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Senator Ron Wyden wants to know why IRS has ignored hedge funds’ tax-avoidance strategy

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(Reuters) – Senate Finance Committee Chairman Ron Wyden has asked the Obama administration why the United States failed to stop a tax-avoidance strategy used by hedge funds, including John Paulson’s Paulson & Co, Bloomberg reported.

Wyden asked the U.S. Treasury Department and the Internal Revenue Service what they had done to challenge funds that channel investments through insurance companies in tax havens as a way to lower fund managers’ personal income-tax bills, according to the report. (http://r.reuters.com/wyp22w)

“The department and the IRS have been aware of this loophole for over a decade,” and “appear to have made no progress in ending this kind of tax abuse,” Bloomberg quoted a June 12 letter by Wyden.

Reuters could not immediately verify the letter. Representatives for Paulson & Co could not be reached for comment outside regular U.S. business hours.

(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)

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Republican analyst says Trump is ‘threatened by’ being challenged by women: ‘It hurts his ego’

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According to one Republican commentator, President Donald Trump's decision to lash out at four Congresswomen of color stems from his inability to handle being challenged by women.

In a segment with MSNBC host Ali Velshi, Rina Shah, who runs Republican Women for Progress, said that she's been the target of racist attacks from Trump supporters ever since she announced she wouldn't support him.

"I believe that what this president is doing is fanning the flames," she said. "He cannot denounce white supremacy, white nationalism. This is a moment in which he could have kept his mouth shut. You know, this tit-for-tat with [Speaker Nancy] Pelosi (D-CA) and 'The Squad,' he didn’t need to engage in it. If I was advising the president, if I were one of his advisers, I would have said stay out of it. But he doesn't listen to anyone around him."

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Mitt Romney blames democratic women for Trump’s racism: Their views ‘are not consistent with my experience’

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Little more than six months ago Senator-elect Mitt Romney (R-UT) promised voters he would "speak out" against President Donald Trump's racism. On Monday, Senator Mitt Romney blamed the targets of President Donald Trump's two-day racism fest for the President's own racism.

"I will speak out against significant statements or actions," by President Trump, "that are divisive, racist, sexist, anti-immigrant, dishonest or destructive to democratic institutions," Romney said in a New Year's Day 2019 Washington Post op-ed.

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Facebook needs ‘very high standard’ for Libra coin: Mnuchin

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Facebook will need to meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system."

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