This drastic reduction, exceeding overall IRS losses, stems from the Trump administration’s workforce cuts, including terminations and buyouts. The unit’s diminished capacity hinders efforts to recover substantial tax revenue from high-net-worth individuals, reversing recent initiatives to increase tax enforcement among this group. These losses, affecting a unit specializing in complex tax schemes, leave numerous investigations incomplete or stalled.
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John Q. Hosedrinker