tax breaks

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Hillary: I Don't Mean What I Said About Job Creation

Clinton says she 'short-handed' remark

(Newser) - Hillary Clinton says she "short-handed" a point last week when stating that businesses and corporations don't create jobs, Politico reports. "Trickle down economics has failed," she explains today while campaigning with Rep. Sean Maloney in Somers, New York. "I short-handed this point the other day,... More »

Nevada Doesn't Realize It Got Robbed by Elon Musk

Tax breaks for Tesla are outrageous, writes the Wall Street Journal

(Newser) - Politicians in Nevada are patting themselves on the back for securing a deal with Elon Musk to be the home of Tesla's future " gigagfactory " to build electric-car batteries. Instead, they ought to be apologizing to state taxpayers for giving away the store to Musk, write the editors... More »

Report: Key Mortgage Tax Break Just Helps the Wealthy

Lawmakers are fiercely protective of popular interest deduction

(Newser) - The tax code is rife with home ownership incentives that are both popular with voters and staunchly defended by lawmakers. But it turns out the breaks mostly just help rich people buy pricier houses, according to a new report from the right-leaning R Street Institute. They "don't encourage... More »

Do-Nothing Congress Has Lots to Do This Month

Senate, House will only be in town together for a few days

(Newser) - Here's a list of things Congress must get done in December or else: Confirm Janet Yellen's Fed nomination; pass a new farm bill; fund the Pentagon; renew a ban on hard-to-detect plastic guns; and extend some unemployment benefits, help for workers displaced by global trade, and a set... More »

What Writeoffs Might Die in Senate's Tax Code Overhaul

Max Baucus and Orrin Hatch trying 'blank slate' approach

(Newser) - Don't look now, but the Senate is sort of rewriting the entire tax code. Max Baucus and Orrin Hatch are trying an ambitious "blank slate" approach to the code, throwing out every tax provision and putting the onus on their supporters to justify their continued existence—and they... More »

Wealthiest 20% Get Lion's Share of Tax Breaks

Democrats and Republicans both hail new CBO report

(Newser) - The top 20% of households in terms of income get a bit more than half of the 10 most significant tax breaks in the code, according to a new Congressional Budget Office analysis, with an outsized 17% of all savings going to the richest 1%. The report is being both... More »

How a Tax Break for Farmers Saves Big Firms Big Bucks

'NYT' sees it as example of how messy tax-code reform will be

(Newser) - Reforming the tax code will be a pitfall-studded affair, asserts the New York Times , which today offers up the tax break for "like-kind exchanges" as proof. This particular break was established nine decades ago as a way to help family farmers. It permitted them to sell land, equipment, or... More »

DC Silent as Payroll Tax Cut Chugs Toward Expiration

No one going to bat for stimulus measure

(Newser) - Less than a year ago, the White House was vigorously campaigning to extend the payroll tax cut, leading to a pitched showdown in Congress. Now, no one seems to care about it, the Wall Street Journal observes. The Obama administration is perfectly content to let the cut, enjoyed by 122... More »

Tax the Rich: Popular in Theory, Not Practice

Republicans manage to fool most voters: Steve Kornacki

(Newser) - Raising taxes on the rich is a popular idea, always performing well when people are polled about it. So why is it so hard to actually put into practice? Because most people don't understand what's actually going on, and the Republicans are to blame for that, explains Steve... More »

Stewart: Romney's Misusing His Time Machine

Also, why does Mitt's horse get to go to prom?

(Newser) - Jon Stewart joined the chorus mocking Mitt Romney's " retroactive retirement " on last night's Daily Show . "I'm not saying that if you have a time machine you necessarily have to kill Hitler," he quipped, "But this retroactive retirement is the worst use of... More »

7 Tax Breaks You Probably Don't Know About

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
... More »

Is Romney's 15% Tax Rate That Crazy?

Yes and no, experts say

(Newser) - When Americans heard that Mitt Romney pays a 15% tax rate , most probably assumed that was less than they pay—and they're probably wrong. Romney, after all, wasn't talking about his tax bracket, but his effective tax rate, meaning what percentage of his income he actually winds up... More »

Number of Tax-Free Firms Explodes

Nearly 69% paid no corporate income tax in 2008

(Newser) - Just when you thought we could use more tax revenue comes word that a skyrocketing number of American companies are paying no taxes. That's zip, zero, zilch in federal income tax, and the group includes some publicly traded companies. The percentage of companies organized as tax-free operations has zoomed... More »

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08... More »

Video Games Score Vast Subsidies

Cold War-era tax breaks go to the likes of zombie shoot-'em-ups

(Newser) - By combining tax breaks, deductions, and subsidies designed for the Cold War, video game production is now one of the most highly subsidized businesses in the United States, reports the New York Times . Leading software developer Electronic Arts, for example, has made $1.2 billion in profits worldwide over the... More »

Firms Keep Number of Outsourced Jobs Hidden

...while asking for job-creation tax cuts

(Newser) - Major US corporations often don’t reveal the percentage of their workforce that’s overseas—even as some of these firms, including Apple and Pfizer, seek tax breaks that they say would allow them to create more jobs at home, the Washington Post reports. While they’re required by law... More »

Obama: Republicans Must Bend on Tax Hikes

President says eliminating breaks for ultra-wealthy isn't 'radical'

(Newser) - President Obama entered the deficit/debt war of words today in a wide-ranging press conference and laid into the GOP with what the Washington Post calls his toughest language yet. He said congressional Republicans have to "take on their sacred cows" and agree to scrap tax breaks for the ultra-rich... More »

Big Biz to US: We'll Haul in Offshore Loot for Tax Breaks

Repatriation holiday would be 'next stimulus,' they say

(Newser) - Top US firms are calling for temporary tax breaks to bring offshore profits into this country. Google, Apple, and Microsoft are among companies seeking what’s known as a repatriation holiday, asking Congress and the White House to drop the federal income tax rate on the money to 5.25%... More »

Big Oil Defends Profits

Industry executives say Congress shouldn't end tax breaks

(Newser) - Oil executives had to march up to Capitol Hill today amid $4 gas prices and huge profits to argue why their industry deserved to keep tax subsidies. In response to Democrats' criticism, the execs said ending their tax breaks would do nothing to bring down gas prices, hurt R&D,... More »

Texas Plan: Offer Tax Breaks on Expensive Yachts

Controversial measure already passed in committee

(Newser) - Good news for Texas millionaires debating whether to buy a fancy yacht: The state House of Representatives is considering a tax break for people like you. The measure, which was approved by the House Ways and Means Committee last week, would cap the maximum sales tax Texas could collect on... More »

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