One of the defining characteristics of mature consumer markets is not simply the abundance of products, but the quality of consumer decision-making. Across sectors, rising financial awareness, easier access to information and digital discovery are changing what people choose to buy and how they
Imagine reaching retirement with a bond portfolio that works like a staircase. One bond matures this year, another next year, and another the year after, giving you access to money at different points instead of having to unlock the entire investment at once
Augmont Enterprises IPO Day 2: The initial public offering (IPO) of integrated gold and silver platform Augmont Enterprises Ltd is witnessing its second day of bidding today, August 24. So far, the public issue has been subscribed 2.88 times. The Rs 825-crore IPO
Gold prices remain high in India; check 22K, 24K rates in Mumbai, Delhi, Bengaluru International gold prices also climbed to a more than three-month high on Monday. Published on: Aug 24, 2026, 13:46:24 IST By HT News Desk Prefer HTon Google Share via Copy link Gold prices remained high in India on
Businesses from India and the U.S. have expressed interest in investing in Bangladesh and made proposals to improve the country's investment climate, Commerce Minister Khandakar Abdul Muktadir has said. Mr. Muktadir’s remarks on Saturday (August 22
How Trump's IRS settlement could block tax audits of him
The US Department of Justice has announced that this week's unprecedented settlement of President Donald Trump's lawsuit over the leaking of his tax returns blocks the IRS from reviewing tax filings that Trump, his family and his businesses made in the past.
Some lawmakers and legal experts say the department has violated federal law with its addendum to the settlement that shuts down current possible tax audits and investigations. The justice department, however, says the addendum is simply a customary waiver used in legal settlements.
In January, Trump and his two eldest sons sued the IRS [Internal Revenue Service] for $10bn over leaks of their business and personal tax returns. It was the first time a president had sued the US government.
On Monday, the justice department announced the suit was settled and the government had agreed to create an almost $1.8bn (£1.3bn) fund to compensate people who believe it unfairly investigated them. It has already inspired one lawsuit, as well as resistance from within Trump's own Republican party.
Here's what we know.
On Tuesday, a day after announcing the settlement with Trump, the justice department released the addendum ending any possible pending audits.
The one-page addendum states that the United States is "FOREVER BARRED AND PRECLUDED" from a long list of actions that the IRS normally carries out to determine if a person or company has paid proper taxes and to seek recourse when they have not.
That list includes filing claims, conducting examinations or similar reviews, and seeking injunctive relief related to taxes filed by Trump, his family members, and their trusts, companies or subsidiaries.
Key in the addendum is that the taxes must have been filed before 19 May, 2026. The justice department issued a statement clarifying that the addendum "is only with respect to existing audits, not future".
The IRS does not announce its investigations, and so we do not know what - if anything - it was reviewing related to the President, his family and their enterprises.
In its statement, the department describes the addendum as "customary", and also a necessary part of settling lawsuits in a way that ends them for good.
"There would be little point in settling several significant claims if either party could simply turn around and seek to initiative more adverse claims that could have been pursued previously," the department said.
As news of the addendum spread, though, lawmakers and legal experts raised alarms.
The top Democrat on the Senate Finance Committee, Ron Wyden, said in a statement it is "clearly a violation of the law that prohibits interference by executive branch officials in IRS audits".
"Democrats are going to fight every element of this self-dealing settlement, but regardless of the outcome of those efforts, future administrations and IRS leadership should consider this illegal directive completely invalid," said Wyden, who graduated from University of Oregon's law school.
Under US law, the president, vice-president and most other high-ranking members of the executive branch cannot directly or indirectly ask the IRS to terminate an investigation.
The major exception is the attorney general, and the addendum is signed by Acting Attorney General Todd Blanche. It can be argued, then, that the administration has followed the law.
Critics, such as the leaders of advocacy group Public Citizen, take the view that Trump has indirectly sought to end the audits.
Public Citizen co-presidents Robert Weissman and Lisa Gilbert said in a statement that Trump filed a "bad-faith lawsuit" and, with the settlement, "aims to escape from IRS audits".
IRS officials who receive illegal requests to terminate audits must report them or face possible criminal prosecution, and experts warn that the agency's employees could now be at legal risk.
But there are other ways that this agreement appears to diverge from US law, tax experts say.
The IRS closes individual cases by reaching agreements with the taxpayers involved or it refers them to the justice department. There is no record of the IRS taking either of those steps.
Instead, the addendum has been included in a lawsuit against the IRS, not a tax case. And it is a broad, blanket waiver blocking investigations, which is not standard and which was not reached by the IRS.
"It purports to put the President, his entities, and his family above the tax laws—even though DOJ alone doesn't have authority to offer those extraordinary protections," Tax Law Center Policy Director Brandon DeBot said in a statement where he called the entire settlement "a breathtaking abuse of the tax and legal system".
Just as the US government has never been sued by its president, it has never settled a lawsuit involving the head of the executive branch.
Before the case was settled, a federal court set a 20 May deadline for both sides to address whether a legitimate legal dispute existed, given that Trump oversees the IRS.
In exchange for the president dropping his case, the justice department agreed to establish a $1.776bn "Anti-Weaponization Fund" that would pay claims from "those who suffered under weaponisation and lawfare".
Most Democrats have called it a "slush fund" where Trump can hand out money to allies as well as rioters who breached the US Capitol on 6 January 2021.
Some Republicans, including Senate Majority Leader John Thune, have expressed scepticism as well.
Fighting over the fund within the party on Thursday led the Republican-majority Senate to shelve a vote on a $70bn bill for immigration enforcement until after a week-long recess.
Meanwhile, in the House of Representatives, Republican Brian Fitzpatrick teamed up with Democrat Tom Suozzi to introduce legislation that would ban using federal funds to pay any claims submitted to the fund.
At least one claim has been filed already.
Michael R Caputo, was a Trump campaign adviser and later served in the first Trump administration, is seeking $2.7m, saying in a letter posted on X that "the machinery of government was clearly weaponized against my family" during the investigation into possible Russian involvement in the 2016 election.
In a statement to the BBC, he said his family was "profoundly grateful" that Trump "will not let this political weaponization stand."
At the same time, resistance is also already mounting.
Two police officers who were at the capitol on 6 January 2021 filed a lawsuit on Wednesday arguing the fund is illegal because "no statute authorizes its creation, the settlement on which it is premised is a corrupt sham, and its design violates the Constitution and federal law".
They also argued it could endanger their safety by providing funds to rioters who regularly threaten their lives and could lead to the funding of paramilitaries.
Source: BBC
Related Posts:
Minimalistic retractable door handles became a signature feature of electric vehicles (EVs), but the controversial designs are now at the centre of China's biggest car recall, affecting more than 4 million vehicles. The recall, which includes 2.98 million Chinese-made Teslas
11 hours ago
Tempsens Instruments India IPO Day 3: The initial public offering (IPO) of temperature sensing and heating solutions provider Tempsens Instruments Ltd is witnessing its final day of bidding today, August 24. So far, the public issue has been subscribed by a strong 31.34 times. The Rs 650-crore IPO
11 hours ago
S&P 500 just hit a level seen only once before in 155 years — could a market crash be next? The S&P 500 CAPE ratio hit 40 for only the second time in 155 years, raising concerns about valuations, future returns and a possible market correction. Updated on: Aug 23, 2026
14 hours ago
Anthropic $2 trillion IPO: Why investors think it could be worth more than SpaceX Anthropic could reach a $2 trillion IPO valuation as revenue surges, raising questions about whether the AI company can be worth more than SpaceX. Published on: Aug 23, 2026
14 hours ago
US President Donald Trump has said Canada wants "the benefits of being a State, without being one" after trade talks between the two countries collapsed late on Friday. In his first comments since negotiations broke down, triggering new 50% US tariffs on a range of Canadian goods
1 days ago
India’s payments sector has raised $5.8 billion across 371 equity funding rounds since January 2021, while producing eight initial public offerings (IPOs) and triggering 25 acquisitions, as the industry increasingly consolidates around a handful of well-funded players
1 days ago
Can Reddit survive in the AI era? It wants more cash for its data—and more of people’s time Published on: Aug 22, 2026, 16:40:48 IST The Economist Prefer HTon Google Share via Copy link Earlier this summer “Backrooms”, a horror flick, became one of the most successful independent films ever
1 days ago
What with a 250th birthday, Taylor Swift's wedding and the football World Cup, Americans could be forgiven for taking their eye off the ball this summer. But signs of economic trouble have been building. This week they hit the headlines when US national debt passed the $40tn (£29.4tn) mark
1 days ago
Insurance regulator IRDAI has directed Edelweiss Life Insurance and Pramerica Life Insurance, in separate orders on August 20, not to open new place of business for six months for non-compliance with Expenses of Management (EoM) limits in 2024-25
2 days ago
India remains a very attractive destination for global investments and its economic fundamentals form the basis for strong investor confidence, Jyoti Jeetun, the Minister of Financial Services and Economic Planning of Mauritius told The Hindu in an interview
2 days ago
A fresh wave of US tariffs on a wide array of Canadian goods has come into effect as of midnight on Saturday after a last minute break down in trade talks. Announcing the suspension of negotiations shortly before the Friday night deadline, Canadian Prime Minister Mark Carney said he would impose
2 days ago
TCS Employee Surveillance Row: Tata Consultancy Services (TCS), India’s largest IT services company, on Friday denied reports that it is using monitoring tools to track individual employee activity on company-issued laptops. The IT giant said the purpose of the tools is to monitor the overall
2 days ago
Walmart stock falls 9% as retailer finally brings Apple Pay, Google Pay Walmart stock fell 9% after earnings despite beating estimates and raising guidance. The retailer will add Apple Pay and Google Pay Tap to Pay from August 24. Updated on: Aug 21, 2026
2 days ago
TikTok has agreed to pay $400m (£293m) to the US to end a lawsuit alleging its platform violated children‘s privacy, marking one of the largest ever settlements over the issue. The deal stems from a 2024 suit by the Department of Justice under former President Joe Biden alleging TikTok and its
2 days ago
What’s next for Nvidia after the AI chip boom? Wall Street wants more—here’s what investors need to know Nvidia stock faces high expectations ahead of August 26 earnings as Wall Street watches AI growth, valuation, open-source models and Nvidia's next big story. Updated on: Aug 22, 2026
2 days ago
Costco dividend rises: Why a $10,000 investment pays only $61 yearly A $10,000 Costco investment earns only about $61 a year in regular dividends. Here’s why investors still buy COST for growth and special dividends. Updated on: Aug 20, 2026
3 days ago
Leaving education, getting a job, buying a home and perhaps starting a family: the path previous generations followed may seem a distant dream to many now. But is it getting a bit easier - at least when it comes to getting on the housing ladder? Today's prospective first-time buyers may well feel
3 days ago
Nearly six months after US President Donald Trump vowed a swift victory over Iran, the conflict appears to be at a standstill, with prospects of a military victory or negotiated settlement growing dimmer. To break the deadlock, Trump has vowed an "economic D-Day" under which any country that does
3 days ago
Why US stocks fell today: Dow, S&P 500, Nasdaq drop as oil and bond yields rise US stocks fell as oil prices and Treasury yields rose. Dow, S&P 500 and Nasdaq dropped as Trump's Iran threat, Walmart and the bond market hit Wall Street. Published on: Aug 20, 2026
3 days ago
Crypto stocks surge as Trump backs Clarity Act: Coinbase, Circle, miners rise Crypto stocks surge as Trump backs the Clarity Act. Coinbase, Circle, Bitcoin miners and other crypto shares rise as investors expect clearer US crypto rules. Updated on: Aug 20, 2026
4 days ago
Stock Market Today, August 20: The domestic equity market snapped its seven-day losing streak and ended sharply higher on Thursday, August 20, as broad-based buying lifted sentiment across sectors after the US Treasury stepped in to contain the surge in global bond yields
4 days ago
The Reserve Bank of India RBI has accorded its approval to Life Insurance Corporation of India (LIC) for acquiring an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in HDFC Bank Ltd., the bank said in a filing with the exchanges on Wednesday (August 19, 2026) night
4 days ago
Customers have shared their outrage after an app used by many businesses to track timesheets and produce invoices hiked bills by as much as 1500%, with one person calling it "daylight robbery". Richard Haldenby, head of UK consultancy firm Salentis
4 days ago
Bitcoin Price Today, August 20: Bitcoin surged to the $70,000 mark on Thursday, recording one of its sharpest gains in recent months as a combination of lower US Treasury yields, a weaker dollar, strong institutional demand and large-scale short liquidations pushed the broader cryptocurrency market
4 days ago
US President Donald Trump has said he will launch tougher economic measures against Iran, as well as any country and that helps or does business with the country. He wrote in all capital letters on Truth Social that he was launching "the most crushing economic operation ever taken against any
4 days ago
The domestic equity markets were trading firmly higher on Thursday, August 20, with buying visible across large-cap, mid-cap and small-cap stocks. The gains strengthened through the session, with the benchmark Sensex rising more than 600 points by 1:20 pm
4 days ago
U.S. President Donald Trump will host cryptocurrency executives at the White House on Wednesday as U.S. financial regulators this week prepare to advance their framework for certain digital assets. Trump, who has earned more than $1.4 billion from his family’s crypto ventures
4 days ago
