GE 2010 Profits: $14.2B GE Tax Bill: $0

Worse, President Obama doesn't seem to care, he notes

(NEWSER) - The GOP often argues that "we're making it harder and harder for good, honest corporate citizens to create jobs here" thanks to a stiff corporate tax rate, Jon Stewart noted last night . "Can you blame a company like GE for not wanting to do business in America when it has to pay 35% of its profits back to America?" Stewart opined. Then he discovered that last year, despite $14.2 billion in profits, GE paid no federal income tax : "Whaa? But I thought the corporate tax rate needed to be lowered, and I'm not sure you can lower it from nothing." More»

You may be able to deduct college courses, disaster losses

(NEWSER) - If you've put off your taxes until the last minute, here's a little reward for your procrastination: Time offers seven tax breaks that could save you money—now that you actually know about them:

• Higher education: There are certain credits available for qualified tuition, and you may not even need to be in a degree program to be eligible for them. Deductions are also available for college-related expenses like loan interest and room and board.
• Taking care of a sick parent: Though it may not be simple, it could be worth it to look into getting your parent declared as a dependent if you provide half or more of his or her financial support—even if the parent doesn't actually live with you.

Company going 'gangbusters,' boasts CEO

(NEWSER) - Hard times elsewhere haven't done any damage to Google's bottom line. The company has announced a whopping 26% year-on-year jump in profits for the third quarter of this year, with net income of $2.73 billion on nearly $10 billion revenue, most of it from advertising, the BBC reports. "The word that springs to mind is 'gangbusters,'" CEO Larry Page boasted, hailing Google+ as a success—although one senior engineer has a different opinion . More»

There's something for everyone to hate

(NEWSER) - The budget plan the bipartisan Gang of Six ultimately devises will include $3 of spending cuts for every dollar it raises in additional tax revenues, Mark Warner tells Bloomberg , promising cuts in health care, defense, agriculture, and other domestic programs, along with changes to Medicare, Medicaid, and Social Security. The plan will generate revenue by reducing tax breaks. More»

Average rate for richies plunges to 17% from 26%

(NEWSER) - Some Tax Day trivia: The super rich are paying a far lower tax rate than they did 20 years ago, and nearly half of all US households—including both rich and poor—pay no taxes at all. People with the 400 highest adjusted gross incomes paid nearly $345 million in taxes in 2007, the most recent year figures are available. Their average federal income tax rate was 17%, down from 26% in 1992, reports AP . During that same period, the average tax rate for all taxpayers dipped to 9.3% from 9.9%. More»