Pope Leo XIV: First American Pope raises questions about whether he must pay taxes
The Brief
The United States taxes its citizens living abroad, including foreign-based income.
The Pope is entitled to a monthly stipend up to $33,000, totaling almost $400,000, annually.
His tax liability could exceed $135,000.
HOUSTON - Pope Leo XIV will be officially inaugurated in a special mass at the Vatican on Sunday.
A conversation of curiosity has grown, since the election of the first American Pope, over whether he has to pay taxes. While almost all of the pontiff's needs will be taken care of by the church, he is entitled to a salary of up to $33,000 a month, totaling almost $400,000 a year. Fortune magazine estimates such an income could mean a tax bill of more that $135,000.
The IRS has no blanket exception for religious personnel, nor for people who are diplomats or heads of state for foreign countries such as the Vatican. The last three popes all declined their monthly stipend, and as a member of the Augustinian order, Pope Leo did take an oath of poverty and could defer the money to them. As he remains an American citizen, U.S. taw law suggests the Pope would have to file a tax return if he collects any of the stipend.
Since this is uncharted territory, prevailing expectation leans toward the I.R.S. privately addressing the question, or Congress passing a law that outlines the tax situation for the Pope.
The Source
Fortune Magazine, The Wall Street Journal, The Pillar
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
Why AST SpaceMobile Stock Is Skyrocketing This Week
Jeff Bezos visited Space Mobile's Texas headquarters. A picture from the visit on social media fueled speculation that AST's relationship with Bezos' companies could grow. A public spat between Elon Musk and President Donald Trump could leave the door open for other space companies to win some of SpaceX's contracts. 10 stocks we like better than AST SpaceMobile › Shares of AST SpaceMobile (NASDAQ: ASTS) are moving higher this week, up 33.9% as of 2 p.m. ET from last Friday's close. The gain comes as the S&P 500 gained 1.5% and the Nasdaq-100 gained 2.2%. Earlier in the week, a board member posted a picture to social media that fueled speculation of a possible partnership with Jeff Bezos' Blue Origin. The stock also received a boost after yesterday's public spat between President Donald Trump and Elon Musk. After Bezos visited the company's Texas headquarters, AST board member Adriana Cisneros posted a picture of Bezos, AST CEO Abel Avellan, and herself to Instagram with the caption, "Amazing things are happening at AST & Science + Blue Origin." This fueled speculation that Blue Origin, Bezos' space exploration company, could be looking to create a closer relationship with AST. The company already has a contract with AST to launch 45 satellites, but a more formal partnership would be a game changer for AST SpaceMobile. Elon Musk and President Donald Trump escalated a public spat yesterday. What began when Musk took to X to criticize Trump's flagship "Big, Beautiful Bill" quickly turned personal and included Trump threatening to cancel contracts with Musk's SpaceX. If this were to happen, it could leave the door open for AST SpaceMobile to, at least partially, fill the void. This is all speculation; nothing is concrete. That being said, both of these possibilities represent a huge upside for AST. For investors with a high risk appetite, AST can be a solid pick. However, be aware that there is a significant risk. The company has a long way to go to justify its valuation. Before you buy stock in AST SpaceMobile, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and AST SpaceMobile wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor's total average return is 997% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why AST SpaceMobile Stock Is Skyrocketing This Week was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
32 minutes ago
- Yahoo
Obama's doctor says Biden's physician should have given him cognitive tests
Former President Joe Biden's doctor should have given him more cognitive tests, according to the doctor of former President Barack Obama. Jeffrey Kuhlman, who served as Obama's doctor between 2009 and 2013, told the New York Post on Saturday that Biden and any politician over the age of 70 should be given "a few hours" of annual mental exams that should be accessible to the public. 'My position is that a 78-year-old candidate, Trump at the time, an 82-year-old president [Biden] would both benefit from neurocognitive testing,' Kuhlman said. He went on to say that "any politician over the age of 70 has normal age-related cognitive decline," and pointed out that he's been recommending annual mental exams for more than a year. Biden's doctor, Kevin O'Connor, oversaw three physicals for the president during his time in office, but Kuhlman says the physical reports did not include notes from a neurocognitive specialist. He also pointed out that Biden did not take the Montreal Cognitive Assessment, which Donald Trump agreed to take during his first term. That test is a two-minute screening test of about 30 questions that probes for signs of dementia, according to Kuhlman. Obama's doctor said that he had "no doubts" that Trump "aced" the Montreal Cognitive Assessment, but said he believes that the White House should also release the CT scans taken after Trump's attempted assassination last year. While the Montreal test is able to detect some basic signs of dementia, the doctor noted that it wasn't adequate for determining more serious cognitive issues. According to Kuhlman, mental processing speed and spacial visualization all begin to decline around the age of 60. Kuhlman said he respected O'Connor's medical judgement, but added that "sometimes those closest to the trees miss the forest." O'Connor told the New York Post in July 2024 — just days after the then-president announced he would not run for re-election — that Biden's cognitive health was "excellent." Then-White House Press Secretary Karine Jean-Pierre insisted to the public that Biden didn't "need a cognitive test" because he "passes a cognitive test every day." She has since decided to leave the Democratic Party and write a tell-all book about her time in the White House, earning her a savaging by some Democrats. Visitor logs to the White House show that Biden did submit an evaluation form to an expert in Parkinson's Disease, but O'Connor said that the meeting was part of Biden's annual physical. Kuhlman says that the doctor who evaluated Biden in that visit, Kevin Cannard, had been evaluating Biden for 14 years, and that he trusts the doctor's evaluation. O'Connor was subpoenaed by the Republican-led House Oversight Committee on Thursday to stand for questioning about Biden's mental abilities during a hearing on June 27. Shortly after the House investigation was launched, the Trump administration issued a memo stating that it was issuing its own investigation into whether or not people other than Biden used an autopen signature device to sign off on executive actions during the late period of Biden's presidential term. Both investigations follow the release of a book by Jake Tapper and Alex Thompson, titled Original Sin, that alleges a mass coverup of Biden's cognitive impairment by those closest to him.
Yahoo
40 minutes ago
- Yahoo
Graham Stephan Shares A Story Of A Guy Who Makes $300,000 Per Year With Vending Machines: 'It's Not Bad'
It's incredible how many different ways you can make money, and financial guru Graham Stephan was impressed to hear that someone makes $300,000 per year with a vending machine business. He proceeded to compare it with real estate, explaining that vending machines generate cash flow without having to worry about tenants. Stephan pointed out that each vending machine has to be maintained and that a business owner likely has to restock the machines every one to two weeks. "It's not bad," Stephan said while expressing approval for the business model. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Maximize saving for your retirement and cut down on taxes: . You don't have to invest in real estate to generate cash flow. Vending machine businesses may be right for you, and they are easier to build if you're on a budget. You don't need a lot of money to buy a vending machine. The price of a good vending machine ranges from $2,000 to $10,000, depending on whether you want an old machine or a new machine with the most features. Then, it's a matter of stocking the shelves with the initial inventory. Once that inventory performs well, you can proceed to buy more inventory and reinvest the profits into additional vending machines. You'll also have to contend with some legal registration fees and franchise fees. The location fee is also a factor; this fee usually represents a percentage of total sales, typically 5% to 25% of that machine's revenue. Most commission arrangements are on the lower end, but the location plays a big factor. This is a great business model since the owner of the location is financially incentivized to promote the vending machine and keep it in good condition. The business owner who puts your vending machine in their area will want the machine to do well since it translates into more revenue. Trending: Invest where it hurts — and help millions heal:. There's a lot less pressure with finding your first profitable vending machine location than there is to be profitable with your first real estate investment. The relatively low cost of vending machines makes it easier to scale, but naturally, you still want to be profitable with every vending machine location. Some cities and suburban areas have more foot traffic than others, but you should also assess which types of buildings get the most traffic. Schools, hospitals, and office buildings are some of the most promising areas. You will have to contact the property owner to determine the terms and see if it's a good deal. It's perfectly fine to contact several property owners before deciding on the right location. Reaching out to multiple people will give you an idea of what payment structure you can vending machine business model can offer steady cash flow without the stress of managing tenants. It's also more affordable to enter the industry than real estate and can be lucrative. You will still encounter some obstacles along the way. If there weren't challenges with this business model, then everyone would be rushing to do it. Stephan showcased an individual who makes $300,000 per year with vending machines. Stories like those demonstrate what is possible, and if you set ambitious goals and work toward them, you can become the next case study. Read Next: Can you guess how many retire with a $5,000,000 nest egg? . Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Graham Stephan Shares A Story Of A Guy Who Makes $300,000 Per Year With Vending Machines: 'It's Not Bad' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
