This news has been received from:

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

mail: [NewsMag]

(The Center Square) – A sales tax holiday on school supplies and emergency preparedness items, which temporarily exempts purchasers from the tax, will run from Friday through Sunday in Virginia this weekend.

The sales tax begins Friday one minute after midnight and ends at 11:59 on Sunday. The qualified items can be bought at stores, online, through mail order or through the telephone and receive the exemption from the sales tax.

The commonwealth runs a sales tax holiday annually before the start of the school year.

“During a time of high inflation and gas prices, Virginians will receive some needed tax relief this weekend as they support local businesses across the Commonwealth,” Gov. Glenn Youngkin said in a statement. “Our administration will continue to stand up for parents trying to buy school supplies for their children, Virginians preparing for upcoming weather-related events, and families struggling with the cost of living challenges. Building on the record tax relief for Virginians in this year’s budget, lowering the cost of living remains a top priority for my administration as we work together to make Virginia the best place to live, work, and raise a family.”

Some of the items include qualified school supplies that cost $20 or less per item. The qualified items include backpacks, pens, pencils, crayons, writing tablets, calculators, lunch boxes and other supplies. The holiday also exempts certain clothing and footwear items that cost $60 or less, such as shirts, pants, dresses, shoes, suits and diapers. Some items that are not exempt include watches, jewelry and cosmetics.

Stephen Haner, a senior fellow for state and local tax policy at the free-market Thomas Jefferson Institute, told The Center Square these holidays sometimes affect when people buy products, but doubts it has an impact on overall spending.

“Good or bad as a policy approach, they are here and not going anywhere,” Haner said. “People buying for back to school in particular tend to wait for the sales tax break, and it is now built into retailer marketing plans. It has more effect on the timing of the spending than the amounts spent, I suspect.”

The sales tax holiday also includes portable generators that cost $1,000 or less, gas-powered chainsaws that cost $350 or less and chainsaw accessories that cost $60 or less. It also includes qualifying Energy Star or WaterSense products purchased for noncommercial home or personal use that cost $2,500 or less.

Other emergency preparedness items that cost $60 or less, such as certain batteries, smoke detectors, fire extinguishers, duct tape and bottled water, are also exempt.

Virginia Taxes Glenn Youngkin Finance Commerce News

News Source:

Tags: virginia virginia taxes glenn youngkin finance commerce news a sales tax holiday the cost of living the center square school supplies items that cost glenn youngkin the sales tax the sales tax holiday this weekend through

Next News:

Billionaire entrepreneur Robert Brockman dies of dementia aged 81 while fighting largest individual tax evasion case in US history over claims he hid $2bn from IRS

A billionaire tech entrepreneur has died of dementia aged 81 while fighting a $2 billion tax evasion claim - the largest ever made against a single person by American prosecutors.  

Robert Brockman died Friday night while receiving hospice care, his lawyer Kathy Keneally said. 

The Houston-based businessman's death came in the midst of a $2 billion tax fraud claim brought against Brockman by prosecutors.

Lawyers for Brockman insisted his dementia - which they say had been worsened by Alzheimer's - made him unfit to stand trial. But a judge ruled that he was competent to face the charges in May this year. 

Brockman was born in Florida to a modest upbringing with a gas station owner father and physiotherapist mother, according to Bloomberg, but died with a net worth of about $4.7 billion.

He made his riches teaching himself programming and eventually developing software that allow vehicle dealers to run business more efficiently. 

The 81-year-old left behind his wife of 53 years, Dorothy and a son Robert II; as well as his brother David, a daughter-in-law and two grandchildren.

Brockman was indicted in 2020 on 39 counts, including wire fraud, tax evasion and money laundering that the U.S. Department of Justice said totaled a $2 billion scheme to conceal his income and defraud investors of his Reynolds and Reynolds company. 

Robert Brockman, a software entrepreneur who made a massive fortune before being indicted in the largest individual tax evasion case in US history, has died. He was 81 

The 81-year-old left behind his wife of 53 years, Dorothy (pictured right) and a son Robert II; as well as his brother David, a daughter-in-law and two grandchildren 

In filings submitted to court in April, Brockman's defense said he contracted COVID in December, which caused him to be hospitalized over toxic metabolic encephalopathy (TME), an acute cerebral dysfunction. They claimed COVID and TME has worsened his dementia. A judge, however, ruled him competent in May

Brockman's lawyers, however, argued that the billionaire was incompetent to stand trial, claiming in filings submitted in April that his Parkinson's disease caused dementia, which only grew worse after he contracted COVID in December.

In the filings, the lawyers said Brockman was hospitalized in January with toxic metabolic encephalopathy (TME), an acute cerebral dysfunction that can be caused by COVID, claiming that, 'For patients already suffering from dementia, COVID-19 and TME can exacerbate the existing dementia and accelerate cognitive decline.' 

The lawyers added: 'During a February 15, 2022 examination by Dr. James Pool, Mr. Brockman’s primary care physician, neuropsychological testing was performed to assess Mr. Brockman’s current cognitive status. Dr. Pool concluded that Mr. Brockman’s condition had progressed to severe dementia.' 

The attorneys also noted that follow-up testing backed-up the conclusion that Brockman was less mentally competent than when the software tycoon had his last evaluation in October. 

George Hanks, the judge presiding over the case, had previously heard arguments about Brockman's dementia claims in November but has yet to rule on the issue. 

The case involving Brockman accuses him of hiding $2 billion in income from the IRS over two decades using a web of off-shore companies in Bermuda, and St. Kitts and Nevis. 

  • Previous
  • 1
  • Next
  • Software billionaire Robert Brockman, 80, accused in... Ukrainian woman living in crime-ridden Portland shares...
Share this article Share

The indictment alleged Brockman appointed nominees to manage the off-shore entities for him as a means of hiding his involvement, saying he even went so far as to establish a proprietary encrypted email system and use code words such as 'Permit,' 'Red fish' and 'Snapper' to communicate. 

The prosecution claims Brockman's sprawling network of offshore trusts grew to The Cayman Islands, Singapore, the British Virgin Islands and the Isle of Man. 

Authorities had been investigating Brockman over the tax fraud allegations for several years and prosecutors claim he found out about the probe as early as 2016. 

Prosecutors allege that Brockman started seeking medical evaluations for his mental health shortly after a 2018 raid on his attorney's home in Bermuda, according to court documents obtained by the Wall Street Journal.

A doctor found in March 2019 that Brockman had poor short-term recall. Prosecutors claim, however, that Brockman's doctors have a conflict of interest because they work with the Baylor College of Medicine, of which the billionaire has donated millions of dollars to over the years.

They also argue that Brockman continued to head his software company during this time despite his alleged mental decline. Court documents reveal he took a cognitive test late last year and had difficulties drawing a clock, with a doctor ruling he had 'moderate dementia'.

The case involving Brockman (left) accuses him of hiding $2 billion in income from the IRS over two decades using a web of off-shore companies in Bermuda and St. Kitts and Nevis

The Department of Justice outlined the sprawling web of offshore accounts Brockman controlled that allegedly allowed him to withhold $2 billion in taxes 

The software tycoon lives in his $8 million mansion (pictured) in Houston, Texas. He also owns a 143-acre Colorado property and fishing lodge on the Frying Pan River

Along with his properties, Brockman owns a 209-foot yacht named 'Turmoil' (pictured)

Prosecutors said he also owns a Bombardier Inc. Global 6000 private jet worth about $62 million

The $62 million jet typically features a spacious and luxurious cabin room for its wealthy fliers

Fellow billionaire Robert Smith, who is the CEO of a private equity firm that aided in the alleged schemes, was cooperating with the investigation after turning against Brockman to avoid prosecution himself. 

Smith, the richest black person in America with a net worth about $7 billion, has also been ordered to pay $139 million in back taxes and penalties.

Brockman and Smith had a business relationship dating back to the late 1990s, according to documents filed in connection with Smith's non-prosecution agreement.

The majority of his fortune was believed to be held in a trust in Bermuda that owns most of his software company. Court documents show the trust has assets worth at least $7 billion.

Even though that wealth would likely see him ranked about 50th on the Forbes 400 list of billionaires, Brockman didn't ever appeared on the list as without the inclusion of the alleged hidden funds, Forbes ranks him at 601 with $4.7 billion. 

Fellow billionaire Robert Smith, who is the CEO of a private equity firm that aided in the alleged schemes, is cooperating with the investigation after turning against Brockman to avoid prosecution himself 

Prosecutors said he owns a Houston mansion worth an estimated $8 million, an Aspen, Colorado ski cabin, a Bombardier private jet and a a 209-foot yacht. 

According to court filings obtained by Bloomberg last year, the government has been trying to seize the 143-acre Colorado property and fishing lodge on the Frying Pan River and a trove of cash in Switzerland's Mirabaud Bank tied to the fraud case.

Prosecutors, however, believed Brockman (above) - was faking his mental decline to avoid standing trial 

The outlet reported that prosecutors in the United States first sought forfeiture of the Mirabaud account in October 2020 and that Swiss prosecutors have frozen more than $1 billion held in bank accounts belonging to Brockman.

The 42-page indictment against Brockman names two Colorado properties of interest in the case. 

According to the indictment, Brockman paid $15 million to purchase the 'Mountain Queen' property located in Pitkin County on May 17, 2005. 

He later spent another $15 million of funds allegedly obtained through debt fraud on the 'Frying Pan Canyon Ranch' in Pitkin County on December 16, 2010, according to the indictment.

Brockman allegedly spent another $8.2 million on renovations and improvements to the Frying Pan Canyon property in 2014.

It was not immediately clear if the asset forfeiture reported by Bloomberg also includes the Mountain Queen property or his Houston mansion. 

As the case against Brockman continued, his former associates and employees painted a picture of him as a penny-pinching billionaire who believed the IRS unfairly went after taxpayers. 

Brockman, who had a reputation for being litigious, would stay at budget hotels and ate frozen dinners on business trips. 

He would buy used furniture for his offices and banned his employees from smoking so the company could save on health insurance.  

At the time of the indictment, Reynolds & Reynolds issued a statement saying the allegations were outside Brockman's work with the company and that the company is not alleged to have participated in any wrongdoing. 

The software helps set up websites, including live chats with potential customers, find loans and calculate customer payments, manage payroll and pay bills. 

Read more:
  • Bloomberg - Are you a robot?

Other News

  • Virginia Colleges, Universities Eager to Establish K-12 Lab Schools
  • Prattos 9th-inning homer gives Royals 5-4 win over Red Sox
  • Tigers beat McClanahan, Rays 9-1 on Lou Whitaker Night
  • Orioles run winning streak to 5 with 6-3 win over Pirates
  • Senate votes to start debating Dems climate, energy, health and tax bill, as Biden priorities clear initial hurdle
  • France hits 2-run HR, Kirby sharp as Mariners top Angels 2-1
  • Pisces weekly horoscope: What your star sign has in store for August 7 to August 13
  • How to holiday like a celebrity with summer’s hottest Instagram trends – from floating breakfasts to upside-down bikinis
  • Conservatives at CPAC conference believe Gavin Newsom will be the Democratic nominee in 2024 - as straw poll finds majority who want Trump as Republican nominee has grown to 69 percent
  • Lindor sparks Mets to 8-5 victory over Braves in DH opener
  • Joe Biden should forego a second term while he is ahead: columnist
  • Former CNN anchor Felicia Taylor arrested after hit-and-run car crash
  • Billionaire indicted in largest-ever tax fraud case dies
  • GOP senators havent ruled out supporting another Trump run despite the looming possibility of indictments: report
  • Billionaire entrepreneur Robert Brockman dies of dementia aged 81 while fighting largest individual tax evasion case in US history over claims he hid $2bn from IRS
  • Maggie Haberman Says Trump is Spooked Despite Projecting Confidence About DoJ Probe: Donald Trump Fears Investigations
  • I went on holiday for two weeks and I couldn’t believe what my neighbours had been doing in my house when I was gone
  • I’m a gardening expert and my simple envelope hack means you can grow plants for FREE
  • A problematic character: CPAC attendees express concern about another Trump presidential run in 2024